Save more than time with automated money management tools to help you keep on top of your spending and investments. These won’t replace the advice of experts, but can act as helpful tools to level up your finances this year.
Easily track your incomings and outgoings with a free expense tracker mobile app like Money Lover. Categorise your spending into relevant groupings like bills, groceries and petrol, and set limits to get alerts if you come too close to your cap.
The government’s budgeting service is a slick and highly regarded offering of unbiased money management tools and advice. The website offers advice and guidance for everything from daily spending to mortgages, KiwiSaver, investing and retirement planning.
Another free expense tracker, Money Simple is web-based and pulls all your spending information from multiple banks and accounts into customisable categories – giving you oversight of all your expenditure.
New Zealand’s fastest growing investment platform makes investing easy and accessible for those less literate in the world of shares and stocks. Build and track your investment portfolio from the easy-to-use and low-fee online platform.
One of the keys to successful financial portfolio management is to ensure you are treated as an individual and not boxed in as just another number. Authorised Financial Adviser Alistair Bean tells Metropol why this approach is especially vital in uncertain times.
WHY SHOULD I HAVE AN INDIVIDUALISED INVESTMENT PLAN PREPARED BY A FINANCIAL ADVISER?
“More than just completing a series of fact finding and risk profile documents for your available lump sum, it’s about getting to know and truly understand you, your family, your trust, business or charity to discover how we can best help you meet your short, medium and longer-term goals and needs.”
DOESN’T IT TAKE TIME TO BUILD TRUST WITH AN ADVISER?
“I always tell my clients it may take some time to build a level of client-adviser trust, but any of my long-term clients will attest to how investing with Alistair Bean & Associates – Financial Advisers has helped them meet their life goals. I’ve been told authorising me to “make decisions so I don’t have to” was the best decision they ever made. I love hearing tales of how we’ve helped put children and grandchildren through school; buy new properties, cars, family holidays, and provided income for retirement. Clients are part of my family and doing our best to ensure the meeting of financial goals is my priority.”
WHAT DOES AN INDIVIDUALISED INVESTMENT PLAN INVOLVE?
“Among many other valuable things, you will be presented with initial investment recommendations for your available funds. These should reflect the current economic and market information available in New Zealand and overseas at the time and be used as a starting point.”
IF MY ADVISER HAS TOLD ME WHAT TO DO WITH MY AVAILABLE LUMP SUM, THEN WHY DON’T I JUST DO THIS MYSELF?
“This is where the rubber actually hits the road and where your financial adviser makes a difference! While funds should be allocated to the short, medium, and longer-term, as we are seeing in the current Covid-19 environment and many previous crisis situations – the whole world can spin on a ten-cent piece. Your financial adviser’s highest skills are employed here to adapt your investment portfolio as changes occur.”
WHAT KIND OF RECOMMENDATIONS MIGHT BE MADE?
“Your adviser’s actions will include ensuring you have enough funds to see you through a crisis. This used to be three months, but I now recommend a minimum of one year’s expenses.
“Then, ensuring you have medium-term funds for things like home improvements, family assistance, car, and appliance upgrades. And finally, for longer-term nest-egg and retirement provisions. Your financial adviser will keep an eye on your funds and adjust as appropriate to the current conditions. This could include keeping your investments exactly where they are or moving them somewhere deemed more beneficial.”
Contact Alistair Bean & Associates – Financial Advisers on 03 288 0404 or via Alistair.Bean@abafs.co.nz to help achieve your financial goals. Personal disclosure documents available free in the resources tab of the website below.
Firstly, we at Alistair Bean & Associates – Financial Advisers want to send our best wishes to all, hoping that you and your families are fit and well.
By Alistair Bean & Associates Managing Director Alistair Bean
Among other things, financial change has hit most of us like we have never known before and this causes concern for past, present and future planning.
But this is exactly what we must do. We must continue to plan; however it doesn’t need to be difficult.
Sticking to your own rules is extremely important but adapting those rules to situations as they occur is vital to success.
Re-visiting the reasons for your short, medium and longer-term goals are imperative however, it doesn’t need to be cumbersome.
Your short-term goals should include immediate plans for spending like upgrading cars, home maintenance and perhaps family weddings.
Overseas trips may now be deferred for some time and maybe you have received a hotel refund and an airfare credit, so include these figures in calculations.
We say that you should have a three-month backstop of emergency savings for expenses; my recommendation is that you now make this at least a 12-month back-stop.
For medium and longer-term, look at the reasons why you originally selected your investments.
For example, was it because you were going to get a good rate of interest and this has now reduced, or you bought some shares only because you were to receive a dividend, but that dividend is no longer there or reduced significantly.
Perhaps you purchased another investment in an industry that may now not see recovery for a number of years, whether it be property, tourism or entertainment.
For these decisions maybe it’s time to consider investments in sectors that now look more in need.
Discuss these short, medium and longer-term plans with us.
We can individualise what is best suited to your own situation; it may be that you continue as you are, or we can recommend adapted changes as appropriate to your own needs.
Interestingly what gives me some comfort lately is an article I read recently, in the current Covid environment; 96-year-old Charlie Munger, (investment guru, Warren Buffett’s offsider) said, “there is no need to rush when making investment decisions to buy, hold or sell”.
I thought, when a 96-year-old says there’s no need to rush, then you should probably listen.
He went on to say that moving investments at the right price is the right thing to do.
This isn’t about market timing; it’s more about what makes sense as opposed to ‘common’ sense.
We at Alistair Bean & Associates – Financial Advisers understand the market highs and lows, and we can help guide you through these unprecedented times.
Our specialty is “to make decisions for you, so you don’t have to”.
My team and I look forward to assisting you to help review your past, present and future ongoing needs. Please feel free to contact us today to assist you in adapting to change.
Alistair Bean, Managing Director at Alistair Bean & Associates says, “it’s a great time to be investing in the stockmarket and managed funds”.
As a Financial Adviser, Alistair says, “It can be difficult to see past a media gloom fest. The current investment opportunities are driven by global low interest rates, a high New Zealand dollar and record global low unemployment. Company borrowing is therefore inexpensive, so debt can be repaid and money can be invested in things like infrastructure and staff, all of which helps to foster a growth economy.”
Alistair believes he has the right formula for expanding his clients’ wealth – just ask his clients, who have enjoyed absolutely stellar growth over the last number of years. Regulations restrict disclosing full data on investment returns, but it’s safe to say his clients’ base annual average return has gone a significant way into double digits.
“Making investment decisions for you so you don’t have to.”
From hour to hour, Alistair is paying very close attention to the subtle shifts in the market so that you don’t have to. “I take the stress of managing your investments from you – it’s a pleasure and a passion,” Alistair says.
“To make sufficient wealth for clients so that time is no longer an issue.”
After 37 years in finance, Alistair attributes his success to some basic investment principals he applies when contemplating promising assets to invest in:
• The share market rises and falls, creating buying opportunities for good shares at bargain prices. We aren’t followers when it comes to selling shares at a time when people should be buying. News in the marketplace always affects the values of shares. The key is having the strength to buy when others are selling at a discount, and being mindful of where a share price is in its cycle.
• The market has exponentially rewarded long-term investors. Despite major hurdles like world wars, recessions, oil shocks, Trump trade wars and Brexit, equities have still significantly outperformed property, bonds, cash and inflation. You need to be in the market and stay in the market with diversification still being the key.
Alistair travels the world to see investment managers, and spends many hours each day immersed in the business of researching investment opportunities, ensuring current investments maximise clients’ needs.
July saw Alistair Bean and Associates celebrating in style with their ‘client family’. After nearly seven spectacular years in business, they are thrilled to have moved into fabulous new premises in the city they love in Christchurch’s new West End Business Precinct. A client said to Alistair, “I was referred to you by my brother who raves about you. He was so happy, his partner and his best friend also invested with you, it’s like a family”.
“That’s how we like it to feel too, everyone deserves great investment advice,” Alistair says.
Disclosure documents are available, free upon request.
Mark Twain once quipped, “What is the difference between a taxidermist and a tax collector? A taxidermist takes only your skin.”
In reality of course, getting organised to pay your tax is no joke and, after 27 years as an accountant in Christchurch, Jason McFadden of McFadden Accounting finds that because our system is complex, few people are getting it right.
Unlike IRD however, easy-going Jason won’t get cantankerous if you’ve got in a muddle or got behind. In fact, after working in a big accounting firm, Jason decided to specialise in helping small businesses and ‘mum and dad’ investors. Enjoying the personal service his role brings, Jason will meet you, look at your accounts and records and give you a cost-competitive estimate or quote. You can visit his home office, but Jason enjoys travelling to your workplace and doesn’t charge for travel time.
He’s happy to help with local investments, or overseas interests requiring assessment under the Foreign Investment Fund (FIF) regime. For small businesses he understands that being audited, paying GST, managing employees with PAYE, Kiwi Saver, child support, or other deductions can be stressful and are a burden when you are passionate about focussing on your business.
If the problems of provisional tax based on your previous year’s results are a headache, Jason can help with new IRD option: the Accounting Income Method (AIM) enabling payment of Provisional Tax every one or two months based on actual profit. Happily, a loss made during a period attracts an immediate refund.
Visit Jason’s website at www.mcfaddenaccounting.nz.