Manage Financial Risks

  • Protect your valuable assets.
  • One of your most valuable assets is you and your ability to generate an income to allow you to meet commitments and accumulate assets over the long term.
  • Personal Risk insurances to cover illness, trauma, disability and death should be considered particularly if you have dependants or borrowings.
  • Avoid derailing your plans and being a forced seller of assets. General business and property insurances are important to consider.
  • Ensure you have plans which outline how you will repay debt in all worst case scenarios.
  • Running a business exposes you to many risks you can’t control – make sure you receive advice about how to cover these risks and review your strategy frequently.
  • Check your business structure and make sure you are aware of strategies to protect your assets.
  • Consider ownership and control of assets carefully.
  • Consider Directorship roles carefully.
  • Plan your succession carefully.
  • Have a plan to maximise the value of your business assets and minimise taxes when you are ready to exit.
  • Have a comprehensive estate plan to ensure certainty of transfer of your wealth.
  • Make sure your business has strong corporate governance in place.

These Maxims are not to be taken as personal financial advice and have not taken into consideration your individual financial situation, goals objectives or risks. These are simplified considerations which are not be solely relied upon to meet your personal financial goals. If you would like to receive personal financial advice tailored to your specific needs and based on your current financial position then a suitably qualified and licensed financial adviser can be appointed for you.