The MRD Financial ADVICE Process for Sydney Residents:
If you live in Sydney then we would love to speak to you about your financial position to see if there are any ways you could potentially save money on tax, improve your cashflow, build wealth for your future and protect your self and your family.
Before we make any recommendations to you, it is important to MRD that we take the time to make sure you are comfortable that your needs, goals and investment preferences are taken into consideration.
If you decide to speak to one of our Sydney Financial Planners, we follow these steps to ensure that we always put your financial goals and best interests, at the forefront of any advice we present to you:
1. We define the scope of engagement
We will explain to you the process we follow to find out your needs, objectives and goals... We will explain to you our background, our experience, how we have helped others in a similar position to you and of course, how much your investment will be, for the services we provide.
2. Identifying your objectives, financial and lifestyle goals
Your MRD financial adviser will work closely with you to identify any short, medium and long-term goals that you may have. This will serve as the foundation or building blocks for preparing your financial plan.
3. Assessing your current financial position
Your MRD financial adviser will take a close look at your assets, liabilities, income and expenditure, wealth creation opportunities through investments and superannuation, wealth protection strategies through personal insurances/risk management, as well as your estate planning needs.
4. Preparing and presenting your financial plan
In this stage, your MRD financial adviser will present to you the recommendations for suitable strategies, and the products that support those strategies, along with any other relevant services that have been agreed upon. At this time, any questions you have about your proposed plan, can also be easily addressed.
5. Implementing the recommendations of your financial PLAN
If you are comfortable with the plan we present to you and you decide to proceed, your MRD financial adviser will put your plan into action. Your financial adviser may need to work with other internal specialist professionals, such as the finance team and accounting areas as well as relevant external product providers.
6. Reviewing the plan
It is inevitable that your priorities, circumstances and/or financial position may change in the future, impacting your lifestyle and financial goals. This may also affect the original financial plan that was prepared, so it is important that an MRD financial adviser revisits and reviews your circumstances as necessary to ensure that your plan remains relevant to changes to your situation.
WHAT COULD AN MRD Sydney FINANCIAL Planner DO FOR ME?
No matter your current financial position, whether you're still in the wealth accumulation stage, or you would classify yourself as ‘wealthy’, we can all use independent, non-biased, external advice from time to time. More often than not it takes an outsider’s perspective with industry experience and an understanding of legislation, to identify opportunities and point out things we may have overlooked.
An MRD financial adviser can help you consider your current circumstances and custom develop a strategy to help you work towards your goals. Whether it’s wealth accumulation or wealth protection strategies, your MRD financial adviser can help you.
We can help advise on funding your children’s education, help with strategic financial advice- including tax planning and tax minimisation strategies, retirement planning, wealth protection, insurance and risk management, estate planning and more. All of these require expert/specific knowledge and formal planning.
Many people we find, seek financial advice to shed light on a specific large life event such as starting a family, buying their first home, investing in property or shares, or managing an inheritance. Your MRD financial adviser can prepare a plan for you, so you feel confident making those big life time decisions.
Many clients we have assisted, have developed a long term relationship with MRD. Just like a professional sports athlete will have a long term performance coach, your MRD financial planner will be here to help you work towards reaching your financial goals.
Sometimes it is beneficial to get a second opinion! In regards to their personal finances, many people go it alone or off the back of ‘backyard-barbeque-chat’ from a mate or ‘google advice’. Just like self-diagnosing your personal health from an unlicensed forum, this is risky, as your individual personal circumstances are not accounted for. The slightest change in circumstances, can often make a large impact on your financial future. It’s important to get it right, from a licensed professional.
Identifying your financial goals
People often turn to MRD for a financial adviser to help them simplify their financial positions and set achievable financial goals. These goals can include:
- Paying off your student loan from university
- Paying off the mortgage or investments
- Paying off any short term debt e.g. personal loans, car loans, credit cards.
- Retirement planning
- Creating a cash savings goal and structuring your weekly cash flow
- Saving for an investment or structuring your investments
- Saving for a holiday or lifestyle goal planning
Your MRD financial adviser will be able to help you with budgeting, cash flow management, a savings plan, your superannuation, Self Managed Superannuation Funds (SMSF), tax planning and tax minimisation, home loan repayment structuring, debt management and reduction, protection via insurances and risk management, business succession planning, investments, pre and post retirement planning and estate planning
MRD takes a serious responsibility to provide our clients with the best possible financial advice, for your situation.
Our responsibilities are to make clear recommendations, outline the risks involved and communicate any possible strengths or weaknesses in your financial plan. It is important to note that MRD cannot predict the future, but we can provide you with expert advice from years of experience.
Short-term financial advice
Whether you are saving for an exciting world trip or thinking about buying yourself a new car, short-term advice can help you establish achievable goals within a 6-12 month timeframe. Your MRD financial adviser can help you establish a plan that takes into consideration your income, expenses, current debt and timeframes to achieve your goals.
Some other short term goals may be:
- Selecting new financial products like managed funds and securities, superannuation, term deposits etc.
- Refinancing and restructuring debt
- Increasing your savings, within your cash flow plan
Medium term financial advice
It is likely your financial and tax positions may change regularly, it is important to maintain your plan so it is still in line to achieve your financial goals. Goals such as business succession, superannuation and rollover advice, finance, home loans, investments, pre and post retirement planning and estate planning really require comprehensive financial advice to ensure you are making informed decisions. Your MRD financial adviser can help you set a realistic one to four year timeframe strategy, to assist with achieving your medium term goals.
Long-term ongoing financial advice
Long-term goals are usually centred on retirement. Real, true financial security and wellbeing is generally best achieved over a long period of time of disciplined financial management and sticking to a plan.
If you are positioned with multiple investments or need to prepare for retirement, long term financial advice is recommended. Your MRD financial adviser can review your circumstances and situations as and when required, to ensure you are on track to reach your retirement goals.
Your MRD financial adviser can keep you updated with any changes that could influence your investments, such as market slumps, tax changes or legislation changes. Once your goals are decided, your financial planner will put a financial plan in place.
MRD Financial Advice for every stage of your life:
Young to middle life (age: 20 – 40)
You are establishing and building your career or business and thinking about or have already started your family.
You may be looking at:
- Purchasing your first home
- Starting a family / having children
- Buying an investment property
- Looking to protect your income, should the worst happen to you.
- Planning with regard to future asset accumulation and wealth protection
- Debt management and budgeting
- Thinking about family healthcare
- Business planning or career change
Middle Life (age: 40 – 50)
This is predominantly your consolidation stage. You are thinking about achieving a comfortable lifestyle and about managing your long-term financial future.
You’re likely to be focusing on:
- Protection of your lifestyle
- Your health care
- Your current or future investments; incl. equities, bonds and property investment
- Tax effectiveness, tax planning and tax minimisation strategies
- Inheritance management
- Retirement planning and goal setting
- Long-term care planning
Pre-retirement (age 50 – 60)
With 25 or more years of retirement ahead of you, your priorities and goals will depend on how well you've prepared and factors like your superannuation balance or personal investments.
Your main concerns may be:
- Protection of your investments and assets
- A reduction in or complete debt elimination
- Your family’s health care and wellbeing
- Setting your children up and estate planning
- Retirement goal setting and planning
- Legal wills and trust structures
- Career and business exit strategies
Retirement (age 65+)
This is the time to indulge in hobbies or travel, enjoy your family and prepare for transferring your wealth.
You may be thinking of:
- Secure protection of your income producing investments and assets
- Increasing your level of health care coverage
- Aged care planning
- Estate and inheritance tax mitigation
- Supporting your family
- Preservation of your capital
- Estate planning
What should you expect from your MRD Financial Adviser?
Your adviser will be straight talking with no language or jargon you won't understand. We tell you in plain English! We explain any limitations in the advice we will present to you and provide:
- No misrepresentation of our skills, competency, experience, expertise, capacity or benefits you might receive
- We clearly explain the MRD professional services to you and to document the professional relationship you agree to, including the specific services MRD will provide
- Before MRD provide any professional services, we will outline clearly what your investment will be and the costs you will bear if you decide to go ahead
MRD core financial advice competencies:
- Strategic financial advice
- Investment planning
- Superannuation and rollovers - SMSFs
- Insurance planning and risk management
- Retirement planning
- Estate planning
If you are based in Sydney, then we would love to speak to you about how you are tracking towards your financial goals and show you how you could possibly make changes to see your financial position improve.
Contact our Sydney team today on: 1300 883 854 or contact us here