1. Setting Up A Foundation
So why is onboarding so important?
For two reasons.
For some people identifying their structure is most important to them; for others it might be paying less taxes.
Without proper onboarding, gaps which are important to you can be missed.
In this section we want to find out everything about you, your family and everything else you consider we need to know.
Your structure tells us how you are set up. Chose the wrong structure and you could end up paying more taxes and end up with less income or wealth.
So get this wrong and you will be financially worse off and not even know about it.
We review it and look to see if there are any opportunities that can reduce taxes and increase income and wealth
From experience whenever we take over the affairs of a client we find that there is a 79% chance they are paying more tax then they should.
There could be a number of reasons why this is the case.
For example other income that can be diverted to other family members, or which entities should pay insurances all affect the amount of taxes paid.
2. Building Income & Cashflow
We have never met a consistently successful business person who is financially successful year in year out who does not look at the figures.
So we spend a bit of time explaining to you what key figures you should be looking at and which ones are important.
As you get better at this you will find that you will begin making more money.
One of the biggest issues we have with medical professionals is that they know that they make a reasonable amount of money but always ask where the cash has gone.
You see profit and cash are different. So you could make $250,000 profit a year but you look at the bank account and it shows only $12,000. Where did the rest go?
So we explain to you what the differences are between cash and profit and show you where the money has gone.
We then ask the question – How do we make cash more abundant.
In this section we review your operations to see what opportunities exist to make operations better for you. This is the area we look at how your hours can be reduced and if efficiencies can be found. This analysis helps us to find areas we can change so that income increases.
3. Creating Long Term Wealth
We are not financial planners so we have partnered up with financial planners who will meet with you and based on your preferences identify investments that you feel comfortable with.
These investments will form the main strategy for generating wealth for you which will be continuously reviewed.
If medical professionals stop working the chances are income significantly drops. This can cause significant financial issues so we look at ways in which we can generate income even when you are sleeping.
Estate planning is setting yourself up so that generational wealth is efficiently transferred to the next generation.
This means wills are reviewed to see if still relevant and if necessary changes are made so that you know exactly what happens to your wealth.
