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In this edition

New year, new beginnings
Using trusts to manage family wealth
Taggart Federal Budget Overview
Reportable Employer Superannuation Contributions
Are we on the road to financial recovery?
Directors & Officers Liability insurance - important cover for business owners.

Article brought by Dr Jim Taggart OAM

Dr Jim Taggart OAM

Jim's career began as a Teacher and a Deputy Principal of a Catholic High School. Since entering the field of financial planning in 1987, he has successfully developed his business to service nearly 6,000 clients in which his organisations provides advice on Financial Planning, General Insurance, Finance & Leasing. The Taggart Group Pty Ltd runs the General Insurance business, and hold an AFS Licence as General Insurane Brokers. Taggart Nominees Pty Ltd is an AFS Licensee and runs the Financial Planning and Life Insurance Broker business.

Also during this time Jim has completed another Masters Degree in Commerce, majoring in Financial Planning to add to his other qualifications of Diploma of Teaching, Bachelor of Arts and a Master of Arts from Macquarie University. Jim had completed his Doctorate in Business Administration, and also holds the FChFP designation awarded by the Association of Financial Advisers.

In the field of writing Jim has written two books while he was teaching with his senior geography text winning a geography award. In recent times Jim has written many articles for industry publications as well as newsletter articles for various networking associations.

Jim became a CFP with the Financial Planning Association of Australia in 2002, a desingation he still holds. Jim is also QPIB qualified, being the highest in his profession for General Insurance in Australia. Jim is the recent past National President of the Association of Financial Advisers [AFA] ending his tenure in October 2010, and was the NSW/ACT Director from 2006 - 2008. 

Jim has lived in the hills area at Kellyville for over 28 years. Jim has been actively involved in community activities such as: -

  • Salvation Army
  • Vice President of Regional Chamber of Commerce 1999 - 2000
  • Past board member of Gilroy College and Marion College
  • Past Chairperson and current member of the Hills Excellence in Business Committee 355 Management Committee
  • Past Chairman of the Advisory Council for TAFE NSW Western Sydney Institute

Jim is married with four children, and conducts a very active and preferred insurance/finance and financial planning practice.

For many years Jim has performed community services in diverse areas and was Chairman for the Red Shield Appeal in Western Sydney(past 7 years). Jim was the Chairman for the Olympic Fundraising Committee for the Western Region.

Jim has been fortunate to speak at offshore conferences in the areas of Financial Planning and Motivation in such countries as Switzerland, New Zealand and U.S.A.

In November 2005 Jim was awarded the 2005 Zurich / Association of Financial Advisers [AFA] Adviser of the Year Award. In January 2006 Jim was presented with the 2006 Baulkham Hills Shire Australia Day Community Service Award.  In January 2010 Jim was awarded the Medal of the Order of Australia in the 2010 Australia Day Honours.

 

Contact details

Website
The Taggart Report
Phone
02 9894 9155
Fax
02 9894 8599
Email
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New year, new beginnings

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A new financial year is upon us, so it is a good time to review your financial goals and to align these with your investments. A financial strategy is certainly not a set-and-forget proposition, and reviewing goals regularly is an essential part of the wealth creation process.

So, where to start? Below is an easy-to-follow guide to getting your finances tidied up for the year ahead.

  1. What are your key financial goals? Are these still the same as what you originally envisaged?
    Many clients find that their goals change slightly from year to year. Also, major life events such as serious illness, the birth of a child, inheritance, marriage and the death of a parent or spouse can all result in significant changes to an individual’s wealth management goals.
  2. Prioritise your goals.
    Not all goals are equal, and to ensure you aren’t overwhelmed with the task ahead of you it is important to rank and prioritise your goals, and to decide what timeframe you want to achieve them in. Being realistic about your timeframe is essential to ensuring that your goals will be achieved.
  3. Be clear about timeframes.
    Most industry experts agree that a short-term goal is one that can be achieved within a year or so. Medium-term goals typically require two to five years, and long-term goals usually take longer than five years.

    For example, saving to reduce credit card debt for most of us would be a short-term goal, whereas saving for a home deposit would often be a medium-term goal. Providing for retirement is a very common long-term goal.
  4. If your financial goals have changed, how will this affect your financial strategy?
    This is where the advice of a financial planner is critical. They have the tools and knowledge to create projections that take into account changes to your goals, and changes to your timeframes for achieving them. These projections will help you to see where your plans for savings, investment contributions, or assets, may need updating.
  5. Be investment savvy. Make sure that your investments support your level of risk and your goals.
    Your financial planner can develop a tailored analysis that best suits your individual risk preferences and goals. They can also provide you with a review of your portfolio and advise on any sell-downs or top-ups that would benefit you. Your adviser can also work with your tax accountant to ensure changes are implemented in a tax-effective manner.

By following these easy steps you will be another year closer to achieving your financial goals. Happy new financial year!

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