1 January 20XX. Mr Homer and Mrs Marge Simpson 123 Simpson Street SPRINGFIELD VIC 3000

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1 Cloud Financial Planning Pty Ltd ABN Authorised Representative Dover Financial Advisers Pty Ltd Australian Financial Services Licensee Geelong Office Level 1 / 2a Belle Vue Arcade Highton Shopping Centre Highton Postal Address PO Box 6332 Highton VIC January 20XX Victorian callers Interstate callers website Mr Homer and Mrs Marge Simpson 123 Simpson Street SPRINGFIELD VIC 3000 Dear Homer and Marge, Thank you for choosing us as your strategic financial advisers. By working together, we can help set you on the path to a financially secure future. We have enclosed your Statement of Advice, which outlines a number of strategies and recommendations developed to assist you in achieving your lifestyle goals and objectives. Please take the time to carefully read and understand it to ensure that it is consistent with your views and reflects the information we discussed in our meeting. We look forward to implementing our recommendations as the first step towards helping you to achieve a financially secure future. Kind regards, Shaun Liddicoat B.Fin, B.Sc, ADFS (FP) Principal Adviser Authorised Representative Shaun Liddicoat and Cloud Financial Planning Pty Ltd, ACN , are Authorised Representatives of Dover Financial Advisers Pty Ltd, ABN , an Australian Financial Services Licensee with its registered office at 71 Tulip Street, Cheltenham, VIC, 3192.

2 Statement of Advice 1 January 20XX Prepared for Homer & Marge Simpson Prepared by Shaun Liddicoat B.Fin, B.Sc, ADFS (FP) Principal Adviser CLOUDFinancialPlanning Victorian callers (03) Interstate callers website Geelong Office Level 1 / 2a Belle Vue Arcade Highton Shopping Complex Highton Postal Address PO Box 6332 Highton VIC 3216 Corporate Authorised Representative of Dover Financial Advisers Pty Ltd AFSL No Tulip Street, Cheltenham VIC 3192 Ph: (03) Page 1

3 Table of contents Your Statement of Advice... 3 About You... 4 Where you are now... 4 Investment risk and you... 6 Your goals... 8 Strategic Recommendations Our advice to you The impact on your cash flow Financial Projections Investment Recommendations Personal Insurance Recommendations Costs & Risks Investment product costs & risks Insurance policy costs & risks Our ongoing services Your Ongoing Financial Planning Meeting Ongoing Service Membership Agreement Fees & Disclosures What you need to do Related documents you should read How to proceed Client acknowledgement - gearing Appendices Attachments Page 2

4 Your Statement of Advice The Importance of planning Planning is important because if you don t know where you re going, you ll probably end up somewhere you never intended. People who set goals usually succeed because they know where they are going and how they are going to get there. Getting married, buying a house, going overseas, retiring - whatever stage of your life you are at, a financial planner can help you achieve your financial goals. The value of financial advice The advice process involves reviewing your current situation, determining what you want to achieve and formulating strategies to assist with the achievement of these goals so that you can enjoy the lifestyle you want. Financial advice is of value to anyone who aims to be financially independent. Good financial advice involves the consideration of various strategies and can pay for itself many times over. Your Statement of Advice Your Statement of Advice (SOA) sets out the advice we are providing to you, and the information on which that advice is based. It also explains any fees and commissions we may charge, and details anything which could influence our advice. Our recommendations have been developed to assist you in achieving your stated goals. If there is anything that you do not understand, or if you require further information in order to make an informed decision, please discuss this with us. Page 3

5 About You Where you are now Detailed below are the facts that we took into consideration when preparing our advice. Personal details Name Homer Marge Date of Birth 1 July 19XX 1 July 19XX Age Occupation Builder Home Duties Marital Status Married Married Health Good Good Smoker No No Will No No Enduring Power of Attorney No No Dependants Bart 6 What you own - lifestyle assets Description Owner Amount Residential Home Joint $400,000 Total $400,000 What you own investment assets Investment Name Owner Service Amount XYZ Super Homer CBUS $50,000 XYZ Super Marge AMP $5,016 Total $55,016 What you owe - loans Age Description Owner Repayment CBA Home Loan Joint $126,0 $387 per fortnight Act: $755 per fortnight Rate (%pa) Amount 6.70% $126,000 Total loans $126,000 Net position $329,016 Page 4

6 Personal protection You have the following personal insurance policies in place. Insurer Life Insured Life TPD Trauma XYZ Insurance Homer $208,000 $104,000 $0 XYZ Insurance Homer & Marge $220,715 $0 $220,715 General protection You have not disclosed your current general insurance position as you are not seeking a review of your general insurance arrangements at this time. You have private health insurance cover. Page 5

7 Investment risk and you Your recommended asset allocation Defensive and Growth Assets Defensive Assets typically involve a lower risk of capital loss but also lower potential for capital growth. Growth Assets typically involve the potential for greater capital growth but greater risk of capital loss. Your Investment Risk Profile influences the strategies and investments we recommend for you. For this reason, it is important that if you disagree or are uncomfortable with our assessment of your attitude to risk, you discuss this with us prior to implementing any of our recommendations. For further information see our Understanding Investment Concepts document. During the course of developing your strategies, we have had detailed discussions about your past investment experience, and have determined your understanding and preferences towards investing. The Investment Risk Profile shown below is the most comfortable compromise for you between your tolerance of risk, return and volatility; and the best probability of generating the rate of return you require to achieve your goals and objectives. You are not prepared to take more risk with investments than your Investment Risk Profile shown below allows, as you would not be comfortable with the volatility and risk of capital loss. Although you would reduce volatility and risk of capital loss, taking less risk with investments than your Investment Risk Profile below allows, will limit the chance of achieving your goals and objectives. Based on your previous investment in growth assets through your superannuation funds, you are comfortable investing in growth assets. You understand that growth assets can be volatile in the short term but you are comfortable with this given the long term nature of your investments. We have chosen to use a scale of 1 to 7 to grade your attitude to risk. On this scale, 1 is the most conservative and 7 is the most aggressive investor. We have determined your attitude to risk from our detailed discussions. You want to accelerate the rate at which your investmens are currently growing at using a gearing strategy. You have a strong understanding of the risk/return trade off and understand that growth assets can decline in value (especially in the early years). You understand that investing in growth assets and gearing can affect your future liquidity needs and put a strain on your cash flow position. As such you are still content with the following investment risk profile: Page 6

8 Strategy 7-100% Growth Assets: This profile may be appropriate for investors with an investment horizon of at least five to seven years and a high risk tolerance. The full exposure to growth assets means that the portfolio will have greater fluctuations in value than portfolios with allocations to defensive assets. This strategy suits investors aiming to achieve capital growth over a long term timeframe and are comfortable with a share portfolio dominated by international shares. Given the 100% exposure in growth assets, investors will experience significant volatility. After considering your current financial position, your desired lifestyle goals and objectives, and your investment risk profile, we recommend that your long term investment portfolio reflect the following Strategic Asset Allocation: Strategic Asset Allocation of 59/41 Int/Aus Shares Aust Share 41.00% Int'l Share 59.00% Unless your circumstances significantly change, it will be important to maintain this asset allocation over the long-term, despite short-term investment market movements. As can be seen in the graph below, the range of return and chance of a negative return should reduce over time. Source: MLC Limited Page 7

9 Your goals Expenditure Goal Detail When Maintain a cash reserve Debt management Set aside a cash reserve of at least $4,000 for unexpected expenses or emergencies. Goal Detail When Pay off your debts sooner Wealth accumulation Implement appropriate debt management strategies with the view to repaying your mortgage sooner. Now ASAP Goal Detail When Build wealth faster Reduce tax Review your investments Build wealth faster over the next 10 years. You are prepared to borrow money to invest for this purpose. Minimise tax paid on any income earned. The next 10 years Now and in the future Goal Detail When Super rollover Retirement planning Consider alternative options for your XYZ Super. You are seeking to: Have proposed insurance premiums met from the recommended fund. It is important that the new fund has a comprehensive insurance offering. Reduce the fees payable on your Super. Goal Detail When Retire Social security Understand how much income your investment capital could produce at retirement. Now From age 60 onwards Goal Detail When Receive Centrelink benefits Find out if you can receive any social security benefits Now Insurance Goal Detail When Insure yourself Estate planning You would like to insure yourself against: Death Total & Permanent Disablement Sickness or injury Critical Illness Goal Detail When Estate plan Ensure your assets are managed and distributed the way you want them to be if you were to die or be unable to manage them yourself. Now Now Page 8

10 Scope of our advice At your request, we have limited our advice to the following areas: Your need for a cash reserve Your debt management Your wealth accumulation Rolling over your superannuation Reviewing and managing your investments Your wealth and asset protection Your pre retirement planning Your social security entitlements Your estate planning affairs As we have not considered all advice areas in making our recommendations, we cannot accept responsibility for other elements of your financial affairs. Page 9

11 Strategic Recommendations Our advice to you After considering where you are currently and what you want to achieve, our strategy recommendations below aim to get you to where you want to go. Expenditure Cash reserve A cash reserve is a good idea as it lets you meet any short-term expenses or emergencies without having to withdraw from your investment portfolio at an inappropriate time. Recommendation We recommend that you maintain a cash reserve of at least $4,000 in the offset account of your home loan. Debt Management & Wealth Accumulation Non Superannuation For further information see our Understanding Debt Management document. For further information see our Understanding Wealth Accumulation (Nonsuperannuation) document. Gearing For further information about gearing and the risks involved, see our Understanding Gearing document. What is Gearing? Gearing involves borrowing money to help increase your wealth more rapidly. It allows you to acquire more assets than you could if you only used your own funds. The expectation is that over time, the rise in capital value of the underlying investments should exceed the costs involved. Line of credit A line of credit facility provides greater flexibility than a standard home equity loan, as the loan can be secured against your property. Using a Line of Credit to borrow funds ensures lower interest rates, flexibility and no Margin Calls when compared to investment borrowings through a Margin Loan. Furthermore, the lending institution will generally only require the regular payment of interest to fulfil your obligations. Home equity loan Borrowing against your property ensures lower interest rates, flexibility, no Margin Calls and no requirement to contribute funds to the investment. Using a standard home equity loan ensures that you are involved in regular principal and interest repayments that gradually reduce your liability and increase the equity in your geared investment portfolio. Page 10

12 Recommendation Homer & Marge, we recommend you meet with ABC Home Loans to review your current lending position and to establish an investment loan in Homer s name. Specifically, you should discuss with Michael the following: Review your current home loan with the CBA to ensure you are being offered the lowest possible rate. Make minimum home loan repayments of $387 per fortnight and direct any additional surplus cash flow to making additional home loan repayments. Our projections show that your home loan will be repaid within 5 years. Establish an investment loan for $150,000 in Homer s name. We recommend that you make interest only loan repayments 12 months in advance from your home loans offset account. This will allow Homer to claim a full tax deduction for the interest paid this financial year and will not affect your weekly cash flow position. Invest the loan proceeds into ABC Investments (please refer below for more details). Increase the facility limit of your home loan to 70% of the home s value ($280,000). In summary you will be in the following lending position: Home Loan (Joint names) $126,000 Investment Loan (Homer s name) $150,000 Amount available for redraw (cash reserve) $4,000 Homer & Marge, your mortgage broker will be able to show you the best rates on offer. For the purpose of this advice we have assumed a loan interest rate of 6.7%. As we have recommended a gearing strategy, you should note that: Appropriate personal insurances must be acquired by all parties involved in the gearing strategy as death, disablement or loss of income may require the gearing program to be liquidated prematurely. Please refer to the Personal Insurance section. Your gearing strategy should be regularly reviewed. See the Our Ongoing Services section for further details of the services we offer. As our recommendation involves credit products, you may wish to consult your current lender. Alternatively we can refer you to a lender or mortgage broker for further assistance with your credit needs. For further disclosures regarding credit products, please refer to the What you need to know section. We provide the following estimate of the credit available to you from this transaction. Proposed Credit Amount Loan amount $320,000 Less disbursements* paid from loan Nil Less disbursements* paid to us Credit available to you $320,000 *Disbursements include fees and other costs drawn from the loan, which may be payable to the lender, a third party, or us. See the What you need to know section for more information. Nil We have estimated that if annual interest rates were to rise by 3.0% from current levels, you should have sufficient surplus cash flow to pay the increased repayments for all your debt. Page 11

13 Investment and cash flow projections We provide the following projection of your proposed geared investment portfolio: Year Ending Investment Loan Investment Portfolio (before CGT & loan repayment) End of year 1 $150,000 $162,150 End of year 2 $150,000 $175,824 End of year 3 $150,000 $189,482 End of year 4 $150,000 $204,830 End of year 5 $150,000 $221,421 End of year 6 $150,000 $239,357 End of year 7 $150,000 $258,744 End of year 8 $150,000 $279,703 End of year 9 $150,000 $302,359 End of year 10 $150,000 $326,850 These projections are based on reasonable assumptions about future rates of return, interest rates, tax rates and other factors. As these are necessarily assumptions, the projections are indicative only. If you would like further information about our assumptions, please ask us. Past performance and past rates cannot be taken as a guarantee of future performance and rates. This analysis is prior to any Capital Gains Tax and loan repayment. Page 12

14 Cash flow projection 7 years The table below shows your estimated personal combined cash flow for the next 7 years, assuming all our recommendations are implemented. Income & Expenses Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Wages & salary - Homer $100,000 $103,000 $106,090 $109,273 $112,551 $115,927 $119,405 Wages & Salary Marge# $0 $0 $20,000 $20,600 $21,218 $21,855 $22,510 Family tax benefit $5,020 $5,008 $227 $234 $241 $140 $0 Bank account interest $0 $0 $0 $0 $0 $1,085 $2,946 Total income ($) $105,020 $108,008 $126,317 $130,107 $134,010 $139,007 $144,861 Less income tax $23,866 $25,125 $27,143 $28,640 $30,188 $32,114 $34,226 Less investment loan repayments $10,050 $10,050 $10,050 $10,050 $10,050 $10,050 $10,050 Less minimum home loan repayments $10,062 $10,062 $10,062 $10,062 $10,062 $0 $0 Less additional home loan repayments from surplus cash flow $15,679 $16,057 $30,958 $31,818 $6,865 $0 $0 Net income ($) $45,364 $46,714 $48,105 $49,537 $76,845 $96,843 $100,585 Less current expenses $45,364 $46,714 $48,105 $49,537 $51,012 $52,531 $54,096 Surplus (deficit) income $0 $0 $0 $0 $25,833 $44,311 $46,489 # Please note that this analysis assumes Marge will return to work in year 3. If this is not the case then it can have a serious impact on the financial outcome of this strategy. Please inform us at your earliest conveiniance should Marge not decide to return to work so we can review the proposed gearing strategy. These projections are based on reasonable assumptions about future rates of return, interest rates, tax rates and other factors. As these are necessarily assumptions, the projections are indicative only. If you would like further information about our assumptions, please ask us. Past performance and past rates cannot be taken as a guarantee of future performance and rates. Key benefits: Tax Savings We estimate that your tax liability should reduce over the upcoming financial year as a result of the gearing strategy. Please note tax savings should never be the primary reason for choosing an investment strategy, Franking Credits - The leverage provided by gearing should increase the value of your franking credits. Potential for Increased Capital Gains - Gearing allows you to acquire more assets than you could if you only use your own funds. Please note that this may compound capital losses as well as gains. Diversification - Gearing increases the size of your portfolio by allowing you to purchase additional investments which provides greater investment diversification. Page 13

15 Managed Funds What is a managed fund? A managed fund pools the money of many individual investors which is then used to buy assets according to the investment objective of the fund. This generally results in lower risk from increased diversification. The fund is professionally managed with the aim of producing income, growth or both. Recommendation Homer, we recommend that you invest $150,000 from the above investment loan into the ABC Investments. Homer & Marge, in your case, investing the recommended managed funds in Homer s name only is an effective income splitting strategy as he will benefit most from the tax deductible loan repayments given Marge is not working. We recommend that income from the investment be reinvested. Please note that all reinvested income will still form part of your assessable income for tax purposes. Key Benefits: Capital Growth Potential - Your funds will have exposure to assets with capital growth potential. Franking Credits - By investing the proceeds into managed funds with Australian Share exposure, your income distributions may be tax advantaged through imputation credits. Cost & Time Savings - Managing your own investments can be costly and time consuming. Diversification - Managed funds enable you to invest in a diversified portfolio of investments beyond what most investors could achieve themselves. Professional Management and Expertise - Fund managers have the expertise to monitor and research investment opportunities across all asset classes. Liquidity - Investors in Managed Funds can usually access their funds within 5-30 days. Scale - Managed funds pool investors' money and consequently have the buying power of millions of dollars. Regular Reporting and Information - Managed Funds can take care of the administrative hassles and expenses. Page 14

16 Wealth Accumulation Superannuation For further information see our Understanding Wealth Accumulation (Superannuation) document. Rollover What does Rollover mean? Rolling over your superannuation is transferring your superannuation benefits from the existing superannuation fund into an alternative superannuation fund. Recommendation Homer, we recommend you rollover the balance of your XYZ Super into the ABC Super Fund. Homer, after your existing super fund is rolled over, you will lose the insurance cover you have with that fund. Do not close this fund until after our recommended insurance cover is in place. Marge, we recommend you rollover the balance of your XYZ Super Fund into the ABC Super Fund. We recommend that you nominate each other as non-binding beneficiaries on your respective superannuation funds. Key benefits: Achieve a more appropriate exposure to asset classes in line with your stated risk and return preferences. Reduce ongoing management fees. Have access to a wider range of investment options and investment managers. Page 15

17 Social Security Entitlements For further information see our Understanding Social Security document. Family Assistance Family tax benefit part A A family income test applies for claimants of Family Tax Benefit Part A. Family Tax Benefit A is not subject to an Assets Test. From 1 July 2008, eligible parents who receive family tax benefit part A will be able to claim a 50% Education tax refund for eligible expenses up to specified limits. Family tax benefit part B An Income Test applies for claimants of Family Tax Benefit Part B. For partnered people the primary earner s income is not taken into account to work out how much Family Tax Benefit Part B families can get. Family Tax Benefit B is not subject to an Assets Test. From 1 July 2008, Family Tax Benefit Part B is only available to families where the primary income earner has an adjusted taxable income of less than or equal to $150,000 pa. Your Estimated Entitlement (per person FTB Payable each $2,510 per annum (or $5,020 per annum combined for the 2012/13 financial year) Page 16

18 Your estimated entitlement Homer & Marge, we recommend you apply for the Family Tax Benefit through the Family Assistance Office. Our projections conclude that you will be eligible for a payment of approximately $5,020 per annum ($193 per fortnight). Please note that the figures provided are based on our analysis of your financial position, and are estimates only. This information is based on the most recent details publicly available from Centrelink and while every care has been taken in providing this information we cannot warrant its accuracy. You should therefore confirm your individual entitlement with Centrelink. Key benefits: An ongoing Family Tax Benefit payment. Access to a 50% education tax refund for eligible expenses up to specified limits. Page 17

19 Wealth and Asset Protection Personal insurance For further information see our Understanding Insurance document. The purpose of personal insurance Insurance is about transferring your losses to someone else (the insurance company) for a price. Sometimes there is a trade-off between retaining a part of a risk, such as being willing and able to cover the cost of an excess, and paying the cost of insurance. Therefore we not only have to address the potential risks, but also the cost of obtaining insurance cover. Page 18

20 The cover you need Our analysis of the types and amounts of personal insurance cover you need is below. Homer Requirements Death TPD Trauma Liabilities to clear $276,000 $276,000 - Provision for income required (note 1) $1,271,468 $1,271,468 $307,117 Provision for education expenses Medical Costs/recovery income - $100,000 $100,000 Gifts to Children Other $10, Total Required $1,557,468 $1,647,468 $407,117 Capital Resources Disposable Assets (Joint Super $205,016 $205,016 - Balances $55,016 + MF $150,000) Continuing Income (note 2) - $1,720,589 $318,548 Existing Cover Total available $205,016 $1,925,605 $318,548 Amount Required $1,353,000 $0 $89,000 Amount recommended $1,353,000 $276,000 (repay debt as a minimum) $89,000 Requirements Income Protection Total Remuneration Package (TRP) $100,000 Monthly income protection available (75% of TRP) $6,250 per month Waiting period 90 days Benefit period To age 65 Notes: 1. Income requirement is based on the following amounts (assumed 3.0% real rate of return): a. Life cover need: $45,000 pa for 52 years b. TPD cover: $45,000 pa for 52 years c. Trauma: $65,000 pa for 5 years 2. Net of tax income generated is based on the following amounts: a. Life cover: Nil (Marge does not work again) b. TPD cover: $60,000 pa for 21 years c. Trauma: $60,000 pa for 5 years Page 19

21 Marge Requirements Death TPD Trauma Liabilities to clear $276,000 $276,000 - Provision for income required (note 1) $1,242,816 $1,242,816 $307,117 Provision for education expenses Medical Costs/recovery income - $100,000 $100,000 Gifts to Children Other $10, Total Required $1,528,816 $1,618,816 $407,117 Capital Resources Disposable Assets (Joint Super $205,016 $205,016 - Balances $55,016 + MF $150,000) Continuing Income (note 2) $3,000,161 $3,000,161 $318,548 Existing Cover Total available $3,205,177 $3,205,177 $318,548 Amount Required $0 $0 $89,000 Amount recommended $320,000 $221,000 $89,000 Repay home loan as a minimum (cost of insurance means you must hold this as a minimum requirement) Requirements Total Remuneration Package (TRP) Monthly income protection available (75% of TRP) Waiting period Benefit period Income Protection Nil Nil N/a N/a Notes: 3. Income requirement is based on the following amounts (assumed 3.0% real rate of return): a. Life cover need: $45,000 pa for 51 years b. TPD cover: $45,000 pa for 51 years c. Trauma: $65,000 pa for 5 years 4. Net of tax income generated is based on the following amounts: a. Life cover: $80,000 pa for 21 years b. TPD cover: $80,000 pa for 21 years c. Trauma: $60,000 pa for 5 years Page 20

22 Recommendation We have completed a personal insurance needs analysis based on your goals and recommend that you implement the following personal insurance cover. Homer cover type Insurance Policy Recommended Cover Premium (per month)* Life ABC Insurance $1,353,000 $60.33 TPD ABC Insurance $276,000 $13.84 Income Protection ABC Insurance $6,250 pm $ Critical Illness ABC Insurance $89,000 $13.44 Marge cover type Insurance Policy Recommended Cover Premium (per month)* Life ABC Insurance $320,000 $14.52 TPD ABC Insurance $221,000 $5.99 Income Protection ABC Insurance $0 $0 Critical Illness ABC Insurance $89,000 $14.14 * Premiums exclude Policy Fee and Stamp Duty Please refer to the attachments for further details regarding the insurance needs analysis. Indicative premiums are provided in the insurance recommendations section below and the attached quotations. Homer & Marge, the cover levels determined by our insurance needs analysis are different to the cover levels we have recommended. This is because we are recommending Homer hold enough TPD insurance to repay all of your loans and Marge holds enough life cover to repay all of your loans with enough TPD to repay your home loan. (Due to policy restrictions with ABC the total amount of cover must be sufficient so that the monthly premium exceeds $20 per month. For this reasons we have recommended an even higher level of life and TPD cover for Marge.) Homer & Marge, after the above insurance cover is implemented, we recommend that you cancel your existing cover with XYZ Super. Do not cancel this cover until after our recommended insurance cover is in place. It is important that the recommended insurance is implemented. This will ensure that your long-term gearing strategy is less likely to be affected by death, disablement, or being unable to work. Page 21

23 Key benefits and further details: Insurance cover through superannuation Homer & Marge, we have recommended that your Life, TPD and Income Protection cover be held through superannuation which provides the following benefits: o It enables premiums to be funded from your superannuation benefits which means additional cash flow may not be required to fund the premiums. It also means it is less likely that the policy will lapse due to forgetting to pay the premium. o No tax will be payable by a dependant for tax purposes on the insurance benefit in the event of death. Life insurance: The recommended life cover will assist you to repay your loans, provide for living expenses and pay funeral costs. TPD insurance: The recommended TPD cover will assist you to repay your loans, provide for living expenses and make some allowance for medical and rehabilitation costs. Homer & Marge, we recommend you apply for the Any Occupation definition for your TPD cover. With an Any Occupation policy the insured must show that they are totally and permanently disabled and unable to work in their usual, or any other occupation for which they are reasonably suited by their education, training or experience. We recommend you implement TPD as an extension to your life insurance policy which can potentially reduce the overall cost of your required insurance. Certain conditions payable under a TPD policy may not be payable under a Critical illness policy e.g. certain back conditions, stress or depression. Income protection insurance: This will provide you with an income if you are unable to work due to illness or injury which will allow you to meet your ongoing financial commitments. We have recommended a waiting period of 90 days and with a benefit payment to age 65. We have assessed your financial position and believe you have sufficient assets to cover this waiting period. Homer, we recommend that you take out an agreed value policy. This is where you prove your income at the application stage, and the insurance company agreed to the monthly benefit. This means that in the future, regardless of if your income reduces, you will be paid the agreed monthly benefit. This also means that in the event of a claim financial evidence will not need to be produced. Critical illness insurance: The recommended critical illness cover will assist you to provide for 5 years of living expenses and loan repayments and make allowance for medical expenses. Critical illness insurance is also ideal for those who are out of the workforce and not eligible for income protection insurance. Certain conditions payable under a critical illness policy may not be payable under a TPD policy e.g. by-pass surgery or heart attack. Critical illness insurance provides an immediate lump sum payment on diagnosis of a certain critical illness. Up to 30 plus defined events are covered however the majority of insurance claims are for Heart Attack, Stroke, Coronary bypass and Cancer. This insurance is extremely important as it will provide additional financial security during a period of high instability and stress. A standalone critical illness policy is inefficient and more expensive than coverage taken out with life insurance. There are certain conditions on standalone critical illness policies which dictate that if the insured does not survive a certain period, a payout may not be made. Page 22

24 Estate Planning For further information see our Understanding Estate Planning document. What is estate planning? Estate planning involves managing the transition of wealth between generations. Estate planning helps to ensure that your property will go to the people you want it to go to, in the way you want it to, at the times you want it to. It may allow for substantial savings when dealing with taxes and legal fees and it helps your family and friends avoid the burden of the bureaucracy that may occur after the death of a loved one. What is a Will? Your Will is a legal document that directs how your estate assets are to be distributed amongst your nominated beneficiaries. You are required to nominate an Executor in your Will. The Executor has the duty of carrying out your wishes in your Will and is granted power to administer the estate. What is a Power of Attorney? Granting a Power of Attorney means that you legally appoint a person or organisation to make decisions, sign documents and act on your behalf in various matters. A Power of Attorney generally ceases when you suffer a loss of mental capacity. This can be overcome by using an Enduring Power of Attorney which does not cease upon loss of mental capacity. An Enduring Power of Guardianship provides the power to make personal and lifestyle decisions for you should you lose mental capacity. It is important to note different states have different ways of dealing with medical and lifestyle decisions for a person mentally incapacitated. What is a Testamentary Trust? A Testamentary Trust is a trust created pursuant to your Will. Testamentary Trusts may assist to distribute your estate to your beneficiaries in a more tax-effective manner and may reduce the likelihood of a successful challenge to your Will. Recommendation We recommend that you meet with a solicitor as soon as possible to establish a valid Will for each of you. You should also establish reciprocal Enduring Powers of Attorney. Your estate planning requirements should be reviewed on a regular basis. Having a current and comprehensive estate plan will help ensure that your finances and assets are managed or transferred in accordance with your wishes in the event of death or incapacitation. Key benefits: Keeping your estate planning current will help ensure that your estate assets pass to the appropriate person at the appropriate time. A properly executed Will ensures that after your death taxation can be minimised wherever possible, assets will be distributed according to your wishes and funds are held in trust for beneficiaries where appropriate. An Enduring Power of Attorney will enable your financial affairs to be handled efficiently in the event of incapacity. Page 23

25 1 1 The impact on your cash flow Net cash flow Your net cash flow (after tax and expenses) will reduce by approximately $5,269 pa. This is mainly as a result of the recommended investment loan repayments. Taxation The annual amount of income tax payable will reduce by approximately $2,584 pa. This is mainly as a result of the recommended gearing strategy. Current cash flow Proposed cash flow Income & expenses Homer Marge Total ($) Homer Marge Total ($) ($) ($) ($) ($) Wages & salary $100,000 $0 $100,000 $100,000 $0 $100,000 Family tax benefit $1,714 $1,714 $3,427 $2,510 $2,510 $5,020 Total income ($) $101,714 $1,714 $103,427 $102,510 $2,510 $105,020 Less income tax $26,450 $0 $26,450 $23,866 $0 $23,866 Less investment $0 $0 $0 $10,050 $0 $10,050 loan repayments Less regular loan $10,062 $0 $10,062 $10,062 $0 $10,062 repayments Less additional home loan repayments from surplus cash flow $20,948 $0 $20,948 $15,679 $0 $15,679# Net income ($) $44,254 $1,714 $45,968 $42,854 $2,510 $45,364 Less current expenses (includes current insurance policies held outside of super) Surplus (deficit) income $23,468 $22,500 $45,968 $22,677 $22,687 $45,364 $20,786 $-20,786 $0 $20,177 $-20,177 $0 # Analysis concludes that if interest rates were to increase by up to 3.0% then you will have sufficient surplus cash flow to provide for the additional loan repayments. Page 24

26 Financial Projections Homer & Marge, the following analysis aims to provide you with an indication of the potential value of your investment portfolio (net of loans if applicable). Please note that the analysis is intended as a guide only and is not guaranteed. The assumptions used are outlined in the appendices and attachments. Future Value of Total Financial Investments (net of loans if applicable) Year Current Recommended Year 1 ($36,838) ($32,832) Year 2 $454 $8,728 Year 3 $58,536 $70,051 Year 4 $121,863 $136,956 Year 5 $189,633 $209,875 Year 10 $593,223 $654,220 Year 15 $1,128,519 $1,263,379 Year 20 $1,825,161 $2,084,140 Year 27 (Homer Age 60) $3,149,200 $3,713,038 Present Value $1,417,735 $1,671,569 Income Investment capital $80,642 pa $95,087 pa could produce to age 85 (Present Value- 6% return) Year 32 (Homer age 65) $4,434,638 $5,367,507 Present Value $1,722,134 $2,084,402 Income Investment capital $114,812 pa $139,015 pa could produce to age 85 (Present Value- 6% return) These projections are based on reasonable assumptions about future rates of return, interest rates, tax rates and other factors. As these are necessarily assumptions, the projections are indicative only. If you would like further information about our assumptions, please ask us. Past performance and past rates cannot be taken as a guarantee of future performance and rates. This analysis is prior to any Capital Gains Tax on retained or recommended investments. The analysis is based over a full year and results will vary if strategies are implemented part way through the year. Please refer to the key assumptions and attachments for further details. Page 25

27 Assumptions and Analysis All Scenarios The start date for the projection is 1/7/2012. An average annual inflation rate of 3.0% p.a. Current legislation, including current tax rates, prevail for the duration of the projection period. The value of your principal residence is excluded from this analysis. Marge works from year 3 onwards and earns $20,000 per annum. Current Scenario Your current investments, loans and insurance policies are retained. Any surplus cash flow is directed towards making additional home loan repayments. Once this is repaid any surplus cash flow is retained in your bank account. Recommended Scenario Homer borrows $150,000 and invests the proceeds into managed funds. We have assumed a loan interest rate of 6.7% and that he makes interest only loan repayments. We have assumed all investment income is reinvested. You implement the proposed insurance recommendations. Any surplus cash flow is directed towards making additional home loan repayments. Once this is repaid any surplus cash flow is retained in your bank account. Can you achieve your goals? Goal Cash Reserve Home Loan Wealth Accumulation Tax Minimisation Retirement Goal Social Security Personal Insurance Estate Planning Can this Goal be Fully Achieved? We have allocated sufficient funds to provide for your stated cash reserve requirement. We project that your home loan should be repaid within 5 years. Our recommendations should assist you in building wealth for retirement. Our recommendations should assist you in minimising your tax liability. Based on our projections, you should be able to provide for a comfortable lifestyle throughout retirement. We estimate that you should be eligible for a fortnightly Family Tax Benefit. The recommended policy should provide you with personal protection in line with your stated goals. Reviewing your estate planning position should help ensure that the right assets pass to the right person at the right time. Page 26

28 Investment Recommendations Investments you should sell Withdrawn Investments Owner Service Proposed Adjustment XYZ Super Homer ($50,000) XYZ Super Marge ($5,016) Sub-Total ($55,016) You should redeem the investments above because you will: Achieve a more appropriate exposure to asset classes in line with your stated risk and return preferences. Reduce ongoing management fees. Have access to a wider range of investment options and investment managers. You should read the Costs & Risks of Redeeming and Replacing Investments section to understand the likely costs and risks of this recommendation. Investments you should purchase New Investments Owner Service Balance ABC Super Homer $50,000 ABC Investments Homer $150,000 ABC Super Marge $5,016 Sub-Total $205,016 Grand Total $205,016 Why we have recommended these investments We have chosen the products above to assist you towards achieving your goals. Our recommendations are based on investment research, your Investment Risk Profile and your investment time frame. For information about the recommended product(s), please refer to the attached Product Disclosure Statement(s) (PDS). Page 27

29 Asset allocation The following table allows you to compare the asset allocation of your investments with your Target Asset Allocation before and after implementing the recommended investments. Asset Class Current Asset Allocation (%) Target Asset Allocation (%) Proposed Asset Allocation (%) Variance Target vs Proposed (%) Defensive Asset Classes Cash Australian Fixed Interest International Fixed Interest Total Defensive Assets (%) Growth Asset Classes Australian Property Securities International Property Securities Australian Shares International Shares Direct Property Other Total Growth Assets (%) TOTAL ASSETS Variance from target asset allocation Your proposed asset allocation is within an acceptable variance of +/- 10% from the target asset allocation. Your proposed asset allocation is also within an acceptable variance of +/- 10% for each individual asset class as illustrated above. Page 28

30 Personal Insurance Recommendations Insurance you should purchase Insurance Provider Life Insured Life Cover TPD Cover Trauma Cover Income Protection* Annual Premium ABC Insurance Homer $1,353,000 $276,000 $0 $6,250pm $3, ABC Insurance Homer $0 $0 $89,000 $0 $ ABC Insurance Marge $320,000 $221,000 $0 $0 $ ABC Insurance Marge $0 $0 $89,000 $0 $ *The following Waiting and Benefit Periods apply to your Income Protection Insurance. Life Insured Waiting Period Benefit Period Homer 90 Days# Age 65 # You have stated that due to costs and your existing leave entitlements you are happy with a waiting period of 90 days. Insurance you should replace The insurance below should only be cancelled after your new insurance is in place. Insurance Provider Life Insured Life Cover TPD Cover Trauma Cover Annual Premium XYZ Insurance Homer $208,000 $104,000 $0 $ XYZ Insurance Homer & Marge $220,715 $0 $220,715 $ Please refer to the Costs & Risks of Cancelling and Replacing Insurance section for further details. The timing of implementing our advice is critical. It is imperative that you do not cancel your existing insurance cover until such time as the recommended insurances are confirmed by the new Product Provider. This requires the acceptance in writing of the proposed insurance, or receiving a signed acceptance of such alternative conditions as may be offered, and the first premium is received. Why you should cancel and replace these insurance policies You should cancel the insurances above for the following reasons: This cover is being replaced. Your existing cover level is inadequate. Income Protection is not offered via XYZ Insurance. You wish to hold all insurance under the one provider for ease of ongoing management The cost of cover is lower with ABC on a comparative basis ABC Trauma insurance offers a best doctors service Paying your insurance premiums Homer & Marge, we recommend that your Life, TPD and Critical Illness has stepped premiums as this will limit their impact on your cashflow during the earlier years of the policy. Stepped premiums are initially cheaper than level premiums however they are likely to increase as you get older. Page 29

31 Homer, we recommend that your ABC Income Protection insurance policy has level premiums as this will avoid any major increases based on your age. While level premiums are initially more expensive they have little or no increase over time. As your insurance should be retained over the longer term, paying level premiums will reduce the total premiums paid by you over the expected term of the policy. Factors to be aware of: The earlier you lock-in the level premium, the greater the potential long-term savings. This is because level premiums are generally lower if your take out the insurance at a younger age. However, as you approach age 65, the difference between the two premium structures diminishes for new policies. Level premiums can make budgeting easier, because you know in advance exactly what your insurance is going to cost. The maximum age you can start a policy with level premiums is generally lower than for stepped premiums. Reasons for recommended insurance policy Transferring cover from outside superannuation to inside superannuation will assist with cash flow and improve the tax effectiveness of your insurance. By consolidating your insurance needs under the one policy you will reduce the overall policy fees you pay. The recommended policy offers more competitive premiums, taking into account the features available under both your existing and the proposed policies. Please also refer to the attached insurance quotation which provides details of the policy features selected and estimated cost of the policy. For further information about the exclusions, features and benefits of recommended insurances, please refer to the attached Product Disclosure Statement(s) (PDS). On balance, taking into account the benefits that will be lost and gained, your goals, objectives and your needs, we believe that the advice to replace is appropriate. For further details refer to the Insurance Policy Costs and risks section. Page 30

32 Costs & Risks Investment product costs & risks Comparison - current product vs recommended product We have recommended you replace (either fully or partially) an existing investment. A comparison of your current investment product(s) with the recommended investment products is detailed below. Current Product Recommended Product Product Name XYZ Super Fund ABC Super Fund Fees when you invest or withdraw Contribution Fee (%) This fee applies to initial contributions and all new contributions to the product. Contribution Fee ($) Product Exit (Termination) Fee ($) Management Costs Ongoing Administration Fees (%pa) Ongoing Administration Fees ($pa) Ongoing Investment Costs/Fees (%pa) Other Information Asset Allocation Nil Contribution fees do not apply to this product. $73.49 Nil Contribution fees do not apply to this product. Exit (Termination) Fees do not apply to this product. Nil 0.40% $56 Nil 1.12% 0.50% - Defensive Assets (%) 55% 0% - Growth Assets (%) 45% 100% Superannuation - Life Insurance Cover - TPD Insurance Cover None None $1,353,000 Homer $320,000 Marge $276,000 Homer $221,000 Marge - Salary Continuance Cover None $6,250 pm Homer # Where we have recommended you replace or cancel an insurance policy you will find full details in relation to the loss of benefits and/or differences between current and recommended insurance policies recommended in the Costs and Risks of Cancelling or Replacing Insurance section. Page 31

33 Consequences of changing your investment These are benefits that are associated with your current investment that you will not have as a result of our recommendations. You will lose insurance cover as illustrated in the above table. This is a list of other consequences of implementing our recommendations. Exit fees will be payable on the withdrawal of your investment(s) as illustrated in the above table. A complying superannuation fund is taxed on 2/3rds of the nominal gain assuming the asset was acquired post 22/9/1999 and the asset is held for more than 12 months. Any capital gains on the sale of assets held for less than a year are subject to 15% tax. It is important to be aware that if interest rates rise above the 3.0% margin factored into your cash flow analysis, this may affect the attainment of your goals for the illustrated time period. When undertaking a gearing strategy it is important to appreciate that it is a long term strategy, usually more than 7 years. It is important that income protection insurance is acquired by all parties involved in the gearing strategy as loss of income may require the gearing program to be liquidated, leading to potential portfolio losses. It is important that you inform us if you borrow further funds or use any undrawn debt you may have, as this could impact on the appropriateness of the gearing strategy. When you invest in a managed fund, you are allocated a number of units based on the entry unit price at the time you invest. Your units represent the value of your investment, which will change over time as the market value of the assets in the fund rises and falls. You should consider the recommended minimum investment time horizon when investing in managed funds. Loan establishment and ongoing costs should be advised by mortgage broker/lender. As our recommendation involves credit products, you may wish to consult your current lender. Alternatively we can refer you to a lender or mortgage broker for further assistance with your credit needs. For further disclosures regarding credit products, please refer to the What you need to know section. Where we have referred you to a third party, neither us nor the Licensee, or any member of the National Australia Group of companies shall be liable for the provision of services provided by that third party. All managed funds carry some risk. These investments are not like having money in the bank. There is a risk that their value might not go up as quickly as planned (or at all) and that their value might go down. There will also be ongoing and/or internal management fees for the recommended investments. Please refer to the relevant Product Disclosure Statement for further details. In changing your investment there may be a buy/sell differential included in the unit prices of your underlying managed investments. This is a cost incurred when a managed investment is bought or sold and is the percentage difference between the Buy and Sell prices of units in the managed investment. This reflects the transaction costs incurred by the investment manager. The buy/sell differential varies for each investment and is generally between 0% and 1.5% although this could be higher. For example, if you originally invested $100,000 in an investment, the buy/sell differential can generally be up to $1,500. You may face the risk that the investment strategy may not continue to be appropriate for you following the impact of legislative changes, or changes to your financial circumstances or objectives. This is why you should review your portfolio regularly. During the transition from one investment to another you will not have market exposures & during that period markets may rise or fall. An increased percentage of your funds are to be invested in defensive asset classes. Although this should reduce the potential volatility of investment returns, you may be foregoing potential capital growth opportunities. Page 32

34 Insurance policy costs & risks Comparison - current product vs recommended product We have recommended you replace (either fully or partially) an existing insurance policy. A comparison of your current insurance policy with the recommended insurance policy is detailed below. Current Product Current Product Recommended Product Recommended Product Product Name XYZ Insurance XYZ Insurance ABC Insurance ABC Insurance Insurance Company XYZ XYZ ABC ABC Insured Sum Insured ($) - Life Insurance - TPD Insurance - Trauma Insurance Homer Homer & Marge $208,000 $220,715 $104,000 $0 Homer(M) / Marge(S) $1,353,000 M $320,000 S $276,000 M $221,000 S $0 $220,715 $0 Homer(M) / Marge(S) $0 $0 $89,000 M $89,000 S - Income Protection $0 $0 $6,250 pm M $0 Premium ($) Premium Structure Life Insurance - Future Insurability (ability to increase cover) - Terminal Illness advancement Total & Permanent Disability $ $ Stepped Stepped $3, M $ Marge Life & TPD Stepped IP Level $ Homer $ Marge Stepped Yes Yes Yes N/a No No No N/a - Disability Definition Unable N/a Unable N/a - Occupation Definition Any N/a Any N/a - Life cover buy back No N/a No N/a Trauma Insurance - Life cover buy back N/a No N/a No Income Protection - Benefit Style N/a N/a Agreed Value N/a - Benefit Period N/a N/a To age 65 N/a - Waiting Period N/a N/a 90 days N/a Page 33

35 - Non-cancellable N/a N/a No N/a - Indexation of Claim Benefit Other policy differences N/a N/a Yes N/a Benefits you will lose temporarily These are benefits that you have under your current policy, but are not covered by the recommended policy for the period stated. However, you should receive them at a later date. For a period of time you will not be covered in the event of suicide. These qualifying periods are detailed in the Product Disclosure Statement for the recommended insurance. For a period of time you will not be able to make a claim in the event of trauma. These qualifying periods are detailed in the Product Disclosure Statement for the recommended insurance. Qualifying periods are detailed in the Product Disclosure Statement for the recommended insurance. Benefits that will be reduced Current Policy Nothing significant or relevant identified Recommended Policy Other consequences of changing your policy This is a list of some other possible consequences if you were to change from your current policy to the recommended policy. If your health has changed since you took out your existing policy, there may be more restrictions and/or exclusions in your new policy and you may have to pay higher premiums. Holding your insurances in super means: o The amount of super available to you at retirement will be less than if the premiums were paid from another source. o In the event of a claim there may be tax payable in relation to the insurance proceeds being paid from your super fund to a beneficiary. o In some circumstances, even if an insurer pays a benefit to your super fund, you may not be able to access the proceeds until a condition of release is met. Underwriting by the insurer will assess the risk of you making a claim. This may alter the estimated premium or place exclusions on, or exemptions to the cover, or reject the cover. For information about specific exclusions, costs and conditions that apply to the recommended insurances, please refer to the Product Disclosure Statement. Page 34

36 Important information We rely on information from you. To ensure that the financial advice provided is suitable for your needs, we have worked with you to obtain a clear picture of your relevant circumstances including, to the extent relevant, your current financial position and your objectives and plans for the future. In so doing, you have provided us with information via a Fact Find/Client Profile and/or discussions we have had with you. Where relevant, we have referred to such information in this document. If any information you have provided has changed, or is inaccurate or incomplete, please let us know. This is important because our advice is based on the information provided to us and our advice may be different depending on any change to such information. If you would like a copy of the information that we have about you, please let us know. We have based our recommendations on reasonable assumptions. Where appropriate, we have made certain assumptions and calculations to illustrate how a particular strategy may suit your needs and objectives. For example: Investment returns: Where we have made projections of the future value of investment-linked products, such projections are based on reasonable assumptions about future rates of return, interest rates, tax rates and other factors. As these are necessarily assumptions, the projections are indicative only. If you would like further information about our assumptions, please ask us. Past performance and past rates cannot be taken as a guarantee of future performance and rates. Taxation: Where our advice contains statements about tax and/or tax estimates, these have been based on information we have been given about you and the continuation of current legislation. Where we have relied upon information provided by your tax agent, we do not accept liability for the quality or accuracy of that information. Any tax advice provided cannot be relied upon for the purposes of satisfying obligations or claiming entitlements under the taxation laws or in any of your dealings with the Australian Taxation Office. We identify in this document any other specific assumptions that we have made in giving the advice. Our advice is valid now, but circumstances may change. As laws and circumstances relevant to our advice may change from time to time, our recommendations should only be taken as valid for one month from the date of this document. Of course, if any information you have provided us has changed since the date of this document, this may also affect the appropriateness of our advice. If there is anything in this document that you disagree with or do not understand, please contact us. Our advice is for you only. The material contained in this Statement of Advice is solely for your use. We cannot guarantee the performance of third parties. Where we have referred you to a third party, neither we nor the Licensee, or any member of the National Australia Group of companies shall be liable for the provision of services provided by that third party. Page 35

37 Our ongoing services Every Statement of Advice, no matter how carefully structured, is vulnerable to the effects of change. Changes to your personal circumstances, such as your employment or family situation, or changes to the external environment, such as new taxation, trust or superannuation laws as well as movements in the financial markets, can all affect the relevance of your wealth strategy. Our aim is to help you stay on track so you can achieve your financial destiny, regardless of what changes may occur in the economic, legislative and financial environments. For this reason, we believe it is important that your situation be regularly reviewed over time. Page 36

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