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Big-picture financial planning to protect a family’s future

Goals-based financial planning is a signature of our service at WLM, because it involves much more than the numbers – it also explores measures that provide security and protection against unexpected life events. Sadly, and too often, we hear of clients being inadequately protected for shocks such as early death or disability.

Our clients, a professional couple with children, came to see us when they found they were getting less-than-attentive service from their previous planner, while still paying 30 per cent of their yearly insurance premiums to the planner in commissions. 

Despite earning significant incomes, the pair had no wills – neither for the guardianship of their children nor the planning of their estate. Equally concerning, they had no succession plan for the wife’s highly successful business. This put them at risk of a forced sale in the event of a sudden death or disability, with no way to extract the value of the business in either event. 

While they did have some personal insurance policies in place, their plans had old definitions (making them hard to claim on), inadequate covers and excessive premiums.

Addressing these issues was a key component of our advice for these clients. WLM Financial devised a detailed strategy to identify and address the financial risks they faced, and worked with a specialised estate planner to draft the correct documentation. Apart from getting the right insurance covers for their situation, our changes generated significant savings in insurance premiums every year.

 

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