Making a plan that save money & time for a couple

About the client

Charles and his wife Rachel ran a thriving medical practice. Charles was a successful ophthalmologist and Rachel took care of the operational side of the practice. With three young children, they were finding it hard to make time for their family while staying on top of their business’s needs.

The Challenge

Although the couple had various financial professionals working for them: an accountant, solicitor, finance broker and an insurance adviser, none of them spoke to each other and were not looking into the bigger picture. Insurance was held in the wrong entities for tax, cash flow and debts were not structured as effectively as possible for tax and their superannuation was not working hard enough for them. What’s more, there was a need to shift the business to new premises and they didn’t have the time or expertise to explore various options.

The Solution

They were referred to Firstunity through a fellow medical specialist who also happened to be our client. Right off the bat we developed a plan on how they could achieve their goals and financial objectives and took them through it to get their buy-in. We developed a plan not to over-extend them with debt when they purchased their business premises.

We also worked closely with their accountant to establish a self-managed superannuation fund to fund part of the commercial property purchase via their superannuation. The intention was to balance benefits received in the short term and also provide a tax effective income stream in the future.

Results

We were able to restructure Charles and Rachel’s financial products and affairs to create a plan that worked smoothly for them. While they continue to build their business and asset base, we created a sounding board for general investment and business ideas with a scheduled meeting that helps them stay on top of things. This gave them the peace of mind to focus on their business knowing that things would stay on track, thanks to the timely intervention by Firstunity.

Testimonial

“Firstunity have done a great job assisting us to pull our affairs together – across our family, business and personal lives. As busy medical professionals with many staff, and a number of children, it has been hard for us to keep on top of the many aspects of our business and financial life, not to mention our family. We work with a number of professionals to help us with accounting, banking and legal matters, but up until working with Firstunity, there has been no single unifying direction to keep everybody working towards the same goals. Having a whole-of-life perspective across our affairs allows us to take advantage of our peak earning years, and helps us to relax whilst we combine being very busy with raising and educating our family. We look forward to many more productive years working together into the future.”