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Patrick is a 46-year-old electrician.  Business is good: he has two other qualified electricians and one apprentice working for him.  His wife Rachel is a silent partner in the business and takes care of the bookkeeping. 

They manage to pay the mortgage on their home in Miranda, feed their three kids and enjoy a decent lifestyle without too many hassles. Their main goal is ensuring that their current way of life won’t be affected if something happens to either one of them, but they would also like to pay less tax and make their money work harder for them.

During the conversation over the phone before our meeting, they raised the following concerns:

  • Patrick would like to make sure his business will survive if one of his electricians can no longer work.
  • Patrick and Rachel’s eldest child will be 21 in two years.  They want to start saving now so that they can afford a good party for him, and be able to give him a substantial cash gift so he can start his life.
  • They would like to take the whole family on an extended trip at Christmas, but are worried they won’t be able to afford it.
  • They want to make sure their mortgage is paid off before they retire.
  • They worry about what would happen to their kids if something happened to them.

If Patrick and Rachel’s story sounds familiar, please read on.

We were able to provide Patrick and Rachel with two financial plans: one for their business and one for them. Their business was of most importance to them so we addressed their business needs first.

We implemented a ‘key person protection cover’, so that the company’s revenue was protected in the event of Patrick and/or his main electrician was unable to work. We examined his business succession planning arrangements and recommended ways to improve them while liaising with Patrick’s accountant and solicitor. 

By reviewing and redirecting client’s cash-flow Patrick and Rachel can afford the family holiday over Christmas, and next year they can begin preparing for their son’s 21st. After re-structuring of current mortgage repayments, their mortgage debt will be paid out within eight years, saving Patrick and Rachel tens of thousands of dollars they would otherwise pay in interest. 

Even though they are working towards some important short term goals, we were able to find $1,000 each for them to contribute to superannuation, which attracts the Government’s co-contribution and gives an extra boost to their super. This small sacrifice will significantly improve their quality of living in retirement.

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