Financial Security Practitioners

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We aim to keep our clients up-to-date with news and relevant opinions which concern your finances. Our regular email bulletin is designed to inform and share views with our members.

Wills and Powers of Attorney

By Jack Wellings

Your Will is a legal document that names the people you want to receive your property and possessions at the date of your death.

These people are known as your beneficiaries. Your property and possessions include everything you own: your home, land, car, money in the bank, superannuation and insurance policies, shares, jewellery, household contents, antiques, collections, intellectual property and so on.

It is particularly important to make a will if you have a family or other dependants. Even if you are married with dependants you need a Will. If husband and wife die together, for instance in a motor accident, the older person is normally presumed to have died first. If you were the younger person, you might have inherited assets from your spouse – even though you were by then deceased – but, if you had not made a Will, your assets would be distributed under a rigid formula regardless of what you might have wished.

If you don’t have a Will, you’re not alone – a recent Newspoll survey revealed that 43 per cent of the adult population in NSW does not have a Will. And yet writing a Will is something every Australian aged 18 or over should do.

An up to date and legally valid Will is the best way of making sure you look after your loved ones, and leave them with the things you love.

Equally as important as your Will, a ‘Power of Attorney’ is a written document in which you (the ‘principal’) appoint someone else (‘attorney’) to act for you. Your attorney can do any legal act you ask him or her to perform.

Everyone should consider having a Power of Attorney.

The power of attorney allows you to pick someone you trust to handle your affairs if you cannot do so yourself. It gives you peace of mind, reassuring you that in an emergency, someone you choose will have the authority to act for you.

If you don’t have a power of attorney and you are suddenly incapacitated, your family may have to go through an expensive and time-consuming court action to appoint a guardian or conservator to make decisions for you.

Please contact our office should you require any additional information regarding Wills or Powers of Attorney.

A Personal Note

By Jack Wellings

2013 marks the 45th year of my being a practicing financial adviser, and 38 as Wellings & Associates. I thought it fitting to set out one or two things I have learnt, and that may be of value to any one interested.

Firstly, financial advice is not about “creating wealth”. It is about attaining and conserving financial security, and thereby a contented life.

Secondly, the ‘secret’ of building financial security is that it’s a matter of saving first and spending what’s left. The other way round just doesn’t work.

Thirdly, invest for Income. Anything else is speculative. If the investment has a reliable, consistent, and growing income-stream, you can trust
that investment.

Superannuation is important. It is insurance - against poverty when you’re too old to work and too young to die. It shouldn’t be clever, sophisticated and complex. Keep it simple and it will work. Neglect it at your peril!

Managed funds are by far the most appropriate means of investing. Well-chosen, they are cost-effective, provide most reliable value, and they work. Australian Industrial shares offer the most reliable, consistent, and growing income-stream for long-term investment.

Income Protection Insurance is imperative - if you work for a living. So is Life Insurance, if you have Loved Ones, and/or Debts.

Finally, Australia is, without doubt, the Lucky Country. It’s a wonderful place to live, to work, and to invest! Lets be thankful.

My Best Wishes for 2013
Jack Wellings

Let’s Talk “Insurance”

By Jack Wellings

Let’s make sure...

  • You will be able to retire when you’re still fit, healthy and full of fun.
  • You will be totally debt-free, by the time you retire.
  • You will be able to enjoy life to the full when you retire – a nice home, cars, holidays, travel, great hobbies, and an adequate pension.

Do you have this type of insurance?

Well, if not, you really have a very serious problem. 

In fact, you are running the risk of financial failure. It’s that simple.

But where do you get it?

What’s it called?

Does it exist?

The answer is yes, but it doesn’t come from an insurance company.

It’s called a Financial Plan; a fully-analysed and fully-documented Financial Plan.

It’s your insurance against financial failure. And, like any well-designed plan, it has to be managed.

We design and manage financial plans. It’s what we do.

Don’t risk your future – it’s your most valuable asset!

Come and see us or contact us anytime.


­Strategies and Advice? We’re here to help. Call our office on 02 9476 2200