Dear Friends,
Going Forward
Some years ago, the Board of Marinis Financial Group challenged me to think about the ‘key-man-risk’ within the company, so much of what we did revolved around me. I must say, since merging with Caveo Partners, while remaining Independent, I feel very relieved that should something happen to me, you will still be supported in the way you deserve – and the way you are used to.
Let me be clear, I am not retiring. My plan is to remain an equity holder in Caveo Partners, to contribute as a Director, Chief Economist and Financial Advisor as long as the rules (and Julie) allow.
While I am now surrounded by professionals with skills in accounting and law, I am not required to recommend them. They will need to earn a place on our list like any others. Similarly, they will not have to refer to us.
Stefan and Chris, and my fellow Directors at Caveo Partners, are committed to allowing Marinis to thrive, as we have done for the last 28 years. They recognise our success has been based on putting client interest first and they want that to continue.
Thank You!
I’m humbled by the feedback which I received in the recent client survey. The result has set an elite benchmark for us to maintain and improve on.
A sincere thanks to all who so kindly participated.
Will there be a Recession?
My fellow Economists are divided – as usual– although I am in the ‘Yes, there will be a recession’ camp.
I hope I am wrong but the signs I am seeing which lead to this view relate to the overexcited tech market in the US – while most other stocks are flat.
Government policy in the US and here in Australia, wars in Ukraine and Iran, and the inevitability of an AI lead employment shock, make me think the best of economic times are behind us – for now.
However, after about two years of pain, we will rebound – as we always do.
Marinis Financial Group clients do not have anything to fear. All our policies are set for medium to long term growth. There will always be short-term volatility.
Was the Federal Budget Fair to Young People?
Probably. When you look at the statistics, house prices have got out of kilter with wages. It is certainly hard for young people at the moment – but they do tend to spend a lot compared to when we were in our 20’s and 30’s which could otherwise be going into a deposit.
As a gross generalisation, I think young adults feel left out of the housing market because they want a home like Mum and Dad’s, not the fixer-upper in the suburbs most of us started with.
The crackdown on Capital Gains tax and Negative Gearing will take a few years to show if they are beneficial or not. Now is the right time for the Government to make these decisions.
The results will be fascinating, though I think with some of these changes they have gone too far!
Aged Care
Increasingly I am being asked about Aged Care. This is an area of speciality which I often refer to David Coluccio and his team at Senexus whose expertise I admire.
It is one thing to have built up the resources to fund care, but another to help make the correct decision for the individual and their estate.
When one partner requires care and another is still independent, there are a raft of financial challenges to be bridged. They need someone who is well versed in the system to guide each family.
What I have noticed amongst our client base is a willingness to address the issue, not to pretend it doesn’t exist. I guess those who are committed to planning for the future recognise that includes their time of frailty.
Feel free to raise the issue with me any time.
Friends and family
Just a reminder, if you would like me to discuss the benefits of financial planning with any of your friends or family, I am very happy to do that with no obligation on their behalf – but there will be a little paperwork, which is required by law.
My approach is to offer people referred to me two free meetings to get a sense of if we share the same values and direction. If we both elect to go forward, there is a fee for writing a tailored Statement of Advice (SoA) and ongoing the total cost is plus or minus
1% per annum – which is about what an Industry Super Fund charges.
However, Industry Super Funds do not offer or include advice and management of all the paperwork to ensure you manage your tax liability, maximise your returns and minimise your losses, protect your assets and deal with Centrelink etc if and when the time comes…they just manage your assets, for that cost.
Cyber-Safe?
My obsession with our vulnerability to cyber crime and scams remains.
I read recently the Federal Government was considering forcing banks to recompense victims up to $3,000 for each crime against them – which goes some way to forcing them to manage their systems better, but it does not solve the problem.
Please keep an eye on what the safety Commissioner has to say. As well as discussing issues as diverse as social media for under 16’s, they also have good information on scams. And keep an eye on http://www.cyber.gov.au/protect-yourself.
As always, if I or any of the team can be of assistance, please don’t hesitate to reach out either via (08) 8130 5130 or admin@marinisgroup.com.au.
Yours Sincerely
Theo Marinis CFP®, B.A., B.Ec., CPA., MCIFAA
Financial Strategist
Authorised Representative
