Case Studies

How Proven Financial Solutions helped create prosperity and peace of mind for our clients.

Freddie

BACKGROUND

Freddie came to know Proven FS when he’d sought our specialised aged care financial advice for his father. We’d helped Freddie’s father to plan his finances so he could afford residential aged care for his remaining years.

Several years on, Freddie came to us looking for advice to manage his inheritance.

CHALLENGE

Even with a healthy financial situation, a change in circumstances created some new opportunities and also some new risks to consider. Coming back to Proven FS for specialised advice meant Freddie could make the most of the inheritance he received.

Taking a comprehensive approach to assessing our clients’ financial position means we can create the best possible outcomes for our clients.

In our review we covered:

• Financial goals
• Investment strategies
• Tax benefits

For Freddie, this included taking a look at his superannuation status as well, so we could consider all the ways to plan for his financial future.

FINANCIAL SOLUTION

Freddie received a detailed plan to set him on a course for continued savings growth.

We also recommended to Freddie that he establish a self-managed super fund for his future income and retirement needs.

IMPLEMENTATION

We took the time to go through with Freddie how the phases of our strategy would improve his financial position over the medium and longer term.

Once he saw the benefits of the superannuation strategy, he decided to proceed on the spot in combination with the personal financial advice.

RESULTS

Having organised his financials in the middle of a global pandemic, Freddie now felt comfortable to retire and pursue his goal of playing as much golf as he can.

Kurt

BACKGROUND

Sadly, Kurt’s wife Janice passed away three years ago and he subsequently lost the aged pension.

Making ends meet with a reduced cashflow became unmanageable.

Kurt had some assets but he didn’t know how to create an income stream that would help him meet his daily needs. He turned to Proven FS for advice.

CHALLENGE

We’re experienced working with people who are struggling to cope financially since losing a loved one. Naturally it takes some time to come to terms with the impact of a tragic event on a person’s life.

By the time Kurt sought help, his financial issues had worsened. We helped Kurt identify some immediate options to manage day to day. Then our focus was on long term sustainability for his financial future.

Looking at his assets, we had great potential to create a strategy Kurt could rely on for income. But at the time, we were also faced with the uncertainty from COVID-19 making the markets particularly volatile.

FINANCIAL SOLUTION

Creating a good financial outcome is never a matter of applying a standard package of measures. We look for how to tailor the right strategy for the individual, considering the broader environment.

As Kurt was not eligible for a government pension we were able to create an income stream financial solution instead.

IMPLEMENTATION

It was a huge relief to Kurt, to know there was a path to recovering financially. We were able to explain how a well-planned strategy could bring in income and give him peace of mind from minimising risk to his assets.

RESULTS

In two years, Kurt has received an income in excess of $3,500 per month without losing his capital.

He’s been very happy with the results as it reduced his stress about meeting his living costs and given him hope for a comfortable future.

Sid and Nancy

BACKGROUND

The time had come for Sid and Nancy to enter permanent aged care together. They felt fortunate to be making this move together. It was such an upheaval.

The couple had already made the decision to sell their million-dollar property to fund their expenses.

CHALLENGE

While mindful that they were in a good savings position, the cost of aged care these days was still a shock.

Sid and Nancy were concerned as, being a couple, they were used to the combined living costs they paid together. But with aged care fees, it was different. They each had their own daily aged care fees, which were not necessarily the same and it felt like their expenses were multiplied.

They were looking forward to a comfortable retirement but couldn’t see how their money would last very long.

FINANCIAL SOLUTION

This situation affects so many Australians entering aged care. We’ve developed expertise in helping many clients to navigate the complexity of aged care fees.

We looked over the assessable assets that would determine the aged care expenses. We advised Sid and Nancy how to establish ongoing income to support their residential living costs.

RESULTS

We were able to save Sid and Nancy in excess of $30,000 per year, for every year they remained in permanent care.

Sid and Nancy achieved peace of mind that they would continue to comfortably cover their living costs for years to come.

Getting started with a financial solution is easier than you think

Make a confidential appointment with me today by following the link to my calendar.

Proven Financial Solutions Pty Ltd and Richard Meaden are Authorised Representatives (Auth Rep No 1258633/403554) of Clarity Financial Services Pty Ltd AFSL No. 276771