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FAQs
Knowledge hub
Harbour View Wealth is committed to guiding you through every financial stage of life. With a personalized approach and expert advice, we help individuals and families secure their financial future and achieve long-term success.
When is Financial Advice Most Needed?
Most individuals seek financial advice during major life events. During these times, professional guidance can help navigate options, understand financial products, and clarify tax laws or benefit systems. At Harbour View Wealth, we focus on building long-term relationships with our clients, offering regular reviews as circumstances evolve.
Key moments when financial advice is often sought include:
- Starting a new job or changing careers, reviewing superannuation options, and assessing insurance needs.
- Marriage, separation, or other significant relationship changes.
- Starting a family and preparing for education-related costs.
- Buying a home or paying off a mortgage.
- Looking to invest for capital growth.
- Preparing for retirement.
- Receiving an inheritance, redundancy payment, or other lump sum.
What is the Financial Planning Process?
Our financial planning process involves six key steps:
- Establish the Relationship and Define Goals
We start by understanding your needs and outlining the scope of our engagement. - Gather Relevant Data
We collect all necessary information regarding your financial position, assets, liabilities, and objectives. - Analyze the Data
We assess your current financial status, evaluating risks and opportunities. - Develop the Plan
A customized financial plan is created based on your goals and the gathered data. - Implement the Plan
We work together to put your financial plan into action. - Monitor the Plan
Regular reviews ensure that your financial plan stays aligned with your evolving needs.
How Do I Choose a Financial Adviser?
The term ‘financial adviser’ can be confusing, particularly when used to describe advisers who are affiliated with banks or superannuation funds. Harbour View Wealth is independently owned, with no affiliations to financial institutions. We offer a fee-for-service model, tailored to the unique needs of each client.
When choosing a financial adviser, look for someone qualified, experienced, and willing to provide references. It’s important to find an adviser you feel comfortable with, as they will be a key partner during life’s significant milestones—such as redundancy, divorce, or the death of a loved one.
Why Should I Protect My Assets?
Protecting your assets through appropriate insurance is a critical component of a well-rounded financial plan. Having the right insurance can help you manage risks, secure your family’s future, and ease the financial strain caused by serious injury or illness. Our advisers at Harbour View Wealth will analyze your insurance needs and recommend coverage options that protect your wealth and provide peace of mind.
What Should I Consider When Choosing Insurance Coverage?
When conducting an insurance needs analysis, several factors should be considered:
- Assets that can be liquidated upon death or total disablement.
- Tax implications for lump sums paid to non-tax dependent children.
- Tax considerations for superannuation-owned Total Permanent Disability (TPD) payouts.
- Income replacement needs, education costs, and provisions for children’s future expenses.
- Existing insurance coverage.
Group vs. Retail Insurance Coverage
Group Insurance
This type of insurance is typically offered by superannuation funds or employers to a group of individuals. It is a pooled product where the agreement is between the insurer and a single owner (the trustee of a superannuation fund or employer). Many people hold default levels of group cover through their industry superannuation fund.
Retail Insurance
Retail insurance is an individual product offered by an insurer directly to the policyholder. This type of policy is often facilitated by financial advisers or through comparison websites. The application process typically involves underwriting, which may include a medical examination or assessment of financial risk (such as proof of income).
How Much Does Financial Planning Cost?
The cost of financial planning varies depending on individual circumstances. We offer a complimentary initial consultation to assess your financial health, during which general advice may be provided. Once we have a clear understanding of your situation and goals, we will offer a detailed quote outlining the type of advice and associated costs. Our services are tailored to meet your specific needs.