Week in review - 25th October 2024

Week in review

This week has been eventful and productive, showcasing the real value we bring to our clients through tailored financial advice and strategic planning.

  1. Advice for an 80-Year-Old Father with a Disabled Child:
    We successfully provided a comprehensive solution for an elderly father worried about his disabled child's future. Our strategy involved placing the family home into a Special Disability Trust, ensuring the child has lifelong security and protection. This structure shields the child from potential risks, such as relationship breakdowns or financial exploitation, while securing a safe roof over their head indefinitely.

  2. Presentation to Business Owners - Case Study on Strategic Planning:
    We presented to a group of business owners, highlighting the power of strategic financial advice. We showcased a case study involving a couple in their 30s who, through smart planning 5-6 years ago, repaid their $400k mortgage. Now, as their family grows, they’re considering options like upgrading their home or purchasing a second investment property. Our strategy illustrated that despite moving to a $1m home in 5-6 years, they will remain mortgage-free and have the flexibility to choose whether to work by age 50, with their $150k income replaced. The presentation emphasized our planners’ thought process, focused on goals and tax structures, with no mention of specific products or investments.

  3. Big Win in Client Advocacy - Mental Health Exclusion Battle:
    A highlight of the week was successfully advocating for a client whose insurance policy had a mental health exclusion. After diving into their case, we discovered the client was seeking preventative mental health care, without ever having been diagnosed with a condition. We fought hard with the insurer and secured a new policy at standard rates, with no exclusions—showcasing our strong advocacy for mental health in financial planning. This also tied in well with our upcoming Supermen Podcast episode featuring Simon Rinne from Mindful Men, discussing men’s mental health.

  4. Supporting a Client with a $100k Pay Rise:
    We also worked with a client in their 40s who recently switched jobs and received a $100k pay rise. This opened up exciting opportunities for them as they look to upgrade their home and fast-track their path to financial freedom, aiming to retire by age 60 after watching their parents work until 70.

  5. Property Discussions:

    We had discussions with a couple considering their property options as their family grows. Whether that involves renovating or selling up and purchasing an existing property. We’re guiding them through financial strategies, cashflow management, and debt repayment plans, ensuring their decisions align with their long-term goals, including retirement planning.

  6. Mentoring:
    We’re wrapping up the week with a catch-up session with a young adviser we’re mentoring to support them on their advice journey.

All in all, a strong week for Newcastle Advisors, filled with wins for our clients and our mission to help more Australians understand their financial options and secure their futures.

Matthew McCabe