Case Study: Financial Support In A Time of Crisis

General

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

Working together with Hana and her insurance company, Hana’s dedicated financial advisor and client services officer were able to help by:

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.

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I was referred to My Wealth Solutions during an informal conversation with an acquaintance about consolidating superannuation accounts and financial advice in general. After some research, my wife and I decided to contact My Wealth Solutions and signed up. Following a number of friendly, focussed and professional conversations with Nikki about financial goals and priorities, My Wealth Solutions presented us with a well-researched and comprehensive report that detailed a number of options that we could consider. My wife and I have since decided which options and financial goals to pursue, and have been impressed with the prompt, courteous and professional service provided by Nikki and her team.

Joerns
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Nikki and the team at My Wealth Solutions have been extremely helpful in building a savings strategy for my wife and I, as well as tuning our superannuation and life insurance to make the most of our money and get the best coverage for us. Nikki explains everything in a clear and easy to follow way, and we didn’t feel at any point that we were being lost in the jargon or terminology. My wife and I are very happy with the service that we are being provided, we are glad that My Wealth Solutions are helping us reach our savings goals, and we would definitely recommend them for any financial planning or advice.
Tony B
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Ben and the team have been such an asset to our wealth building journey. They’re always readily available for help and advice, specific to our particular scenario. It has been a pleasure working with this team and look forward to many more interactions in the future.

Erika D
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Nikki Booth and the team at My Wealth Solutions have set my wife and I on the straight and narrow! We came to Nikki to discuss what we ‘could’ do and left with what we ‘will’ do with our finances. I was skeptical with how easy it all sounded and 8 months in, we are finding that the service and understanding from the team has been second to none. I would and have recommended the My Wealth Solutions team to my family and friends. The only regret would be that we started sooner with this team.

Mark R
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We have had a fantastic experience with My Wealth. We have been working with Nikki and she is incredibly professional and thorough. The My Wealth platform and investment strategies is exactly what we were looking for, we have full confidence that the solutions they have put in place will set us up financially for the future.

Mitch E
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Having come from a planner where we were very disappointed, it has been a refreshing change dealing with Ben & the team at MWS. They are responsive, helpful, go above and beyond to answer questions and most importantly we have found it easy to understand the finance speak and to actually understand what our money is doing. Thanks for a great experience so far!
Rochelle
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My accountant recommended a meeting with MWS and it is one of the best decisions I’ve made. From the first meeting Nikki made me feel comfortable and did not pass judgement when going through my initial financial situation. She has helped me with setting up financial goals and the steps to achieve them. I would highly recommend Nikki and her team at MWS!

Steph B
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Starting my career and a full time job for the first time I wanted to see if I could improve my budgeting and overall wealth management. Nikki really helped me to establish a clear vision for my wealth goals and a strict but realistic budget. I thought I was pretty good with money and handling it but I’ve definitely been able to take it to another level with her help and the team at My Wealth. Learning about Super and the pitiful level of cover I had from the insurances I had at the time really opened my eyes. Wealth management is an important part of our lives and I would recommend to anyone to book in for a meeting with Nikki.

Andrew E

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