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What is a Power of Attorney?

There are different types of Powers of Attorney you can nominate, but the two main ones are a Medical Power of Attorney (also known as a guardianship) and an Enduring Power of Attorney. A Medical Power of Attorney gives another person authority to make decisions about your medical treatment if you’re not physically or mentally able to choose for yourself. An Enduring Power of Attorney (PoA), gives someone the legal authority to manage your financial affairs when you’re unable to do so.

Why would I need a Power of Attorney?

Having a PoA organised is important in case you lose capacity make decisions about your finances through medical reasons, such as age, injury or illness. It can also be worthwhile to organise a PoA if you plan on living or travelling overseas for an extended period of time. Continue reading “What is a Power of Attorney?”

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SMSFs: Are they for you?

Self-managed superannuation funds (SMSFs) continue to be popular amongst many investors but ASIC has warned the individuals need to be aware of the potential downside to establishing an SMSF that may be inappropriate for their circumstances.

ASIC Commissioner Danielle Press said:

‘SMSFs may be an attractive option for investors wanting more control over their superannuation investment strategy, but it requires real skill, care and diligence to manage your own superannuation. SMSFs are not for everyone simply because not everyone can meet the significant time, costs, risks and obligations associated with establishing and running one.’

Continue reading “SMSFs: Are they for you?”

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Believe in yourself

One of our advisers, Raquel Netto, was recently featured in the Financial Planning Association’s Money & Life Magazine.

It’s a great article highlighting Raquel’s achievements, including winning the Gwen Fletcher Memorial Award for being the highest achieving student in the Certified Financial Planner Certification unit. Raquel discusses the growing role of women in business, the importance of higher education standards in the financial planning profession, study advice, her personal work ethos and the demands of juggling a career, family and study.

Raquel approaches work, study and personal endeavours with the same enthusiasm and drive for excellence.

“My personal value system means that for any project or challenge I take on, I give it 100 per cent, because if I’m not going to give something my very best effort, then I shouldn’t be doing it.”

Drawing on her personal experiences, Raquel’s advice to others is that

“through hard work and by having a positive attitude, you will be able to achieve anything you set your mind to. Always believe in yourself and trust your own judgement.”

The full article is available on the Money & Life website.

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1 July 2019: New financial year, new state of play

It’s a new financial year, which means changes in rates and thresholds, as well as changes in legislation. This article focuses on the stay of play from 1 July 2019, with particular emphasis on three key personal finance areas: employment, social security, and superannuation.

1 July 2019: New financial year, new state of play

You can arm yourself with the most up-to-date financial knowledge, by accessing more interesting articles, facts and calculators, through our Financial Knowledge Centre!

 

 

 

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Raquel Netto wins the “Gwen Fletcher Memorial Award”

Raquel (w jacket sml)We are thrilled to announce that our very own Raquel Netto has just been awarded the highly prestigious Gwen Fletcher Memorial Award! This award recognises the highest performing student in the first semester of the CFP® Certification Program, which Raquel has recently completed. Raquel was delighted to receive this award, explaining:

“It’s an honour to receive the Gwen Fletcher Memorial Award in recognition of the study and effort I’ve put in to complete the CFP® Certification Program.”

The award honours the memory of Gwen Fletcher (1919-2014), the “First Lady of Financial Planning” as she was known, a champion for the importance of education and its central importance in nurturing the financial planning profession.

The CFP® designation is the only financial planning designation recognised globally. It is a symbol borne by financial planners actively committed through higher education and accountability to adhering to world class professional and ethical standards.

We are so proud of Raquel and given her work ethic, we are not surprised to see her achieve this accolade. We are confident that this award reflects the values and expertise of the entire Wealth Mentoring Group – we are committed to offering our clients the highest quality advice and service!

For a full run down see the following articles:

Money Management

Financial Planning Association of Australia

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Great Ocean and Otway Classic Ride

Inspired by his recent forays into triathlon, Forbes set out to conquer this year’s Great Ocean & Otway Classic Ride in April. He took on the tough 60kms event, which winds through the “undulating” and iconic Great Ocean Road.

Forbes has embraced his newfound passion with gusto, and it’s safe to say completing this course would not have been possible without plenty of well planned training sessions. He reports having a wonderful day out, with perhaps more particular enjoyment of the downhill sections.

The team at The Wealth Mentoring Group are immensely proud of his efforts and can’t wait to see what the next challenge is going to be! We think Forbes has proved, once again, that planning is the key to success!

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2019-20 Federal Budget – A ‘Back in Black, Pre-Election’ Budget

There have been many unofficial catchphrases making the rounds with regards to the 2019-20 Federal Budget such as Pre-Election Budget, Back in Black, Budgeting for a Miracle, and Pre-Poll Cash Splash.

This being said, the 2019-20 Federal Budget is being officially referred to by the Government as a ‘Stronger Economy, Better Future for Australians’.

With this in mind, the Federal Budget priorities, and subsequent proposed measures, primarily focus on delivering in the following areas:

  • a better tax system
  • investing in economic and community infrastructure
  • delivering skills for today and tomorrow
  • guaranteeing essential services
  • restoring trust in the financial system

Below we have provided you with an article that covers the main proposed measures that may be relevant to you and your personal finance, as well as three videos that may be of interest if you want to know more.

Please contact us if you wish to discuss any aspect of this year’s Federal Budget or how it may affect you.

2019 Budget: The ‘Back in Black, Pre-Election’ Proposed Measures

Treasurer Josh Frydenberg delivered the 2019-20 Federal Budget on 2 April 2019. We provide you with a summary of the main proposed measures that may be relevant to you and your personal finances.

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2019 Budget: Guardian Australia and the Political Context

Guardian Australia’s political editor Katharine Murphy highlights the political context of the 2019-20 Federal Budget, given the Government’s wish to hand it down before the next election.

Launch Video

2019 Budget: ABC and Key Numbers Explained

As a result of the proposed measures that have come out of Treasurer Josh Frydenberg’s 2019-20 Federal Budget, ABC’s national affairs correspondent Greg Jennett explains the key numbers.

Launch Video

2019 Budget: PwC and the ‘Prudence Prevails’ Budget

PwC’s chief economist Jeremy Thorpe discusses his thoughts on the 2019-20 Federal Budget, “Prudence prevails in this budget, but with challenges around low wage growth there’s a lot more to do.”

Launch Video

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Australian Corporate Triathlon – The Return

After all the fun of last year, the team decided we had no choice but to once again tackle the Australian Corporate Triathlon! We competed again in the relay event, each team member completing a 400m ocean swim, 10km road cycle or 4km run leg. And this year we also expanded, to include a partners team!

Melbourne turned on an exceptionally hot Autumn day for us, with the temperature rapidly climbing up into the 30s, so just getting to the start line took some doing (especially for those of us with a young “cheer squad” in tow!). Competition between the teams was fierce, with the addition of the partners’ team only stoking the fire, but it was fantastic to see everyone stepping up and putting in their all. It was a wonderful day out, working with our team towards new challenges and new goals. Who knows what 2020 will bring?!

We love bringing the same team energy towards everything we do, working with our clients to achieve their goals too!

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A Note on the Royal Commission

Over the last year or so, there has been much attention centred on the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

The central task of the Royal Commission was to inquire into, and report on, whether any conduct of financial services entities might have amounted to misconduct and whether any conduct, practices, behaviour or business activities by those entities fell below community standards and expectations.

We acknowledge that the findings that have been laid bare may have raised concerns for some of our clients. This is an understandable response given the nature of the findings.
Continue reading “A Note on the Royal Commission”

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Australian Equities: 2018 review

2018 was a challenging year for global sharemarkets, including Australia’s where the ASX 200 declined -6.8% over the calendar year.

The gains made in the first eight months were given up as the sharemarket fell from late August over a growing list of concerns, including, disappointing 2019 growth projections, the impact of higher US rates, the continued US-China trade war and the uncertainty caused by Brexit.

Anton Tagliaferro is the founder and investment director of Investors Mutual Ltd, a boutique, value style Australian equities fund manager. Drawing on his extensive experience with over 30 years in the finance industry, Tagliaferro observes that “in the initial stages of a sharemarket correction, it is not uncommon for almost every stock to fall as many investors rush to reduce their exposure to sharemarkets. However, when the panic subsides, and sanity prevails – which inevitably happens – good quality companies with strong underlying businesses, and with real earnings always recover well.”

Tagliaferro expects to see a period of consolidation in markets following the heavy falls of the December quarter.  He recently shared his outlook for Australian Equities:

“At the end of December, we started to see the emergence of very good value amongst many quality Industrial stocks, which our Funds are heavily skewed towards and we expect the quality of these stocks to show resilience should the sharemarket correct further.”

Continue reading “Australian Equities: 2018 review”