Case Study: Financial Support In A Time of Crisis

Why Hana Initially Sought Our Help

Hana* was in her 30’s when she initially sought our help to tackle a problem she was facing: having recently split from her long-term partner, Hana was now struggling to create a path forward that was right for her new personal financial circumstances and needs.

Determined to start this new chapter in her life with a concrete plan to build a brighter financial future, Hana reached out to Nikki Booth at My Wealth Solutions for help. Working together with Nikki, Hana was able to gain clarity and refine what her goals looked like from a financial planning perspective. As a result, Hana’s financial goals included:

• Ensuring she was minimising her tax obligations as much as possible
• Maximising her superannuation growth
• Eliminating her unsecured debts
• Refinancing the investment property previously jointly held by both her and her partner into her name only
• Reassessing her current investment strategy and risk profile
• Reviewing her personal insurances so she was prepared in the case of emergency

*Hana’s name has been changed for privacy reasons

Developing Hana’s Financial Plan

After sitting down with Hana in her initial Discovery Meeting to discuss her current financial situation, our team of financial experts identified the following areas where we could help as part of our financial planning process:

• Moving her superannuation to a fund more suited to her financial goals and needs
• Implementing a high growth investment strategy in line with our CARE Investment Philosophy and Hana’s risk profile
• Setting up a concessional super contribution plan to help Hana maximise her superannuation growth
• Introducing Hana to a professional mortgage broker to help her with her property and mortgage challenges
• Working with Hana to implement more positive budgeting and cash flow behaviours
• Implementing a number of personal insurance policies, including TPD and income protection, to protect Hana and her future wealth from the worst

After choosing us as her expert financial partners and working with us to implement her new personalised financial plan, Hana was able to return to focusing on her life without the stress of worrying about her financial situation.

But it was only a few months later that Hana would reach out to us again for financial support and guidance after a personal medical emergency.

Hana’s Hour of Need

In late 2019, Hana suffered from kidney failure and was hospitalised for treatment for a number of weeks. This hospitalisation prevented her from performing her normal work duties and resulted in a large medical bill.

Though her private health insurance covered some of her medical expenses, Hana was still left out-of-pocket for the time she had missed work.

Worried about how this might impact her financial future and wondering whether there were any other options available to her to regain the income lost, Hana reached out to us for help.

How We Helped Hana

When initially reaching out to us, Hana was unsure exactly of how her insurances could help her in a situation like what she was currently facing and, if they could, how she could make a claim.

• Finding out that Hana was eligible to make an income protection claim for the weeks she was in hospital
• Coordinating between Hana and her insurance company the necessary paperwork needed to ensure this claim was completed successfully
• Providing Hana with the financial guidance and reassurance she needed in a worry-inducing time
• Ensuring there was limited to no disruption to her financial journey

The My Wealth Solutions team was able to set Hana’s mind at ease by connecting with her insurance provider on her behalf to discover the full extent of what she was eligible to claim for.

We also learned what was required to make the claim successfully so Hana could focus on recovering while we took care of her financial world.

We then acted to ensure sure that everything that was needed for a successful insurance claim was completed in a manner which was as timely and stress-free as Hana needed.

The Result

With the support of the My Wealth Solutions team, Hana was able to successfully claim one month of income protection benefits – or the equivalent of $9000.

Instead of suffering from a financial setback that could have severely impacted Hana’s ability to achieve her financial goals, we were able to ensure that she suffered no lost time from a financial perspective and remained on track to achieving financial success and security.

With her financial world sorted, Hana was able to focus completely on recovering from her illness without the added stress of worrying about her financial world.