June 30 not only marks the end of the financial year, it’s a date every savvy investor should circle on their calendar as the optimum time to review their financial situation.  A yearly audit of your strategic financial plan is one of the best ways to evaluate whether it’s still on track to meet your goals.

In 2014-2015 Elston noted a marked increase in enquiry, with Canberrans across all demographs seeking out the services of a financial planner to build and protect their wealth, tap into the benefits of Self Managed Super Funds (SMSFs), make their income work smarter, and pursue their short and long term financial goals.  We welcomed many new clients on board – all with unique circumstances, assets and objectives – tailoring financial strategies to meet their goals.

At Elston we recommend all investors (clients or otherwise), review their financial situation on an annual basis. Building and protecting wealth requires ongoing review and management. A lot can happen in a year, and your individual goals, limitations and assets may have changed since you embarked on your original investment strategy.

With the new financial year now in full swing, we encourage you to take advantage of Elston’s collaborative approach to reviewing and renewing strategic plans to ensure you’re still on target to achieve the best possible outcomes.   Evaluating your financial plan can seem like an overwhelming task, but your Canberra financial adviser knows the keystones and variables to look for, and the questions to ask to accurately assess and adjust your plan.

If you haven’t yet had a chance to make an appointment, the following checklist highlights some of the fundamental issues for consideration at your next consultation:

• An in depth analysis of your financial situation for the outgoing and incoming year, in conjunction with personal and lifestyle factors, will identify areas for improvement or revision to your existing plan. When revisiting your goals, consider any recent or impending factors that may impact them.  Some questions to consider:  Is your budget and savings plan still on track, relevant and manageable?  Will the coming year bring personal considerations – retirement,  expanding your family, merging or division of marital assets, the sale of a property or business, an inheritance? How will this affect your tax and insurance needs?
• Your personal financial circumstances are equally important when it comes to reviewing your goals. Superannuation and tax offsets can play a big part in the ongoing health of your financial strategy, and it’s important to put them under the microscope to optimise your superannuation.
  • If you have a salary sacrifice arrangement with your employer, review your contributions to ensure you have not exceeded the concessional contributions cap.
  • If your taxable income is less than $49,489 per annum, you may be eligible for a government co-contribution to your superannuation.
  • Additionally, if your spouse will earn less than $13,800 this year, you may be eligible to claim a tax offset. Eligibility varies, so speak with your Elston adviser to determine if you meet criteria.
  • Be mindful of the superannuation pension. Whether you are drawing on an Account Based or Transition to Retirement Income Stream, take the time to review what the minimum annual payment is, and ensure this is paid out annually. Your super fund’s tax redemption could be jeopardised if the minimum payment is not reached.

• A well thought out investment management strategy is a critical component of your new year financial health and security checklist.  Is yours an investment strategy that draws on diversity? Does your plan comprise a mix of assets and shares? Do you have a Self Managed Super Fund (SMSF)? Give consideration to investment management issues such as target return, risk, liquidity, tax effectiveness and income requirements.

• With the ever-changing landscape of financial planning there may be new resources or legislative changes come into play that could impact your goals. Your Elston adviser is abreast of industry changes and trends, and will work with you, auditing your plan to identify and implement any changes to maximise your financial potential.

An annual review of your strategic financial plan to ensure it’s on the right track should be at the top of everyone’s New Financial Year resolutions.  If you haven’t made an appointment with your Canberra financial adviser yet, there’s never been a better time to touch base to reassess your goals and evaluate your investment strategy.

To review your goals or discuss your individual needs with a Canberra financial planner that offers personalised service and tailored Canberra investment advice, call Elston on  02 6230 1000 or 1300 ELSTON (357 866) or email info@elston.com.au.