We understand the complex array of emotions and outside factors that surround these major life decisions. As such, we aim to deliver aged care financial advice with great integrity and sensitivity. 

Vince Lam is an Accredited Aged Care Professional and an experienced Independent Financial Advisor. 

For more information on how Vince and the rest of the Plutus Financial Guidance team can help you navigate financial decisions around aged care, visit the page on our website dedicated to this topic here. 

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This new organisation will bring together 680 staff across New South Wales, Queensland and the ACT, and a forthcoming facility in the Northern Territory.

Deaf Services will now be operating at a hugely increased capacity as a result of this merger, with annual revenue of about $45m (up from $8m) & an equity portfolio of about $35m (up from $17m). It is an exciting prospect and we look forward to seeing what these combined resources can achieve. 

Vince is proud to share that he is a newly appointed member of the Deaf Services Board of Directors and Finance & Audit Committee.

For Vince, these exciting challenges represent a convergence of his work in finance and his passion for philanthropy and community service. He looks forward to continuing this meaningful work through 2021 and beyond. 

For further information regarding the work of Deaf Services, please visit their website here. 

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It is very clear that there’s an extraordinary amount of changes due to the Coronavirus (COVID-19) health crisis. We have all been impacted financially and several of us are seeking information in regard to how the superannuation and retirement system can be of assistance during this critical time.

Key points about the Australian government’s super early access scheme:

In response to the impact of COVID-19, the federal government has announced new stimulus packages. Now, there is the possibility for Australian’s to gain early access to their superannuation fund.

Depending on your super balance, you may be eligible to apply for the early release of a payment up to $10,000.

To be eligible, citizens or permanent residents of Australia and New Zealand must require the early release of their super to assist them to deal with the adverse economic effects of COVID-19.

One of the following circumstances must apply (as cited by the Australian Taxation Office):

• you are unemployed
• you are eligible to receive one of the following  
  • JobSeeker payment
  • Youth Allowance for job seekers (unless you are undertaking full-time study or are a new apprentice)
  • Parenting payment (which includes the single and partnered payments)
  • Special Benefit
  • Farm Household Allowance
• on or after 1 January 2020 either  
  • you were made redundant
  • your working hours were reduced by 20% or more (including to zero)
  • you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more (partners in a partnership are not eligible unless the partner satisfies any other of the eligibility).

For more information in regard to assessing your eligibility, please visit Australian Taxation Office (ATO) by following this link.

It is very important to check your super balance prior to applying through the Australian Taxation Office. It is essential to check that you have enough funds to cover your payment requests.

What are the benefits:

• Any payments made through this early release scheme will be tax free.
• Accessing super funds early will not impact access to social security payments. The funds withdrawn will not be counted as income payments and therefore do not impact your additional allowance received from the government.

• Useful if experiencing distress due to financial situation.

• Supporting your family and yourself during this crisis.

• Assisting businesses with their essential expenses – most especially sole traders.

What are the disadvantages:

• Withdrawals from your super fund during a market downturn such as this could result in realising current market losses, without giving your superannuation sufficient time to recover – this will of course depend on your age as well.
• Retirement savings will be reduced significantly. You could well be giving up the gains of a future market recovery. Additionally, it’s important to understand the potential compound return over the course of the next 10, 20 and 30 years on the amount that you have subsequently withdrawn.
• You will also have to bear in mind that if you do not have enough funds in your super to cover the costs of insurance premiums, your insurance will cease. There is also difficulty in reinstating insurance in the future at the same levels after it has been cancelled.

It is important to consider seeking financial advice before submitting your application to the Australian Taxation Office for the early release of your super.

Please don’t hesitate to get in contact with our team at Plutus Financial Guidance. Our Financial Advisors will be pleased to assist you with this critical decision-making process.

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Everybody has dreams and aspirations. Variety is the spice of life.

Some people may wish to fly to the moon, others would prefer to sail around the world or drive around this great Australian land. Perhaps your goals are a little closer to home and you simply wish to be the best parent or grandparent you can be.

Whatever your goal may be, it starts with a plan.

Plutus Financial Guidance provides a wide range of independent wealth management services tailored to a broad range of client goals, delivering the tools for certainty and peace of mind regarding your financial position.

We pride ourselves on the integrity and purpose that is common throughout all of our financial services. We believe that financial advice should be transparent and structured, so our clients can achieve their aspirations over the near and longer term. 

Consider your personal financial position:

• Is your home and/or investment property paid off without mortgage remaining?

• What are your income streams? Employment? Investments? Business?

• Do you manage multiple assets?

Vince Lam and the Plutus Financial Guidance team are continuing to work safely during the COVID-19 pandemic. We will continue to provide independent financial advisory services via online video consultation to those who prefer.

Speak to our friendly team regarding wealth management advice and our broad range of financial advisory services. Get in contact today.

You can also read about wealth protection by visiting our services page, via this link.

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On February 4th 2019, the government released the 1000+ page Final Report for the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

Advisers and the industry as a whole have faced scrutiny, with reforms in progress. One of the key recommendations from the Royal Commission was reporting the lack of independence by financial advisers.

Vince Lam can help provide key information and independent advice on paying super as a self-employed individual.

The President of the IFAAA, Daniel Brammall, has applauded these recommendations. “The IFAAA welcomes Commissioner Hayne’s recommendations. They echo the IFAAA’s Gold Standard of Independence: no commissions, no asset fees, no links to product manufacturers. Without this Gold Standard, as a consumer you run the risk of not getting true advice, but rather a sales pitch masquerading as advice.”

Independent Financial Advisers Association of Australia (IFAAA) formally refers to the gold standard of independence in financial advice. All advisers / members must meet the following criteria:

• No asset-based fees

• No commissions or incentive payments from product manufacturers

• No ownership links or affiliations with product manufacturers

Vince Lam (who is the Principle Consultant at Plutus Financial Guidance) is a professional Accountant and an IFAAA Gold Standard Independent Financial Advisor with almost two decades of experience.

If you’re after independent superannuation advice, retirement planning financial advice, estate planning advice, aged care financial advice and/or are interested in learning about wealth protection, we have an independent wealth adviser waiting to hear from you.

Discover more about Plutus Financial Guidance’s education, experience and values here.

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We don’t often think far ahead into what our future looks like and therefore don’t take steps to secure it.  

Be prepared:

You have probably considered it, but now may be time to prioritise contributing to your super if you’re self-employed. It’s essential to be prepared financially for later life. Being prepared equates to less worry in the future and setting ourselves up for living as comfortably as possible.

Vince Lam can help provide key information and independent advice on paying super as a self-employed individual.

Advantages to paying your own superannuation contributions:

Seeking independent superannuation advice can assist in determining which super fund is best for your retirement goals. An independent superannuation advisor, or financial advisor, will undertake strategic analysis of the state of your superannuation to reveal opportunities to improve the state of your super balance.

• Cash savings during retirement.

• Claim a tax deduction for your super contributions.

• Superannuation investments mostly get better investment returns than bank saving accounts.

How to contribute to your super:

If you already have a super fund, ensure you check that you can make contributions when you’re self-employed and take advantage of contribution limits.

Choosing a super fund:

When comparing super funds in order to decide which is most suitable for you, assess the funds’ features and fees you’ll pay. Next, look into factors such as risk, investment returns services and insurance.

Performance:

Begin by comparing funds investment performance over at least five years. Consider the impact of fees and tax.

Low fees:

Fees can either be charged as a dollar amount or a percentage – some funds even charge both. Fees are generally deducted on a monthly-basis and many type of fees can exist.

Insurance:

Super funds generally have three categories of insurance for members:

• Life (also known as death cover)

• Total and permanent disability (TPD)

• Income protection

When making comparisons on what’s offered for default insurance, research into:

• Premium rates

• The amount of cover and exclusions or definitions that could affect you

If you’re a sole trader or in a partnership, begin by comparing super funds and seeking the relevant information that will inform which super it best for you.

If you require independent superannuation advice, please contact Vince Lam at Plutus Financial Guidance. Your unbiased specialist when it comes to long-term financial decisions.

Learn more about our independent superannuation advisory services here.

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Independent financial advice involves playing more than one role. The best independent financial advisors play multiple and nuanced roles with their clients, beginning with their needs, risk appetites and circumstances of the client, irrespective of what is going on in current markets.

Jim Parker, Vice President of DFA Australia believes good Financial Advisors actually play seven roles.

1. The Expert:

Now, more than ever, investors need independent financial advisors who can provide client-centred expertise in assessing the state of their finances and developing risk-aware strategies to help them meet their goals.

2. The Independent Voice:

The global financial turmoil of recent years demonstrated the value of an independent and objective voice in a world full of product pushers and salespeople.

3. The Listener:

The emotions triggered by financial uncertainty are real. A good independent financial advisor will listen to clients’ fears, tease out the issues driving those feelings and provide practical long-term answers.

4. The Teacher:                                       

Getting beyond the fear-and-flight phase often is just a matter of teaching investors about risk and return, diversification, the role of asset allocation and the virtue of discipline.

5. The Architect:

Once these lessons are understood, the independent financial advisor becomes an architect, building a long-term wealth management strategy that matches each person’s risk appetites and lifetime goals.

6. The Coach:

Even when the strategy is in place, doubts and fears inevitably will arise. The independent financial advisor at this point becomes a coach, reinforcing first principles and keeping the client on track.

7. The Guardian:

Beyond these experiences is a long-term role for the independent financial advisor as a kind of lighthouse keeper, scanning the horizon for issues that may affect the client and keeping them informed.

People’s needs and circumstances will change over time as will the nature of the advice. Vince Lam is an independent advisor, you can rest assured he will begin as The expert and become the The teacher and so forth, lastly The Guardian. Ultimately building a long-term relationship founded on values of trust and knowledge.

To discuss the many hats a good independent financial advisor must wear and how we can help you achieve your goals, contact Plutus Financial Guidance today on (02) 9188 8873 or via our enquiry form.

We work with many different clients, each with a diverse range of financial advisory needs. Click here to find out who we are for.

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