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Risk & succession advisory

An important cornerstone to any total wealth management strategy is ensuring you and your family are adequately protected against unexpected occurrences.
Likewise, as a partner or owner of a business, the importance of a well-structured, complete succession plan cannot be underestimated.

Personal Life Risk Insurance and Estate Planning

It may not be something many of us like to think about, but the unexpected does happen. Considering the downside and having a personal insurance and estate plan in place can help make difficult situations a little bit easier, at least financially and legally. An insurance product is only as good as the strategy that sits behind it. We want to ensure you have peace of mind that you and your loved ones are financially protected in the event of unforeseen circumstances. This includes considering how your insurance interacts with your estate plan and important considerations such as beneficiary nominations within your policies and superannuation funds.

Life insurance products can protect you and your family from financial difficulty after an unexpected event, like an illness, injury or death. We can provide you with a financial risk mitigation strategy that meets both your short and long-term lifestyle objectives. We undertake a complete review of your exposures, taking into consideration your occupation, age, cashflows, family financial structures (ownership of assets, involvement of entities like SMSFs, Trusts etc.), liabilities, dependent lifestyle needs and broader personal financial goals. We also discuss your preferences around the likely timeframe you will need to hold cover which is important when you consider the short vs. long-term cost of stepped vs. level premiums and the best way to tax effectively own / pay for your coverage (both inside and outside the superannuation environment).

We advise on a full suite of products issued by domestic and international insurers into the Australian market (including some newer niche offerings not typically available via other advisory firms). Crucially, we have no ownership links to any insurance product manufacturers and we operate under our own Australian Financial Services Licence (AFSL). At a time of significant upheaval and reform in financial services, we take a ‘no compromise’ approach to the selection and recommendation of the preferred insurers and products that underpin your risk protection plan. Our risk protection solutions include term life, total and permanent disability, trauma, income protection and business overheads insurances. We also use severity based insurance for certain scenarios and occupations.

 

Business Life Risk Insurance and Succession Planning – SMEs and Corporates

Without an agreed strategy as to what to do in the event of a partner or fellow proprietor leaving your business, whether that be due to retirement, illness, disability or death, all involved leave themselves in a financially vulnerable position. Equally, protecting your key people and staff can be important for revenue, culture and business continuity after a major event. The key is to plan ahead and to prioritise the risks you want managed and sorted.

We can work with you and your key stakeholders to devise a tailored, tax-effective plan to ensure the orderly financial transition of the business after the exit of an owner or key person. We can help you protect your business, your partners and your family from unforeseen circumstances.

No two succession plans are the same. We can work with you to build a unique succession plan that:

  • Deals with the circumstances where a partner leaves the business for any reason
  • Provides funds to enable surviving business partner/s to buy out the financial interest of the deceased or existing business owner
  • Provides funds so that partner/s can buy out the financial interest of an owner who is unable to work due to illness or injury
  • Replaces lost business income
  • Facilitates the release of personal or directors’ guarantees with creditors
  • Helps to maintain or improve the credit standing of the business after an exit event
  • Helps keep the business viable until an appropriate buyer can be found

We also consult on group insurance arrangements for SMEs/Corporates to help them with larger “people protection” strategies (Group Life, TPD and Salary Continuance insurance).