“Are you ready?”

The importance of having the right team of experts on your side.

Life is unpredictable. You may think there’s still time to make plans for your business, to put things in order for your retirement—but significant life changes can happen in the blink of an eye.

When our Dad was diagnosed with a terminal illness our family was left scrambling around to find answers and make decisions on the fly, without a solid plan in place. We weren’t ready.

Professional support during that time would have made things easier. Having an independent voice in the room, giving us advice to steer our family business on the right course, would have provided stability in an extremely unstable time.

This is why it’s important to assemble your own team of experts to provide sound, practical advice on your affairs. By engaging their services now, they’ll always be there to provide professional support and advice, so you can successfully plan for your future no matter what happens.

We call this your Circle of Advice.

How to select your Circle of Advice

It’s important to select these professionals on their credentials, and their reputation, rather than who they work for. They need to be independent advisors who you trust are working in your best interests, and not for the interests of their firm, or the bank they’re affiliated with.

Being truly independent means they’ll go out of their way to avoid conflicts of interest, and any referrals they make come from objective advice, not from financial motives.

By surrounding yourself with this independent wealth management team, you can begin the process of putting a holistic, long-term wealth management plan in place.

You’ll be ready.

We recommend seeking the services of the following specialists, at a minimum, as the basis of your wealth management team.

Wealth Management Advisor

Your Wealth Management Advisor essentially operates as your family’s CFO, coordinating your wealth management team, and planning your wealth management with you. They help you articulate and cost your retirement vision so you know what you’re working towards. They’ll manage your assets to ensure sustainable capital for your future, and advise you on the proper structures and most suitable products to ensure you maintain your wealth.

Business Consultant

Particularly important for family business owners, they can provide you with a plan for successfully transitioning out of your family business, and a succession plan to allow you to pass it on to the next generation. They’ll put the right steps in place to ensure your business lives on, and manage any business obstacles so the transition goes smoothly, with minimal disruption to your clients.

Tax Accountant

It’s important to choose an accountant who is an expert in your industry, so they understand the bigger picture. Your accountant can analyse your current finances, and work in tandem with your wealth advisor to determine a robust financial plan that sustainably manages your wealth. They’ll identify any tax concessions needed to minimise your tax liability, and make your business exit as tax-effective as possible.

Commercial Lending Specialist

Your Commercial Lending Specialist helps with your business succession. They’ll assess all aspects of your business, and prepare a proposal to put to financial institutions that help you obtain finance for your successor, so they can acquire a portion of your business (if they don’t already), enabling them to take over later.

Trust and Estate Lawyer

Personal and professional assets are often intertwined. Your Estate Lawyer can help you manage these affairs, by planning for the distribution of your assets and putting mechanisms in place to ensure your partner is taken care of if you predecease them. They can also help you plan for the event that your family business successor decides to exit the business prematurely, and help you put contingency plans in place should anything untoward happen to them.

Outside of this team, you can look into engaging the services of property advisors, specialist accountants and lawyers, specialist finance brokers, and even outsource a CEO role.

The important thing is that you’re putting steps in place now so you’re prepared. With this team by your side, you know how to answer when someone asks you: “Are you ready?


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