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How Financial Advice can facilitate your ‘why’?

Updated: May 6

A tree with a question mark to question 'why' and how financial advice can help answer these questions

Many clients initially think they are seeing a Financial Planner to get a new super fund, establish life insurances or reduce their tax bill. Whilst these are some of the many ‘tactics’ we use, what they are really receiving is advice to facilitate their ‘why?’

According to Simon Sinek, your why is your “The compelling higher purpose that inspires us and acts as the source of all we do”. In the following table, I have collated some of the powerful ‘why’s’ I have encountered from past clients and demonstrated how our advice strategies have supported their ‘why’.

 

Why

Advice Strategies

A couple with young kids who want to travel around Australia for a year in a Caravan so that they can teach them about real life and make family memories than will last a lifetime.

· Creation of a savings and investment plan to build a fund that they can drawn down on whilst travelling.

· Creation of a budget to work out how much this would cost.

· Modelling and projections to show the impact this goal would have on other goals.

A couple with a child with a disability who are determined to make sure their child is safe and supported, beyond their own lifetime.

· Establishment of a Special Disability Trust to make regular, tax effective investments for the child.

· Modelling and projections to show whether the parents could fund their child’s costs after their own life expectancy.

A mother whose husband had suddenly passed away, now facing the prospect of raising two children on her own and having to step into the role of financial provider and decision maker.  

· Assistance managing a life insurance claim and investing the proceeds.

· Modelling and projections to show whether the widow would need to go back to work.

· Guidance through the process of administering an estate, winding up a business and creating a new financial plan.

A couple who have particular ethical investment preferences tied to their religious beliefs.

· Establishment of a bespoke Self-Managed Super Fund with individual shares and ETFs in line with the clients religious beliefs.

 

Financial Advice that supports your ‘why’ is the most powerful. We begin our advice relationship with an exercise designed to explore important goals and objectives and to find your ‘why’. To book in your obligation free initial appointment, visit www.sourcewealth.com.au

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