Fine Answers

Today Jay and Ben are diving into the world of personal insurance. They will be discussing everything from the basics to the complexities, loadings, exclusions, and the critical importance of full disclosure.

Many people have heard about insurance loadings but may not fully understand what they entail. We'll unravel the mystery behind loadings – those extra costs that can be added to your premiums due to various risk factors. They explore common scenarios where loadings apply and how they impact your insurance costs.

Exclusions in insurance policies can be a major source of confusion. They break down what exclusions are, why they exist, and how they affect your coverage. Understanding exclusions is essential to ensuring you have the right protection when you need it most.

Full disclosure is a non-negotiable aspect of the insurance process. Ben and Jay highlight the importance of honesty and transparency when applying for insurance. They share real-life stories that illustrate the consequences of withholding information and provide tips on how to navigate the disclosure process effectively.

They also discuss some of the common pitfalls people encounter, such as underinsuring or overinsuring, and provide guidance on finding the right balance in your coverage.

Thank you for joining us today for this deep dive into personal insurance. We hope this episode has provided you with valuable insights and actionable advice. Remember, when it comes to insurance, knowledge is power.

If you enjoyed today's episode, don't forget to subscribe, rate, and leave a review. Stay tuned for more episodes of Fine Answers where we continue to demystify the world of personal finance and insurance. Until next time, take care and stay financially secure!

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.

Cain Brunton is Australian, State and Caged Muay Thai Champion and Founder of MMPowerment, a Youth Organization based in the Geelong Community, that encourages young people to build confidence and strength through Boxing, whilst providing clinical core values in Acceptance Commitment Therapy (ACT).

After starting his career as a Muay Thai specialist at the age of 15 Cain began competing professionally at 18.

Faced with multiple physical and emotional challenges growing up, Cain focused on Muay Thai and keeping fit, to prepare for life's challenges. Muay Thai provided a release of energy and increased feelings of self-worth, self-identity and self-esteem.

Following short careers in plumbing, truck driving and operating machines, Cain studied to become a Youth Worker. Whilst working in Residential Care, Cain qualified with a certificate IV in Youth Work, Cert IV in Child, Family and Youth Intervention, Diploma of Community Services and is trained in Acceptance Commitment Therapy.

Combining life experience, mentoring and Acceptance and Commitment Therapy, Cain has brought to life his dream of supporting young people who have unwanted thoughts and feelings by helping them better understand themselves to achieve healthier, more fulfilling lives.

As the Founder, Cain would like to welcome you to combine Mind and Muscle at MMPowerment!

https://mmpowerment.com.au/

https://www.instagram.com/mmpowerment/

https://www.facebook.com/mmpowerment/

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.

"Bell Park is in my blood. We're three generations deep as Dragons. A great club to be part of." - Neil Sandwith, Life Member

The Bell Park Football Club was formed in 1958 after the Bell Park Progress Association moved in 1957 that the developing area required sporting facilities for the growing population.

The Bell Park Sport & Recreation Club was an original member of the Geelong and District Football League.

In 1979, Bell Park was one of the ten clubs to break away from the District League following the formation of the Geelong Football League (GFL). The GFL is the premier country football competition in Australia.

In 2023 Bell Park Sport and Recreation Club has become an integral part of the Geelong community providing Football, Netball, Cricket and Social Support opportunities for nearly 1000 people all ages, and abilities.

https://www.bellparkdragons.com.au/

Joined by Club Legends Jeff Jarvis, Gary Plumridge and Peter Burke, Jay Burke explores the community and family roots of Bell Park, from inception to today's ambitious Masterplan that will see Bell Park thrive into the next century.

They discuss the Bell Park Picket Fence Appeal raising funds to support the development and upgrade of facilities for football, cricket and netball for female and male participants. New facilities will provide club's participants with modern benchmark facilities in order for them to reach their potential and maximise enjoyment.

Donation Options:

$150 supporting gift - one named picket

$1,500 premium gifts - one named panel

$2,500 Emerald Gifts - one named panel in your choice of available location

For information, please contact Tony Evans 0417 781 963 or Jeff Jarvis 0402 088 266

https://asf.org.au/projects/bell-park-sport-and-recreation-club

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.

It might be a stretch to call them Sins, but this conversation with Ben and Jay explore the seven questions everyone should ask of their own estate plans.

1. Do you have a Will and Powers of Attorney?
2. Do you know who your Executors and Powers of Attorney are?
3. Do THEY know they are your Executor or Power of Attorney?
4. Do you have an estate plan in place including a summary of your assets?
5. Does your executor know what that plan is and who and how it may affect them?
6. Does your executor and Power of Attorney know who your Solicitor, Accountant and Financial Adviser are?
7. Has your executor met your professional advisers or at least have a direct line of communication to them?

Check out previous episodes on estate planning:

Episode 42 Aspire Lawyers - Sarah Edmonstone, Claudia Hazell & Jessica Davies

Episode 35 Tara Paatsch - Harwood Andrews Family Law

Episode 27 Daniela Pavlovic - Harwood Andrews Estate Planning

Episode 24 The $3.5 Triillon Great Australian Wealth Transfer - This Week in Fine Answers - Ben and Jay (06/03/23)

Episode 21 It's not a problem, until it's a problem. Then it catastrophic! – The Financial impact of death, disability & illness on families and businesses – Jay Burke & Ben Kemp

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.

"Before my husband's death, I thought we had our affairs in order. Now I'm dealing with a nightmare of administration" – Muriel Porter, Jan 2024 - ABC News

A recent ABC News article had the phones ringing hot at Burke Britton head office with people concerned with their own estate plans, in particular beneficiary nominations on their super and super pensions.

https://www.abc.net.au/news/2023-01-24/perils-of-widowhood-inherit-superannuation-will-centrelink/101862326

Given Super makes up the lion's share of pre and post retirees net worth with approx. $3.4Trillion dollars in super as at December 2022, according to Australian Prudential and Regulatory Authority (APRA), it's a concern that is well founded.

Jay, Delta and Peter discuss the article at length and demystify some of the common and costly misconceptions around super, estate planning and beneficiary nominations.

https://www.apra.gov.au/news-and-publications/apra-releases-superannuation-statistics-for-december-2022#:~:text=Total%20superannuation%20assets&text=Superannuation%20assets%20totalled%20around%20%243.4,value%20over%20the%20past%20year.

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.

Kids+ will this year celebrate its 20th year providing allied health services for babies, children, and young people living with disability.

CEO Shaun Cannon joins Peter and Jay for the second time on the Fine Answers podcast to provide an update on a number of major events and programs including the Kids+ Kite Festival, Surf Coast Trek, Changemakers Conference, Sports Exchange Pilot and Kids+ Scholarship Program.

To hear more about Kids Plus and Shaun's background check out our first conversation on Episode #9 – No Barriers to Particpation - Shaun Cannon, CEO of Kids+

https://kidsplus.org.au/kite-festival

https://kidsplus.org.au/changemakers

https://kidsplus.org.au/surf-coast-trek

https://kidsplus.org.au/scholarship

https://geelongindy.com.au/news/12-11-2022/scholarship-supports-young-people-achieve-their-goals/

We would like to acknowledge the continued support of Kids+ by Burke Britton clients via Future Generation Program having donated a total of $277,000 since 2018. To learn more about Future Generation visit https://futuregeninvest.com.au/ and watch https://youtu.be/VvsjNhkOAqk.

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.

"I'm not evading tax in any way shape or form. Of course I'm minimising my tax. If anybody in this country doesn't minimise their tax they want their head read. As a government I can tell you you're not spending it that well that we should be paying extra." – Kerry Packer 1991

With 11 Days before the end of the year most people without a plan are either oblivious, or resigned to the fact that they will be giving the tax man more than he deserves this financial year.

As advisers one of our key roles is to help people make the most cost and tax effective use of the available income and the assets they have.

The unfortunate reality is that MOST people DON'T!

In today's episode Jay and Ben outline the key areas every Australian should consider when thinking strategically about managing their tax position:

· Making sure your Accountant and Financial Adviser have a good relationship, communicate and are on same page with goals, strategies.

· Taking responsibility for ensure your accountant is claiming all your travel, home office, work related expenses.

· Reviewing available super contributions including salary sacrifice and catch-up contributions.

· The benefits of tax-free Super pensions and transition to retirement.

· Gearing and interest on investment borrowings including the structure of your debt.

· The type of Investments you own. Who owns it? Is it producing income versus capital growth?

· Managing sale of assets for capital gains purposes.

· Salary Packaging benefits.

· Insurances that can be claimed as a tax deduction and where to hold them.

· What type of financial advice is potential tax deductible?

· Small business tax structures.

If you are chasing your tail to get your tax position sorted in the next 11 days it suggests you need to be more organised with a detailed plan and support, well in advance of the end of financial year.

https://www.youtube.com/watch?v=e97kq2XflKE

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.

Being a lawyer is hard – "We need to teach ourselves that we can do hard things" - (Glennon Doyle)

The legal profession isn't exactly renowned for being transparent, down-to-earth, or compassionate. Sarah, Claudia and Jessica from Aspire Lawyers buck the trend by being unapologetically people focused.

Aspire Lawyers have been around over 100 years in various forms, but it is the contemporary vision and passion for mentoring young lawyers to produce confident and competent professionals, that is setting it apart from others today.

Jay and Ben sit down with the Aspire team to discuss their focus on education, accountability, and leadership in producing better humans and better outcomes for their clients, as well as their fixed pricing – which you agree to upfront.

No more nasty surprises, just good value, choice and transparency.

https://aspirelawyers.com.au/

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.

Whilst it's possibly the most asked question in real estate, it's also the question requiring the most insight, vision and care to answer honestly. How much is my house worth?

Ricky Forte is Director/Founder and Agent with Geelong Real Estate Co joins Ben and Jay on the Fine Answers Podcast to answer this question and many more.

With a track record of success in the industry, having helped hundreds of clients buy and sell properties across the Geelong region, Ricky discusses the property market in Geelong, focusing on the opportunities in a potentially over correcting market, whilst encouraging people to be open and informed in uncertain times.

In addition to his work in real estate, Ricky is an active member of the Geelong community. He is a regular volunteer at local charity events and supports several local sports teams. His passion for helping others extends to his work as a real estate agent, where he strives to make the buying and selling process as smooth and stress-free as possible for his clients.

This episode was recorded on 15th March 2023, therefore content cannot be considered current as at its release date of 19th June 2023. None of this content should be considered advice or acted upon without first seeking advice from a registered realestate agent or financial adviser who first considers your personal needs, objectives and specific financial circumstances.

https://www.geelongrealestate.co/

[email protected]

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.

Tony Slack launched Geelong Real Estate Advocates in 2011 after a successful career spanning 23 years covering every aspect of residential real estate in Geelong.

As a well-known and respected figure in the local property industry, Tony puts that expertise to work in searching, evaluating, and negotiating the successful purchase of residential property for homeowners and investors in and around Geelong.

Tony discusses the benefits of using a property advocate and the value it can add in time, money and peace of mind when purchasing a property, be that your first home or adding to your property portfolio.

Jay and Ben explore Tonys view on interest rates and the direction of the Geelong property market, in what has become a challenging time for some but an opportunity for others that receive the right advice and support.

Web: https://geelongrealestateadvocates.com.au/

Contact: [email protected] Mobile: 0418 524 116

Address: 259 Latrobe Terrace Geelong 3220, P.O Box 2059, Geelong VIC 3220

Instagram: https://www.instagram.com/geelongrealestateadvocates/

If you are seeking personal financial advice specific to your circumstances you can contact the team at Burke Britton Financial Partners on 0352217700, [email protected], visit our website at www.bbfp.com.au or book a 15min call to see how we can help you via https://app.acuityscheduling.com/schedule.php?owner=18922676

You can find us on Twitter, Instagram & Facebook @BurkeBrittonFP

PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners ABN 67 097 381 523. PB Financial Solutions Pty Ltd trading as Burke Britton Financial Partners are Authorised Representatives of AMP Financial Planning Pty Limited, ABN 89 051 208 327, AFS Licence No: 232706.

Any advice contained in this podcast is of general nature only and does not constitute personal financial product advice. In preparing this podcast, no account was taken as to the objectives, financial situation or needs of any particular person. Therefore, before making any decision, listeners should consider the appropriateness of the advice with regard to their particular objectives, financial situation and needs.