YBR

I don't know where to start - Wealth 101

In this article:

There are many financial components that help you secure your future: savings, home ownership, debt reduction, cash-flow management, investments, superannuation, estate planning, wealth protection and tax planning. In a complex world, your financial decisions are not made in isolation; every decision impacts on another.

How do you ensure success in the individual components of your wealth, while also ensuring they fit together? How do you make the right decisions now, that contribute to your security in the future? You need someone who can see the whole picture and help you make a plan, with good products and expert, holistic advice. You could benefit from seeing a Yellow Brick Road Wealth Manager.

Getting started
Many people seek-out financial advice because a life event has prompted them (divorce, marriage, first born, starting a business), or they see retirement looming or they want to take more control over their financial affairs. Most people don’t know where to start. They’ve seen advertising, they’ve read financial stories and seen news headlines. They want to take control but they lack understanding. Getting started on a wealth plan can mean finding an expert adviser who brings together the pieces, understands the priorities, helps sets your goals and makes a plan. Good financial planning makes things simpler for you, not more complex.

Wealth Manager
At YBR, your first step is finding a Wealth Manager. These financial experts assess your circumstances, your risk tolerance and your goals, and make an holistic plan to help you reach those goals. They help you execute this plan and adjust it as your life circumstances change. Wealth Managers have access to a team of financial professionals to ensure you have access to the best advice and financial products.

Access
Your first session with a YBR Wealth Manager is free. Find your local YBR branch and either stop in and make an appointment, or make a call and organise a time to come in. In your first session a YBR Wealth Manager will ask you about your circumstances, your current plans and structures, and your life goals. There are no wrong answers. This is a chance to ‘tell it like it is’ and see how an expert adviser can help you.

Advice
Your first meeting with a YBR Wealth Manager is obligation-free. If you feel comfortable with your Wealth Manager, and their ideas make sense, you can engage them as your financial planner. When you become a client the Wealth Manager will do a lot of the leg-work that was either too confusing or time-consuming for you to do yourself. They create a risk profile that sets your limits on the risks you’ll take in order to make the returns you want; they take an objective snap-shot of your current financial status, and make a plan you can follow to reach your goals. The Wealth Manager will be in regular contact with you to adjust your plan as your personal circumstances and economic events require. Most importantly, YBR Wealth Managers are focused on the individual; it doesn’t matter how much you earn or how disorganised your finances, a Wealth Manager can help you plan for your future.

Take the first step

What does a Wealth Manager do?

Plan
A Wealth Manager helps you construct a financial plan that is tailored to you. This a roadmap to your goals.

Advice
A Wealth Manager gives you holistic financial advice that covers mortgages, estate planning, superannuation, cash-flow management, insurance, investing (including property) and retirement planning.

Cash-flow management
Your Wealth Manager helps create a cash-management plan for your household so that personal debt is reduced, weekly spending is stabilised and more of your income can build wealth.

Savings
Most wealth creation plans start with savings. A YBR Wealth Manager helps you set a goal, source the right savings vehicle and implement a successful savings plan.

Home Loan
There are many different loan-types, with various features: your Wealth Manager finds the one that is best-suited to you and your goals.

Superannuation
A YBR Wealth Manager helps you plan for retirement. This includes making the most of the super contributed by your employer, making extra superannuation contributions through salary sacrifice, or having more control over your super through a Self-Managed Superannuation Fund (SMSF), or a wrap account. Your Wealth Manager can help you optimise the tax rules of superannuation, advise on buying insurance through a superannuation fund and show you how putting your retirement savings in a low-fee super fund can boost your nest egg over time.

Investments
Your Wealth Manager can show you how to make tax-effective investments outside superannuation and your family home, which fit with your overall financial plan. These might include investment property, which entails tax planning and the right loan; shares, which have tax implications and which should fall inside your risk profile; managed funds, which vary in their costs and performance, and the asset classes they are invested in; and cash investments such as term deposits and savings accounts, which raises the issue of earning interest that out-performs inflation.

Protecting your wealth
There are two sides to your wealth plan: growing your investments and protecting your wealth. A Wealth Manager ensures that your physical assets are insured; and that if you suffer a misfortune so you can’t bring income into the household, your assets are protected and your family provided for.

Estate planning
An important part of building wealth is ensuring it can be passed on to loved ones. Your YBR Wealth Manager works with you to ensure that your wishes are carried out.

Business ownership
Many Australians are either business owners, self-employed or contractors. A YBR Wealth Manager understands that these people want to build wealth but may have different financial circumstances to fulltime employees. A Wealth Manager can ensure you are in the best structure, and the optimum systems in place, to achieve your goals.

Tax
Most wealth strategies involve some tax planning. This can apply in particular to business owners and the self-employed. YBR Wealth Managers have access to tax advisory experts, meaning all clients’ affairs are conducted in a tax-effective manner.

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