Michael Corcoran

If you’ve never made an appointment with a Financial Adviser, you may not know about the vast array of services they offer to protect your financial security. As we celebrate Financial Planning Week, here are 5 ways a financial adviser can help you that you may not have thought of.

1. Superannuation
If you’ve never taken much notice of your superannuation when changing jobs, it’s possible that you have multiple super accounts accumulating fees and insurance premiums. A financial adviser can help you consolidate all these super accounts into one place, and select a super fund that best suits your needs. They can also help you work out any insurance that comes automatically with your fund, and cancel any unnecessary premiums.

2. Life insurance
If you’ve had a day off recently and watched some daytime TV, you’ll know that life insurance is a big deal right now. Life insurance can be extremely beneficial to your family in the event that you pass away. It gives your family piece of mind that money will be available to keep paying bills and keep food on the table in a time of grief. With so many providers and policies in the market, it can be hard to know which will cover you best, and offer the best premiums. That’s where a financial planner can look at your circumstances and recommend the best policies for your family.

3. Debt management
Believe it or not, debt is not always a bad thing. Used correctly, debt helps you create wealth and build your life, like a home loan. It also creates equity, allowing you to look at investments and other wealth strategies.

4. Estate planning
In the event that you pass away, it’s important to leave a legally binding record of your intentions in a will. Without a will, the Government can decide how your estate – including funds, property and personal possessions – is divided. If you have an extensive investment or property portfolio, your financial adviser can be the best person to handle the planning of your estate. They can also provide tax effective solutions to your beneficiaries.

5. Self Managed Superannuation Funds
If you’re money savvy, you might like to take control of your own superannuation so you can choose your own investments. A financial adviser can help set you up, make you aware of all your legal and tax obligations, and provide ongoing support.

Think a financial adviser can help you? Infocus has a growing network of advisers around Australia – so there’s a good chance there’s one near you. Find your nearest adviser at www.infocus.com.au or phone 1300 463 628.

Michael Corcoran
General Manager Salaried Advice

As the new financial year begins and you are busily pulling together receipts, log books and group certificates, don’t forget to check in on your compulsory super contributions. Former federal treasury Retirement Income Modelling Taskforce director and now Industry Super Australia special adviser Phil Gallagher estimates that as many as 32% of Australian workers are being short-changed by an average of $2,025 each.

Research released late last year by Industry Super Australia found that rogue employers were duping 2.4 million workers out of as much as $3.6 billion in superannuation payments annually.

The ATO says they take Superannuation Guarantee compliance seriously, with 150 dedicated staff tasked at investigating the issues. But with complaints currently at 20,000 per year and growing, it may not be enough. So what should you do if you think you are being underpaid or not paid at all?

Firstly – make sure you’re entitled to super. While most workers who work on a casual, part-time or full-time basis are usually entitled to super, there may be instances in which you are not. The ATO has a handy tool to help you determine if you’re eligible.

Secondly, make sure you are checking the right account. Many workers have multiple superannuation accounts, and sometimes are unaware they exist. Your employer may have also enrolled you into their default super fund. You can find your current super accounts via the ATO in your myGov account, or check with payroll to see which fund is listed in your details.

Then check the information on file. A simple typo may mean your money isn’t going where it’s supposed to, or anywhere at all.

If everything seems in order from your end and you suspect your employer may be dodging payments, you can lodge an enquiry with the ATO either online or on the phone. Their team will investigate and update you with the progress.

It may only be a few thousand dollars, but invested correctly, that money helps set you up for retirement. So make sure you get what you’re owed.

Michael Corcoran
General Manager Salaried Advice