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Progressive Wealth Solutions: Trusted Advisors

Advice on your financial life is critical to the goals you set out.  Advisors, financial planners and general insurance specialists are there to help you make important decisions that can have a critical impact on your future.  Unfortunately, in this industry, it is common for people in these positions to steer your decisions in a direction that benefits them.  These benefits come in the way of products in exchange for the decisions they guide you into making.  Naturally such transactions are not in the best interests of the client and can often result in conflict.

When visiting a doctor, you wouldn’t expect them to receive a commission from the pharmaceutical company.  Surely, you would be horrified if they did.  However, that is exactly what happens at many financial advice firms.  The financial services industry is built on many conflicts like this.  For you, this means you may just be getting advice that is not in your best interests.

Many clients have been convinced that this is normal and that it doesn’t cost them any more.  The reality is that insurance products have higher premiums to cover the commission; loan products have inbuilt fees and extra interest to cover the payments to the broker and your superannuation fund has higher fees to pay.

If you are looking for professional advice, free of commission and free of conflicts, please contact us, or give the team a call on 07 4783 5151.

Progressive Wealth Solutions is a Corporate Authorised Representative No.472911 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No. 466

 

Preparing – is your Estate in order?  Disorder can cost you in the end:

Estate Planning allows you to nominate what is to come of your possessions once you are gone.  This is not to say it is simply about who inherits the China tea set or who claims your DVD collection.  It is to protect your family and loved ones, to alleviate them from the burdens and stresses of managing your Estate and any debts associated in an already emotionally taxing situation.

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You might be young, healthy, childless and in a steady relationship.  Or perhaps, you are single, debt-free and fitter than Usain Bolt.  Why, you may be thinking, would you need a Will?  A Will is a legal document that only comes into effect after you are gone.  Virtually everyone postpones writing their Will.  It could be that it is too much work or it could be that it makes the concept of death too tangible to deal with.  Your Will is something you might not expect to require for many years to come.  However, the reality that many people are unaware of, is that if you do not have a Will in place, when you die, your Estate will be distributed by the government using their own set formula.  If you think ahead and are prepared for the worst case scenario, it is up to you how your Estate is split between family, friends and charities and who is to step in as a guardian for your children (should you have any).  Even after you are gone, this legal and binding document appoints a suitable executor and divides your assets just as you have outlined.

There are many points to consider when preparing a Will; Your Will must be clear and current.  It must appoint an executor who will look after your Estate.  In this role, your chosen executor must collect all of your assets and pay any debts that you have owing, as well as distribute your Estate as instructed by you.  Consider; Is your family situation complex?  Are you planning to leave a gift for your community or a charity of your choice?  Is it possible that tax may diminish the value of your Estate?  Do you have an enduring power of Attorney?  These are all extremely important points to address and will assist in your absence to ensure your affairs are in order.

As well as this, it is crucial to review your insurances on a regular basis, both personal and business.  In doing so, you will be able to confirm that you have the best insurances possible.  You don’t want to miss out because you have ‘assumed’ certain scenarios are covered, nor do you want to be paying premiums for situations not applicable to you.

Be prepared for the inevitable and give your family and loved ones the peace of mind.  We have plenty of experience in this area.  Talk to us today about how we can make this easy for you.

If you’d like to chat about your specific circumstances, please contact us, or give the team a call on 07 4783 5151.
Progressive Wealth Solutions is a Corporate Authorised Representative No.472911 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No. 466
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How to approach the subject of Estate Planning with your parents

It’s not easy to broach the subject of Estate Planning, but it is necessary.  Anything can happen and the older we are, the more likely it will.   Your mum has dementia or your dad fell and he hasn’t fully recovered; now what?  It’s difficult to talk to your parents about ‘the inevitable?’.  The reality is if you don’t, it could complicate things immensely.

Starting a conversation around this topic with family and parents shouldn’t be something to be feared; sorting the issues takes a weight off for all involved.  There are many reasons why people choose not to; perhaps your parents’ paperwork is in a mess and you are dreading dealing with it, maybe you have in mind that they have already sorted out their affairs with a professional and don’t require your assistance.  It could be that money isn’t something that gets talked about in your family or it might even be that the raw emotion of the subject is too difficult for either yourself or your parents to handle.

Estate assets can be defined as assets that are ‘personally owned either outright or as tenants-in-common with another person or entity.’ Once conversation is underway, it should become easier to talk about – in fact, parents generally wish that they had started the process sooner.  Before approaching them, shake off the thought that ‘you know what’s best’ and be sure not to make the mistake of going in over-prepared with a plan in place for them.  Consider your parents at every step of the way; ask them what they have in mind for the future and make efforts to centre your Estate Planning conversation around working together to find an outcome that all can agree upon.

If you’d like to chat about your specific circumstances, please contact us, or give the team a call on 07 4783 5151.
Progressive Wealth Solutions is a Corporate Authorised Representative No.472911 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No. 466
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Estate Planning Isn’t Age Restrictive

Estate Planning might not be the hottest topic amongst younger crowds, but the unfortunate reality is that you never know when or what you need to be prepared for. Whilst less common for younger people to be struck by illness, it does happen.

Scott Sullivan of Brisbane, who was diagnosed with Motor Neurone Disease (MND) at just 38 years young, was someone who knows this all-too-well. MND is an incurable disease that has claimed the lives of many. Stephen Hawking, a famed cosmologist, has attracted media-attention for this disease for many years and by all accounts, should have died from it eons ago. It is a disease which claims your physical mobility. Your mind stays active, alert even, but there is no response from your body to take simple instructions; eventually it claims your ability to speak and even breathe.

At the time of diagnosis, Scott had no Life Insurance. He had given thought to it, but that is as far as he got. Luckily, he had success in his job and as such, was able to afford to live out the remainder of his days without concern for the financial security of his wife and two young children. Scott and his family found themselves in an extremely difficult and confronting situation that could happen to anyone without a moment’s warning. MND is not hereditary and like many diseases it strikes without notice.

As difficult as it may be, talking through and sorting out your Estate Planning, could eliminate a sea of challenges during the hardest of times. Start the conversation today and prepare both yourself and your family for the future.

If you’d like to chat about your specific circumstances, please contact us, or give the team a call on 07 4783 5151.
Progressive Wealth Solutions is a Corporate Authorised Representative No.472911 of Keystone Partnership Pty Ltd ABN 22 169 650 720, Australian Financial Services License (AFSL) No. 466137.