“My Portfolio” Service
The Richmond Private Wealth “My Portfolio Service” is a comprehensive investment management, strategic advice and administration service and includes ongoing financial mentoring.
The service is typically appropriate for portfolios of about $500,000 or more or those clients that are focussed on wealth accumulation. “My Portfolio Service” ensures that your investments receive the timely attention they require and your strategy can be more responsive to changing personal, economic and investment conditions.
The service is most appropriate for those that prefer to have a portfolio designed to suit their specific circumstances. The service allows us to deliver greater control and flexibility over asset allocation, the underlying investments, the timing of purchases and sales, the level of income targeted as well as ethical screens and managing taxation outcomes for each individual investor.
Many of our clients have only a passing knowledge of investments and markets and need to be assured that their affairs are being looked after diligently, from a strategic and investment perspective.
There are no magic bullets to creating wealth unfortunately. However the Team at Richmond Wealth are here to serve you and will certainly hold you accountable to your financial goals and aspirations. As a boutique firm with no ownership links or affiliations with banks fund managers of other financial institutions, the Team at Richmond Wealth are well placed to assist you plan, track and manage your household wealth in a structured and low risk manner.
At Richmond Wealth, we follow the Financial Planning Association of Australia’s (FPA) six step process to financial planning which involves:
1. Defining the scope of engagement
2. Identifying your goals
3. Assessing your financial situation
4. Preparing your financial plan
5. Implementing the recommendations
6. Reviewing the plan
If you are interested in changing your financial future for the better view this short video titled “2 minutes that will change your future” by the FPA.
Many of our clients choose to house their retirement savings within a Self-managed Superannuation Fund (SMSF). They do this for one or all of the following reasons:
1. Control - of the underlying investments
2. Transparency - of the structure
3. Flexibility – to implement tailored strategies
4. Lower cost – for larger amounts of capital
The SMSF Professionals Association of Australia (SPAA), is Australia’s peak industry body and foremost authority on self-managed superannuation. Richmond Wealth managing director Scott Stanley is a SPAA Specialist Advisor™ and will be happy to talk to provide a “health check” of your superannuation at no obligation or cost.
The Team at Richmond Wealth have many years of experience dealing with Charities from an investment and ongoing advice perspective. Scott Stanley sits on the Trustees Board of www.wacharitydirect.com.au , a unique WA based charity established in 2004 that has raised and given away over $1.5M to date.
Sharing ones wealth can be very rewarding, however most Australians take an ad-hoc approach to their giving. There are many ways in which you can help the broader community such as:
1. Volunteering time and skills
2. Donating money direct to a Charity
3. Joining a public ancillary fund
4. Setting up your own Private Ancillary Fund
5. Leaving a bequest in your will.
Ancillary funds are a simple and effective way to help an individual or family make the most of their giving. Public ancillary funds and private ancillary funds are the two types of foundations in Australia that facilitate immediate income tax deductions for individuals while supporting the charities of their choice over many years.
Ageing with Assets
An individual or couples living arrangements may need to change as they age. A lower maintenance home may be needed, more help to stay in your home or care provided in a residential service. These decisions should not be rushed, so careful planning and attention is required in order to make the most suitable decision with the most favourable financial outcome.
Richmond Wealth has helped many individuals and families make better decisions in relation to assessing the myriad of rules, structures and financial impacts of moving into aged care.
If we were to give on tip about this topic it would be to plan early and start considering the options for you and your loved ones well in advance of any need. In our experience, most leave this planning too late or do not plan at all only to find out after the event that the financial outcome could have been much better with some simple planning up front.
If you would like to download a free brochure titled “Aged Care Advice – What are your Choices?”, please click here.