A Case Study
Tony and Susan were both retired and were drawing down from their superannuation pension accounts for their daily expenses. They had worked hard over the years and had significant superannuation balances. Both believed in getting expert advice. They had been using a financial planner and paying him an ongoing fee for his services.
The trouble was that neither Tony or Susan had heard from their financial planner for a long time.
Unfortunately, during a period of financial dislocation when the markets were volatile, they were left on their own. They were concerned that their superannuation might be adversely affected by the disruption in the financial markets and felt that their investment income may be at risk.
They had no idea what they should do. To get the right advice, they would need to track down their advisor. But they wanted a more hands-on approach – an adviser who took a keener interest in their financial affairs.
They were eager to organise a full review of their investments and the risks of sticking to their current investment strategy.
They were not getting the financial advice they paid for.
What financial strategy did we recommend?
After getting in touch, we were able to do a full review of Tony and Susan’s financial affairs. Our recommendations included:
- Switching pension funds to a lower fee structure with higher quality investment choices
- Switching investments and structuring their portfolio to include better quality managed funds with more opportunity for growth
- Realigning their risk to take into account the changing financial environment – reducing the underlying risk in the portfolio and diversifying their assets into different asset classes
- Aligning their pension payments to fit with the cash flow that Tony and Susan needed
A financial strategy the suited their needs.
Tony and Susan had worked hard to build their nest egg. They now felt like someone was taking a keen interest in their finances.
They felt confident they could discuss any financial matter with their new adviser and once again felt in control of their future.