Gravell & Thomassen Financial Planning – 10% Member Discount
Gravell & Thomassen are proud to be a supporting partner of Miners’ Promise. We are dedicated to providing Miners’ Promise members with financial planning advice, support and assistance. Over the coming months we will be writing articles that cover topics that all men and women working in the resources sector should be aware of, for example:
- What do I do if I find myself drowning in my finances?
- Does my superannuation automatically go directly to my loved ones in the event of my death?
- Do I have enough Insurance to cover me if I have suffered from a worker’s accident and can no longer work?
- What are the tax implications if I make certain financial decisions/tax effective outcomes?
- Tips to manage your household budget and saving for the future.
Miners’ Promise contacted us last year seeking assistance for their member David Hooper after months of David’s struggle to get his own superannuation paid out. David during this time, was terminally ill and was fighting to have this money paid for well over 6 months. Hayden from Gravell & Thomassen stepped in immediately and discovered quickly that his super fund entitlements were stuck in an unnecessary process and the fund itself considered David as nothing more than an account number.
We questioned the super fund and made known to them their obligations are to act in the best interests of their members, and clearly outlining why they needed to process David’s payment urgently. On this, we were provided with the appropriate paperwork to get the ball rolling down what needed to be a very steep hill. Once completed, Hayden who is based in Perth made no hesitation driving down to David’s home in Waroona to get this paperwork signed.
David was extremely welcoming, and Hayden could see the relief all over his face when we knew he had finally won the battle to receive his retirement savings. On leaving, David was assured we would keep him up to date and to expect to receive the funds within the next few days. David received his money on the Wednesday and from our subsequent discussions he managed to spend some of it by purchasing himself a motorbike which we understand he made great use of.
The experience with David really brings to light why we do what we do. Although sad in many ways, had Miners Promise not stepped in and offered David a solution it may have taken many more months. He may not have ever seen the money, which would have caused several issues including tax implications, stress, worry and most importantly never having the chance to ride around on his motorbike. This story has provided yet another example where vulnerable people are bounced around by large institutions treating people like numbers rather than individuals, without any concern or care for what they are going through. Dealing with these institutions for over 15 years, we are able to find the best way to the right outcome. Unfortunately, these events are not uncommon and cannot always be avoided.
At Gravell & Thomassen we will always treat you as an individual and we will always go above and beyond to do our best in obtaining the best outcome for you. Below are some considerations which may assist in minimising the chances of this happening:
- Speak to a Professional early – If you are ill or injured, speak to a professional sooner rather than later. They can help provide you the right advice and guidance to access your own money when you need it.
- Review your Superannuation Beneficiaries and whether they are Binding or Non-Binding – Nominating beneficiaries can provide more control of where your money goes.
- Review your Superannuation arrangements – You may have several superannuation funds and therefore need to deal with several different Fund Trustees. Speak with a professional to see if this is the right structure for you.
- Review Insurance cover – Understand what will be provided to your loved ones if you are no longer there. This way you can make sure they are looked after even if tragically you are no longer there.
- Review your Estate Plan, along with Powers of Attorney – Other people may assist you making financial or medical decisions if you are unable to do so.
Miners’ Promise members Receive a 10% Discount off all Gravell & Thomassen Financial Planning services. Don’t delay call Hayden or Madison on 08 6336 0100 today!
HK & MR Financial Services Pty Ltd ABN 87 610 924 831, trading as Gravell & Thomassen Financial Planning, is a Corporate Authorised Representative No.1239727 of Cambridge Securities Pty Ltd AFSL No 364 861
GENERAL ADVICE & DISCLAIMER: Any recommendation or advice contained in this Newsletter is not intended to be financial advice and is for general information only. Readers should only act on information after having received professional advice appropriate to their personal circumstances.