Family Financial Planning | A Case Study - Precision Wealth Management

At Precision Wealth Management, we understand that having a family comes with unique challenges and responsibilities, but financial planning can help to reduce the associated stresses and create financial stability for the future.

In this blog, we share details of how our Certified Financial Planner® Glenn Hilber advised one North Brisbane family who were hoping to maximise a substantial compensation payment they’d received.

DISCLAIMER – The information provided in this blog is general and does not consider your individual financial needs or objectives. It does not constitute personal advice. We recommend seeking out professional and independent financial, legal and tax advice which has been designed for your individual situation before acting on any information contained below.

Family Financial Planning in North Brisbane

Precision Wealth Management was approached by a Mango Hill family who received a compensation payment from their super fund for previous wrongdoing.

With two school-age children, the couple sought our advice because their cash flow situation had improved and they wanted to ensure they were making the most of their surplus.

To help them achieve their new financial goals and create wealth we:

Implemented a plan to utilise the carried forward concessional cap to salary sacrifice a significant amount over two years, as they were now on a high income. This move has saved them about $13,000 in tax.

Sourced lower-cost superannuation funds saving more than $3,500 per annum, and these savings will increase each year as their superannuation balance grows.

Commenced a non-superannuation investment portfolio to further grow their retirement savings.

The above solutions have put this family in a much better financial position in the short term.

Plus, they are now utilising their cash flow in a way which will effectively maximise their retirement savings and may lead to a more comfortable retirement in about 10 years.

Short and Longer-Term Financial Goals

One of the biggest advantages of working with a qualified Financial Planner is that it gives you an opportunity to consider both your short- and longer-term financial goals – and how you can achieve them.

With the rules around what you can – and can’t do – with superannuation changing regularly, we often present investment ideas and tax minimisation strategies to clients that they may not have considered before.

But perhaps more importantly, because Precision Wealth Management remains at the forefront of the industry, our investment approach is based on decades of research in financial markets.

Our advice is not product-driven (it’s 100% conflict-free because we’re not influenced by how we’re remunerated) – meaning you can be confident it is tailored to your best interests and financial situation.