Financial Planning

Complete Financial Balance (CFB) can help you and your business by providing  advice and helping you implement products including:

• key person’s insurance
• partnership protection cover; and
• succession planning.

Complete Financial Balance (CFB) does this in consultation with professionals from within the legal and accountancy fields to ensure that the right advice is given when structuring these important business areas. This will guarantee that you and your business are covered in the event of a claim.

What Is Financial Planning?

Financial planning is the process of reaching your life’s goals through the proper management of your finances. Your life’s goals may include owning your own home, saving for your children’s education and planning for retirement.

The benefits of financial advice

• Helps you make financial decisions
• Helps protect and build your income and investments
• Assists you to plan for major changes in your life e.g. retirement
• Allows you to see the bigger picture

• Provides a sense of security and peace of mind so that you achieve your financial goal  

The six step financial planning process

When developing a financial plan, we use a six-step process. This includes gathering relevant financial information, setting life goals, examining your current financial situation and coming up with a strategy or plan to assist in achieving your objectives.

1. Gathering data
2. Identifying your goals
3. Identifying financial issues
4. Preparing your financial plan
5. Implementing your financial plan
6. Reviewing your plan

What to expect from our financial plans

Our financial plans will:

• Outline your financial position and needs
• Set out your goals
• Explain how to achieve your goals
• Discuss the risks and how to deal with them
• Recommend investments
• Show how each investment will get you to your goal
• Set out all costs clearly

Questions to ask yourself before seeking financial advice

• How much money do I want to invest?
• Would I borrow money to invest?
• What level of risk am I prepared to take?
• What sort of insurance do I need?
• What standard of living do I want in retirement?
• What provision do I need to make for my dependents now and after I die?

Retirement and superannuation

The goal of superannuation is to help you save and invest during your working life, so that you will have money to live on in retirement.

Why you need to plan for retirement

• Australians are living longer – better nutrition and medical advances mean that we are living longer healthier lives. We expect to do a lot in our retirement which could last 25 years or more.
• The age pension – the age pension may not be adequate to fund our lifestyle expectations in retirement. Instead we will need to fund our own retirement by saving more during our working years and using these savings to draw an income after we stop working.
• Inflation raises prices – things will cost more in the future. Over time, the cost of goods and services rises due to inflation. This means that your money won’t go as far tomorrow as it does today. The Government encourages us to save for retirement through superannuation by offering tax concessions that are not available through other methods of saving.