Assessing all the Financials

Assessing all the Financials

When was the last time you looked at your overall financial position?

Do you know your debt levels, Insurance coverage, or if you even have a current will?

Do you know where your superannuation is and how it’s invested?

These are critical factors you need to consider when assessing where you are financially, we can help you get sorted in the most efficient and successful way.

Read on and let me explain how.

ASSESSING YOUR SUPER

How confident are you that your retirement strategy is focused on achieving the right outcomes for you and your family? Do you have multiple funds? What are you paying in fees? Failing to put in place an effective superannuation strategy is a key reason why people do not realise their potential when it comes to creating wealth.

Whether to invest in retail funds, your employer superannuation plan, or run your own self-managed solution is a key consideration.?Regardless of the choice of entity, we ensure your superannuation is invested in the right manner to maximise your desired outcome. We also make sure that the investment selection itself is as good as it can be.

We can help you;

• consider your current arrangements
• identify areas of inefficiency
• develop a focused retirement strategy
• evaluate the benefits of a self-managed solution

ASSESSING YOUR INVESTMENT STRATEGY

Are you invested in the right products? Are you paying too much for them? Is your portfolio suited to your risk profile? Is your portfolio positioned correctly to reflect the current and future market cycle?

Our investment methodology is built on the premise that a ‘set and forget’ strategy will not lead to the best possible performance outcomes. This strategy, whereby portfolios are structured according to an asset allocation target and are then left to move up (and down) over time with little or no adjustment can be favourable when markets are on a constant growth trajectory. But as we know this is hardly a reasonable (or likely) assumption about markets; just ask every investor who has ridden the highs of 2007 to the lows of early 2009 and along the volatile road ever since.

What’s certain is that markets might go up, they might track sideways and they might even go down. Our task at Sofcorp Wealth is to construct and manage your portfolio to ensure it is well-placed to perform to achieve a risk-adjusted return in line with your expectations — irrespective of what stage we’re at in the economic cycle.

We can help you;

• understand your attitude to risk and how this can affect your personal balance sheet
• evaluate your current investment strategy
• understand the efficiency of the products you are using

ASSESSING YOUR PROTECTION

The right insurance strategy is crucial - your personal balance sheet and ability to earn an income can be compromised if you suffer an illness, accident, or pass away. The amount of insurance you need is affected by:

• how much you earn
• your cost of living
• your assets and debts
• whether you are married, single, or in a relationship
• your dependents

We review your insurance and seek efficiencies and appropriateness for you.

We can help you;

• assess the types of cover you have in place already
• review your insurance ownership structure
• learn if there are any gaps in the cover amount
• see if you are paying too much
• understand the importance of policy selection

ASSESSING YOUR ESTATE

Personal estate planning is the planning of how assets within an extended family unit will be dealt with in the event of death or loss of capacity for decision-making. This commonly includes Wills, Enduring Powers of Attorney, and Binding Death Benefit Nominations.

With the more recent changes to the Succession Act in most Australian states, the rise of estate disputes has highlighted the lack of adequate personal estate planning structure most families have in place. Beyond issues of entitlement, appropriate estate planning measures within a family unit can have a profound and long-lasting effect on the risk and tax management of the assets of the family.

We can build a comprehensive estate plan that addresses your individual family circumstances as well as encompassing areas that are uncovered in our review of your financial blueprint.

We can help you;

• assess your current estate strategy
• identify gaps that could jeopardise the transfer of wealth
• identify areas of inefficiency

ASSESSING YOUR CASH FLOW

Your ability to earn income and how you manage it is the lifeblood of your wealth plan. Your cash flow must be managed to ensure efficiency and contribute to your wealth creation strategy.

We review your cash flow and work with you to manage cash flow for today as well as tomorrow.

We can help you;

• track your income and expenditure
• find areas of inefficiency
• get your money working to create wealth

ASSESSING YOUR DEBT

For most people, debt is an essential part of their wealth plan, but not all debt is good. The key is to identify your inefficient debt from your efficient debt and develop a strategy to manage both.

We review your debt and leveraging, how much you have, how much you are paying off, how much exposure you have, whether is it tax effective and how much is it costing.

We can help you;

• assess your current debt arrangements
• assess your capacity to leverage for wealth creation
• identify excess charges and inefficiency
• understand how an investment loan can be structured to suit individual circumstances

I'm Tracey Sofra and I believe women should take control of their money and create the financial independence they deserve to live a life of choice.

If you are ready to take the next step in your journey to living a life of choice take the Financial Confidence Quiz and find out how you score to move forward in your financial life.

Tracey Sofra is Australia’s leading Financial Advisor specialising in Women’s Financial Confidence. As a Business Leader, Mentor, Financial Advisor, Author, Speaker, and Mum, for over three decades Tracey has shared her proven method for shifting mindsets and the limits to financial success for thousands of women. Her passion around financial freedom is infectious leaving you inspired to challenge the status quo, build confidence and create change. To enquire about her working with you or your organisation please contact us?at?[email protected]