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How one client saved $57,000 a year

This is the story of a client who saved a little over $57,000 in costs after their review:.

The clients situation. They owned:

  1. A self-managed superannuation fund,
  2. A Family Discretionary Trust with investments in private companies.
  3. Personal investments in property.
  4. Life Insurance, Trauma Insurance and Income Protection through super and in their personal names
What their review uncovered 
  1. The client was very busy and had paid little attention to costs of investments or insurance premiums since putting in place their products and policies.
  2. Insurances had been bought when the now adult children were babies.
  3. The insurance premiums were hard to see in total. Some were paid by the husband, some by the wife, some by the SMSF and others by the trust.
  4. Over time premiums had increased gradually but the children were now grown up and there was no need for the client to continue carrying insurance forward. 
Our suggestion to the client
  • Adjust how money was being invested to save on fees.
  • Set a benchmark for ongoing investment performance management.
  • Cancel the insurance policies because that were no longer needed.
Result for the client

A saving of a little over $57,000. He and his wife then went to Europe. 😊

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