Wealth Management Resources - What to use, why to use, when to use, where to use, how to use, who to use?

Wealth management resources should be utilized to maximize the potential of not only your investment life but also your personal life. After years of seeing what can go ‘right’ and probably more importantly, what can go ‘wrong’, not to do so is just basically silly.

After all why make it to lose it through poor planning, divorce, misadventure or death!

Trusted professionals in any area are a valuable reserve to call upon when you have to, and I would suggest from experience that estate planning should be one of the wealth management resources that you employ early rather than later in your life.

The magnitude of what can go wrong should be clearly evident to some degree for nearly 50% of us who marry and then go on to later get divorced. While few are harmonious, many are venomous to say the least! This very quickly raises a host of issues, as does a death or disability in a family, about what happens to this and what happens to that.

Not forgetting who gets the house, who gets the car… or what happens to the children. Is there money to care for who’s left? What about school fees, what about the dog?

Now this does not just mean that you need a Will in case of death.

What about a dispute with business partners, a failed venture or a vexatious law suit?

Wealth management resources should be used where ever you can to both, increase the pace of your wealth accumulation and be able to cover every contingency in building and managing your wealth over your lifetime.

Building and managing wealth over your lifetime involves three phases:

1) The acquisition of wealth. And for many, this will take many years.

2) The protection of wealth. While this may seem to be relative to some, (one mans Tea Hut is another mans Castle), any asset is worth protection. It’s why we have house and contents and even car insurance for mums little but favourite shopping trolley – so property be it a house, investment, you, your family or your business, should automatically be on the list.

3) The transfer and disposal of wealth. Unfortunately we all leave, spring, leap, fall off this mortal coil (die) at some time and if we have planned phase one well enough, and implemented phase 2 early enough , we should have a reasonably involved portfolio and hopefully a sizable value of assets to our name.

So this raises the questions…

What wealth management resources are you employing right now?

1) Do you own one or more investment properties?

2) Do you have children from more than one marriage?

3) Do you have a “DIY” super fund?

4) Do you have significant loans – both with related entities and banks?

5) Do you hold ‘income protection’, ‘business interruption’ or ‘life and disability’ insurance policies?

6) Do you have dependent children, either under 18 or with some form of disability?

7) Do you have divorced children, or children at risk of divorce?

8) Have you considered a ‘charitable trust’ or ‘charitable foundation’ and the tax consequences of charitable giving through your Will?

9) Do you have children who carry on a business or are engaged in a ‘high-risk’ profession (e.g. a company director, doctor, lawyer, accountant, engineer, etc)?

10) Do you carry on a business, either in your own name, or through a trust, partnership or company?

If you answered yes, maybe, sort of, possibly, I think so, not sure or don’t know to any of these questions, chances are you are in need to employ some wealth management resources sooner rather than later.


1) Do you have an Estate Plan? - Does its structure account for future growth or changes to your circumstance?

2) Do you have a Will? Is it both current and valid?

3) Do you have Enduring Power of Attorney and a Medical Power of Attorney (or Guardianship)? No one who ever has a heart attack, stroke, car accident or simply falls off the roof ever plans it.

Incidentally car accidents happen in less than a tenth of a second!

Not trying to be alarmist but that is the reality of life. It can change in an instant and unless you’ve covered yourself, you’ll be saying, ‘If only I’d…!

If you answered no, not sure, a long time ago, in my previous marriage, before the kids came along, not since my dad died of a early heart attack, before I bought the last investment property or any change similar, you are in desperate need to employ some wealth management resources… not sooner rather than later but NOW!

So who should you go to?

Either go to a friends recommended and trusted advisor, Solicitor, agent, accountant, or specialist in the area of expertise that you need.

Remember however, if you have not had your affairs dealt with before, and depending on your circumstances, your professional Wealth Management Resources person should address or have the capacity to source the right people for you to address your:

A) Personal Estate Planning

B) Business Succession Planning (If self employed)

C) Trust Succession Planning Particularly if you intend to invest in multiple properties or are open to possible law suit

D) Superannuation Planning Make you government super work as hard as it should!

Things to think about before you meet with your chosen Wealth Management Resources person.

* What investment plans do you have now and for the future?

* What considerations must you address concerning your personal, family, business and investment circumstances?

*Is there any ratio to be given to the value of assets to be divided among your intended beneficiaries?

*What barriers to implementation of any objective are present or could be present?

*Who owns what and how much do they own in any joint assets, what is there value and how long have they been held?

*What do you really want to achieve personally and financially and by when

*How do you intend to implement or employ your plans for the future?

*What measure do you have to gauge success of objectives?

*What, when and who will you conduct a review against your objectives?

As you can see this is an involved process which is probably why many people don’t do it... until it's too late!

However we know for sure that this is a silly 'head in the sand' Ostrich approach.

If you’re thinking about being an 'Ostrich' because you’re not sure of where to start or how to access the Wealth Management Resources professional that you need, simply choose your Australian CITY from the links below and make initial enquiries to find out more.


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