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How Effective is Your Personal Wealth Plan? Quick Self-Check for Partners / Directors

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Partners and directors of professional services firms are typically focussed on meeting the needs of others. You work hard to advance and protect your clients, however how often do you stop and consider your own growth needs? For example, do you have a personal Wealth Plan / Lifestyle Plan?

Your lifestyle plan is vital to ensure you have sufficient funds to cover each stage of your life and to protect you and your family's lifestyle. Your plan needs to include strategies for accumulation, preservation and distribution. It should also stipulate:

  • Your goals and objectives and how they will be funded
  • Tmeframes for achieving your goals
  • An assessment of the risks involved
  • The assets used to obtain the goals
  • How to protect the lifestyle in case something goes wrong

Remember the lifestyle plan is a dynamic document that needs to be consistently reviewed and updated.

Is anything missing from your wealth plan? Take this quick self-assessment to find out:

Do I know if my household has a cash surplus?

Y / N

Are all my assets held in the name of one person?

Y / N

Have I used a lower tax rate person or entity to hold assets?

Y / N

Have I made an investment based solely on obtaining a tax deduction?

Y / N

Are all my assets incoming producing?

 Y / N

Have I protected my assets from disaster?

Y / N

Have I protected myself from accident, illness and / or death?

Y / N

Do I know the asset allocation of my superannuation?

Y / N

Do I know the risk profile of myself and my family?

Y / N

Do I have a current and valid Will and are the right Executors in place?

Y / N

Do I have any assets outside of my business?

Y / N

Am I relying on selling my business to fund my retirement?

Y / N

Priority actions

Well done if you mostly answered "yes" to the above questions. However, if "no" was a more common theme, Archer Gowland can assist you to develop, review and proactively implement your wealth creation and lifestyle plan.

However if you choose to create your own plan, do not procrastinate. The earlier you start the better the chance of obtaining your goals. Start with your household budget is there a surplus for an investment bucket? If so, while finalising your lifestyle plan, get that surplus cash into a mortgage offset account or an interest-bearing bank account every step helps.

Want more information on how you can increase your wealth and protect your assets?

Instantly download the FREE Archer Gowland Guide (below) "Wealth Creation to Fund Your Ideal Lifestyle - A FREE Guide for Partners of Professional Services Firms." We provide an indication of how much you will need at retirement, the changes in ATO interpretation of partner remuneration, how to generate tax efficiencies, market opportunities, a self-assessment of your financial situation and how to establish your own personal wealth plan.

You are also welcome to contact Ian Walker from Archer Gowland on 07 3002 2699 for a free and confidential discussion regarding your personal situation.

 Archer Gowland Wealth Creation and Financial Planning Guide for Partners and Directors of Professional Services Firms in Brisbane

Our promise to you - your contact details will remain confidential at all times. You will receive only one email per month with valuable information to improve your financial situation, however you can subscribe from this correspondence at any time.

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