James (42) and Maria (39) came to us in 2008 seeking a ‘second opinion’ on their existing self managed super fund (SMSF) and its investment strategy. The fund had been established some 8 years earlier by rolling over a number of small industry super accounts they had each accumulated.
Following the SMSF establishment there had been little active management of the fund and its investment holdings. With both James and Maria being self-employed and time poor, there was no regular contribution strategy in place and the couple were starting to question whether a ‘self managed’ structure was really right for them.
Our discussions with James and Maria highlighted that both were capable of continuing to act as Trustee of their super fund, they simply required some professional guidance in relation to the investment and compliance obligations placed upon them as Trustees.
Through the initial fact finding process we were able to determine the type of lifestyle that was important to James and Maria ‘now’ and the type of lifestyle they desired in their eventual retirement.
As a result of this discovery process, we were able to develop a tailored financial strategy that addressed;
- Enhanced ease of management of the SMSF
- The obligation to have (and review) an appropriate investment strategy for the Fund
- A personal cash flow plan incorporating a retirement savings strategy (regular super contributions)
- Ongoing review of James and Maria’s financial plan