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Understanding your advice needs

Answering these simple questions will help you understand what to consider at this stage of your financial journey and how professional advice can help you avoid costly financial mistakes.

The family years

It’s hard to think about the future at one of the busiest times in your life. You’re probably building your career, paying a mortage, juggling kids and saving for holidays and school fees. Yet achieving the financial freedom you crave in the years ahead is all about the choices you make now, in your peak income earning years.

1. Family commitments are a priority now, but do you also want to build long-term wealth for the future?

Goal Setting

Knowing you are working towards realistic financial goals can bring a welcome sense of purpose and control at a chaotic and demanding time in life. 

Why goals are key to increasing wealth

As experienced advisers, we know setting clear goals that are supported by strategies to achieve them will help you focus on what you can control and worry less about the things you can’t control. This leads to a higher level of commitment and will make the most positive impact on your financial future.

2. Are you earning good money but find your expenses keep consuming it?

Income

Your earning power is often at its highest at this stage in life, but so are expenses and debt; seek advice to manage your cash flow tax effectively and ensure you have adequate insurance to protect your family should the unthinkable happen. 

Making the most of your income

While some people can influence their income level through career or business choices, for others,  financial freedom is about careful planning to ensure they make the most of their peak earning years. Starting early with saving and investing is the best way to build wealth allowing you to access the power of compounding – where you earn interest on your interest.

You don't need to be wealthy to benefit from financial advice, as a high income-earner you can make a big difference to your future wealth by developing a good financial plan with a trusted adviser who'll keep you on track.

3. Do credit cards, loans and deferred payments sometimes get on top of you?

Assets & Debt

High debt levels are common at this stage so it’s important to have the right plan to mange your cash-flow. This is especially important for contractors or business owners who often have high but irregular incomes, making it easy to lose track of where your money is going. Insurance to protect your income and for home-owners, a plan to pay off your mortgage, are also critical.

Strategies like Debt Recycling may be worth considering to help you build wealth faster, but seek professional advice to see if it's right for your circumstances. An FMD adviser can model this for you.

Use debt to build your investment assets 

Effective use of debt, knowing which debts to pay down first, and how to turn bad debt into good debt are important parts of our advice process. As you pay down your home loan you build equity that can be used to invest into growth assets such as shares. An investment loan can then save you tax and help you build a diversified investment portfolio.

4. Do you need a strategy to grow your super balance as fast as possible?

Super

Do your best to stay on top of super while prioritising debt management. Primary carers with family responsibilities often see income and super contributions drop during this time and should seek advice about strategies to overcome this. 

Superannuation is 9.5% of your salary so it’s important to actively engage with it.

Get to know the fees and charges associated with your account, what your investment options are and how much insurance you have in super. You might find your risk appetite is growth-oriented but your super is invested in the default balanced option, robbing you of stronger potential returns. Consider that for a minute, then look at the above chart. It shows how you could have an extra $300,000 in super by moving from a Balanced Fund to a High Growth Fund.

5. Do you need to ensure you have enough money to maintain your lifestyle if you can’t work for 6-12 months?

Insurance

Cost pressures can make it tempting to forego income protection, but for contractors and business owners it is an essential part of financial planning.  It's a common misconception that the insurance cover associated with your super fund will suffice in you are seriously ill or injured. Yet this cover can be difficult to access quickly and is often insufficient to support your family's lifestyle and your recovery needs. Seek advice to be clear about exactly what cover you have and what will be paid if you ever need to claim. The properly underwritten cover provided by an FMD adviser will ensure you and your family are adequately covered should the day come when you need to rely on your insurance.

Protecting what is most important

Knowing your family is protected if the unthinkable happens, is priceless. It’s complicated and time-consuming to determine the right insurance coverage needed at every life stage. By outsourcing this step to an expert, you'll avoid taking a big financial hit if illness or injury strikes.

Consider these figures and ask yourself, do I really have enough cover?

6. Do you know you should get your Will updated to protect your family but keep putting it off?

Leaving a Financial Legacy

Consider who will care for your kids if you can’t and what financial legacy they will ultimately inherit. Marriage, separation and divorce all impact your estate planning and it is even more important for those with blended families from a second marriage. A good estate plan guarantees that ownership and control of your assets are protected and passed to the intended beneficiaries in the most tax-effective way. We can assist with both the financial planning and legal aspects of arranging your Will.  It's natural to avoid thinking about these difficult issues, but clients often express an enormous sense of relief and peace-of-mind when everything is in place. These are some key considerations in the planning process:

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Could you benefit from financial advice?

Fill out the above questionnaire to find out how you could benefit from professional financial advice from a qualified FMD adviser. We're experienced, approachable and always here to help!

Congratulations!

It looks like you have everything under control and don’t need financial advice right now. Life can get complicated quickly, so should things change visit www.fmd.com.au to meet with an FMD adviser.

Time to get started!

It looks like you could benefit from financial advice in some key areas, so don’t put it off any longer. Click the orange button below to book a meeting with an FMD adviser now.  When you book you can browse our advisers to choose someone you feel comfortable meeting or we can recommend an adviser for you.  It’s entirely up to you!  Still not sure?  Read on to learn about our advice process and fees, hear from our clients and watch a video about what to expect from the first meeting.

Ready to take the first step?

Meet our team and book a meeting with the adviser that is the best fit for you.

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How an FMD financial adviser can help

A qualified and experienced financial adviser can help you set goals and direct excess income to the right mix of investments with the greatest returns so you can benefit from earning compound interest to build wealth and achieve success faster. Whether you want to buy a property or travel the world, making the most of your money puts your goals in reach. And if you don’t seek advice to get your superannuation invested optimally in line with your risk profile you could be missing out on up to an extra $200-400,000 in your super fund when you retire. That’s a lot of money!

  • Megan and Andrew James

    Megan and Andrew James

    ★★★★★

    Megan and I sought advice about improving our superannuation and personal insurances in the lead-up to starting a family. Jason was amazing, taking us through our options and working with us to restructure our super investments and obtain affordable insurance with the desired level of cover. We would recommend Jason and the FMD team to anyone seeking financial advice. We look forward to working with him to shape our financial security in the future.

    Jason Calleja
    Jason Calleja Senior Financial Adviser
  • Alison Palmer

    Alison Palmer

    ★★★★★

    After a successful career in pharmaceuticals, I took a redundancy package and was recommended to FMD Financial for investment advice. Like many people, I was sceptical about financial advisers after a bad past experience. Aaron’s considered approach and FMD’s robust investment process changed my mind and five years later FMD now manages our superannuation through their Active Management Service (AMS). One of the things I really like is that they follow a rigorous process and always give a clear and transparent rationale for every investment decision. My husband was even more sceptical than me, but now he sees the value of good advice. My redundancy package was the trigger to contact FMD, but I’ve since realised the benefit of getting your "ducks in a row" in your 40s, while you still have time to make a difference to the money you'll have later. I would really encourage more people to get advice earlier in their working life. If you’re looking for a knowledgeable financial adviser that you can absolutely trust, give Aaron a call. He is genuine, supportive and great to deal with all-round.

  • Daniel Witherington

    Daniel Witherington

    ★★★★★

    I have been working with FMD Financial for the past five years. They are professional and knowledgeable and they’ve helped me make the most of my money. They have been able to help me develop a portfolio of investments that supports the needs of my growing family and my future wealth.

How does advice work and what does it cost?

Our clients know quality advice is an investment in the future and they partner with us for the long-haul because their investment pays off. We're committed to being open and transparent about our fees and what you can expect from our advice process so more people can experience the confidence and that comes from getting good advice. Learn more about our advice process and fees here.

Why do I need to meet with an adviser instead of talking on the phone?

If you value receiving expert advice (perhaps you're an expert in your field) you know the importance of sitting down face-to-face to solve problems or improve your position. Our advisers don't give advice over the phone to new clients because we have a duty of care to consider your overall situation. That's best done in an initial consultation at our offices in Melbourne, Brisbane or Adelaide. Don't worry, we'll pick up the tab for the first meeting!

What to expect from a first meeting with an FMD Financial Adviser?

  • What to expect from a first meeting with an FMD adviser

    It’s hard to know what to expect from a first meeting with a financial adviser, but getting your questions answered is worth it. Clients usually say ‘We wish we’d done it sooner!  We’ll cover the cost of the first meeting, to ensure FMD and your chosen adviser is right for you.