Financial Planning Pyramid as part of the Wealth Control system
The foundation of the pyramid is critical to the stability of the whole structure. Roy Disney (brother of Walt Disney) was the financial genius that helped make the magic of Walt Disney come alive. He said, "When your values are clear to you, making decisions becomes easier." At Black & Krantz we pride ourselves in making decisions simple by clarifying your Values and assisting you in staying true to your principles.
Wealth Protection is the next layer of the pyramid, looking after the things we already have and Wealth Management concentrates on effectively & efficiently managing what we have been able to accumulate.
Wealth Creation is the layer that gets the most attention in the media because there are endless investments available. It is perceived to be fun and everyone wants to know the "secret" to wealth creation. Sometimes the obsession with wealth creation comes at a great cost of ignoring other critical layers necessary for Wealth Control.
To explain this concept we can use the famous Maslow's Hierarchy of Needs, which states that human beings have five basic needs, and until the first level has been satisfied you cannot move to the second level, and until the second level is satisfied you can't move to the third and so on.
The need for safety and shelter are secondary and first require the need for oxygen, food, & water to be fulfilled. So it is with the Wealth Control - Financial Planning Pyramid. Trying to build a solid foundation for wealth creation firstly requires clarification of the person's or couple's values followed by putting into place wealth protection strategies to underpin the wealth management strategies that follow.
All levels are required to be dealt with in order to form a structure capable of withstanding the financial challenges that may come your way.
By building upon each layer you will have the highest probability of achieving your goals for the reasons that are important to you. Now all that is left is to distribute your wealth to your loved ones in a tax effective & fair manner – Wealth Succession.
Domenic Sita
Financial Planning Manager and Senior Financial Adviser B & K Financial Planning Pty Ltd
B.Ec., Grad Dip Applied Finance and Investments, DFP & AFP®
E:
dsita@blackandkrantz.com.au
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*Black and Krantz is an authorised representative of Count Financial Limited ABN 19 001 974 625 holder of Australian financial services licence number 227232 (“Count”). Count is owned by Count Limited ABN 111 26 990 832 of GPO Box 1453, Sydney NSW 2001. Count Limited is listed on the Australian Stock Exchange.
The information on this web page is not financial product advice and is provided for information only.
General advice warning: The advice provided is general advice only as, in preparing it we did not take into account your investment objectives, financial situation or particular needs. Before making an investment decision on the basis of this advice, you should consider how appropriate the advice is to your particular investment needs, and objectives. You should also consider the relevant Product Disclosure Statement before making any decision relating to a financial product.
How We Do Financial Planning For You
Why Wealth Control is for you?
Each level of the pyramid is built on the foundations of the previous level. By working with you through the Wealth Control Pyramid we will help you make smart choices about your money to achieve your goals for the reasons that are important to you.
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