Clients first! It has always been clients first and will always be.
Human beings are such complex creatures that you simply cannot adopt a one size fits all policy.
Even clients who are of similar age, sex and occupation can easily have different lifestyles, spending patterns and tolerance to risks.
At Insight Financial Partners, we focus on the strategies for the clients to achieve their goals. The recommendations of investment products sit as the last item on the agenda.
We all have different goals at varying stages of our lives and the circumstances surrounding us at that time.
As an example, if a client of ours is single and in his/her 20’s paying off a car and saving for a deposit to buy a house, we would devise a plan accordingly. We would encourage the client to have their risks covered as premiums are less expensive while the individual is young and typically easier to take out the cover too.
Once the clients are married with young children, it’s paramount that both partners have adequate insurance covers for life, TPD and trauma. We believe income protection insurance is a must for the highest income earner of the family. It is sad that a lot of people are inadequately insured in Australia
To me insurance is like a parachute…. if you don’t have it when you needed it, it’s too late.
When the clients get to the stage where finances are under control and the children have left home, then it’s time to crank up the superannuation and consider investing any surplus funds. If the mortgage has been paid off, then we recommend that clients keep the momentum of the monthly repayments going by either contributing into super or alternatively into investments which they are comfortable with.
With only 10% of our population considered able to retire financially sufficient and people now have an extension of youth (which we prefer to use rather than people are living longer), we need to assist our clients as best as we can, providing them with peace of mind in their retirement years. At this twilight stage, the client’s biggest fear is whether their superannuation can outlast them or not.
All clients have different needs and goals depending on what stage of life they are in. That is why, while it can be challenging, it is also very exciting and pleasurable to be able to assist our clients in whatever way we can!