They say prevention is better than cure. Unfortunately, human nature often means we are not always excellent at preparing for the unexpected. With the cost of doing business becoming an increasing issue for many small business operators in Australia it’s easy to cut corners and try to avoid those costs that seem to offer little or no payback.
Asset rich and cash poor – it’s a term many older citizens use to describe their financial situation and reflects a lifetime of accumulating money for their impending retirement or a rainy day.
As the song says, money makes the world go around, and for some it seems to spin faster than others. As often as we may downplay our desire for money, at least in public, the fact remains that we all want some degree of wealth – even if it is just enough to feel a comfortable feeling of security.
Nobody likes to think about their imminent demise…but whether you are young or old, in good health or bad, it pays to make plans for the day that you will no longer be around to own and manage your assets and responsibilities.
Owning your own home is still the ‘great Australian dream’. No one likes the uncertainty of wondering when the next rental inspection will be, or the hassle of having to shift location when the landlord decides to sell.
For those starting out on the road to wealth accumulation, the world of investment can seem a very intimidating place. Words like derivatives, bonds, options and leverage can seem confusing at first, and having worked so hard to save your money it’s easy to be fearful of making a wrong decision and seeing it quickly disappear again.
The end of a relationship is a painful experience for all parties involved. The emotional impact can often go beyond the immediate couple to include additional family members and friends. Coping with the trauma can be a trying experience but it’s also important at this stage to make sure you put practical steps in place to sort many of the logistical issues that must be dealt with at this moment in time.
This blog provides some background information about best practice client segmentation to help you understand the opportunities available to those who understand that a ‘one size fits all approach’ is no longer a viable option for modern practices.
Your success as an advisor relies heavily on your ability to establish and nurture strong relationships with your clients because they are the most important and valuable asset of your practice.