Prophecy Wealth Management

Prophecy Wealth long Logo High ResolutionAndrew Harris took over ownership and management of Prophecy Wealth Management in December 2011. We work closely with our partners at Moore Stephens (SA) Accountancy firm in both their Adelaide and Darwin offices to provide their clients with tailored business and personal financial planning advice.

With modern offices located in the Adelaide and Darwin CBD’s, the practice currently employs 3 highly trained and experienced advisers and 6 dedicated and friendly support staff.

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 Prophecy Wealth Management specialises in...

Self-managed super funds (SMSFs) provide a way of saving for your retirement. The difference between an SMSF and other types of super fund is that the members of an SMSF are usually also the trustees. This means the members of the SMSF run it for their own benefit and are responsible for complying with the super and tax laws.

While an SMSF can provide you with greater control, flexibility, and transparency of your super, SMSFs are not for everyone. Managing your own retirement savings is a major financial decision and there are some important things to consider before deciding if it is right for you.

If you are looking for greater investment choice and control, a SMSF could be an attractive choice. We’ll help you manage the complexities of setting up and administering your own fund, developing a personalised investment strategy that maximises your opportunities and review your insurance requirements.

We specialise in providing business risk insurance advice as well as personal insurance advice to business owners.

Business risk insurance should be a key component of every risk strategy, but only a fraction of companies are properly insured. For self-employed clients or those in a small partnership, income protection insurance only provides half the necessary protection in the event of illness or injury. There are other types of insurance for business owners that work in conjunction with income protection and are fundamental to ensuring the continuity of your business

Key person insurance, also commonly called Keyman Insurance, is an important form of business insurance. To put it simply, Keyman Insurance is a standard life insurance, TPD insurance or trauma insurance policy that is used for business succession or business protection purposes.

A key person can be anyone directly associated with the business whose loss can cause financial strain to the business. For example, the person could be a director of the company, a partner, a key sales person, key project manager, or someone with specific skills or knowledge which is especially valuable to the company. Key person Insurance policies can be owned in a number of ways depending on the needs of the business. There are tax implications associated with the structure and ownership of Key Person Insurances and it’s important to seek expert advice in this area.

If you own all or part of a business—any business—you should know about buy-sell agreements.  Without it, a closely held or family business faces a world of financial and tax problems on an owner’s death, incapacitation, divorce, bankruptcy, sale or retirement. A buy-sell agreement can ward off infighting by family members, co-owners and spouses, keep the business afloat so it’s goodwill and customer base remain intact, and avoid liquidity problems that often arise on these major events.

How much you need a buy-sell depends on how many owners there are and who else might be waiting in the wings with a financial stake in the business. For example: You and your partner Bob run a car wash as 50/50 partners.  You might have a written agreement or a mere handshake.  Bob dies.  Do you still have a business?  Is Bob’s wife or child your new partner?  Do you have the right or the obligation to buy them out?  If so, for how much and on what terms?  Can you strike out on your own with your own car wash, or are you stuck with the baggage of the old one?  What if you die instead of Bob?

As this example shows, the most basic business can benefit from a buy-sell, even if it’s the only written document the business has.  Disputes and confusion can result without one even in a small business, and the stakes go up with larger and more complex businesses.

We are here to help and can provide you with a comprehensive analysis of all your options so that you can make informed decisions about your business

 

Prophecy Wealth Management
LocationAddressContact Details
Adelaide Office   79 Belair Road KINGSWOOD SA 5062 t: (08) 8373 1711     f: (08) 8373 1722
Darwin Office    7/90 Ross Smith Avenue, Fannie Bay NT 0820 t: (08) 8373 1711     f: (08) 8373 1722