Investment Solutions

The family portrait editionBuild a healthy and wealthy family tree

Spring 2010

What’s inside:2 Snippets 5 Accumulateandprotect—raisingafamily

3 Wealthyandwise—retirees 6 Fast-trackyourwealth—youngandstartingout

4 Roadtoretirement—pre-retirees 7 MarketCommentary

2InvestmentSolutions–Spring2010

Snippets

Did you know?Ifyournetmedicalexpenses(expensesyou’vepaid,lessanyrefundsyougotorcouldgetfromMedicareoryourprivatehealthfund)weremorethan$1,500for2009/10andyouhaven’tlodgedyourtaxreturnyet,youcanclaima20%taxoffsetfortheamountyou’vepaidoutoverandabovethe$1,500.Atthetimeofwriting,thegovernmenthadproposedtoincreasethe$1,500thresholdto$2,000from1July2010.

Onelasttaxtip:ataxrefundisalwayswelcomeandit’stemptingtogooutandspendit.Butifyou’resmart,you’llputittogoodusebypayingoffdebt.

The family portrait editionWealthissomethinganindividualwillgenerallyworkhardtoachieve.Sharingexperienceandknowledgegainedovertheyearswithfamilymemberscanhelpthewholefamilymakesoundfinancialdecisions.

Whatstepscanyoutaketoensurestrong,solidfoundationsforyourfamily’sfinancialfuture?Inthisissuewepresentasnapshotofstrategiesyourfinancialadvisercanrecommendtopromotehealthygrowthandprotectyourwealthandyourfamily,nomatterwhatyourlifestage.

1Thisisaproposalonly.Ithasn’tyetbeenlegislatedandmaychangedependingontheoutcomeofthe2010Federalelection.

2AMP.NATSEMIncomeandWealthReport:SavingTomorrow

Super futureTakingonboardrecommendationsfromtherecentHenryTaxReview,thegovernmentannouncedanincreaseinsuperannuationguarantee(SG)employercontributionsstartingin2013.Thecurrent9%SGcontributionwillincreaseby0.25%peryearforthefirsttwoyearsandthenby0.5%peryearuntilitreaches12%inthe2019/2020financialyear1.

Whatwillthismeanforfuturegenerations?From2019,atypicalworkingAustralianagedbetween15and24willhavecontributed$150,000moretotheirsuperbythetimetheyreachage65.Theincreaseshouldalsoadd$39,000moretothesuperbalanceof45to54-yearold2.

Yourfinancialadvisercanrecommendsmartstrategiesaspartofyourfinancialplantohelpensureyoumakethemostofyouroptions.

Taking charge of taxAlthoughanotherfinancialyearhascomeandgone,it’snevertooearlytostartthinkingabouttaxstrategiesthatcouldhelpreduceyourtaxbillnexttimearound.

Willyoubepayinganaccountantortaxagenttoprepareyourtaxreturn?Don’tforget,youcanclaimthisexpenseasadeductioninyournexttaxreturn.Youcanalsoclaimcertainwork-relatedexpenses(includingtravel),self-educationexpensesanddonationstocharity.Getintothehabitofkeepingallyourexpensereceiptsfortheyearinoneplacesoyoudon’tmissthoseexpensesyoumightbeabletoclaim.

3

Wealthy and wise –Retirees

Smartfinancialplanningthroughoutyourworkingyearscanpavethewayforacomfortableretirement.Onceyouhaveretired,itpaystoreviewyourestateplanregularlytohelpbuildasecurefinancialfutureforyourfamily.

Wisefinancialchoicesovertheyearscanhelpyourplansforastress-freeretirement.Asaretiree,youmaybeintheenviablepositionofowningyourownhomeandhaveaccumulatedsavings,investmentsandotherassetsovertheyears.

Sowhat’snext?Wheredoesyourfamilyfitinwithyourownplansforthefuture?

It’s not just about a financial planAtthisstageinyourlife,youwantpeaceofmindthatallyouraffairsareinordersothatyoucanrelaxandenjoyyourretirementyears.It’sessentialtonotonlyhaveafinancialplanbutasoundestateplan.

Yourestateplanhelpstoensurethatownershipandcontrolofyourassetspassestoyourbeneficiariesintheproportionsyouwouldlike.Anestateplancanalsohelpreducethetaximpactonyourestate.Itcanbestructuredtoprotectassetsintheeventabeneficiaryencounterslegaldifficulties(forexample,bankruptcy).

Oneimportantaspectofyourestateplanistoappointatrustworthyattorney.Thisneedstobesomeoneyoucanrelyontomakesoundfinancialdecisionsonyourbehalf.

UnderthedifferentStatesandTerritorieslawssomeattorneyscanalsomakepersonalandmedicaltreatmentdecisionsforyou.

Youshouldreviewyourestateplanregularly,particularlywhenanimportanteventoccurs.Forexamplethebirthofachild,deathofarelativewhoisabeneficiaryofyourestateorchangeinyourmaritalstatus(throughdivorce,marriage,ordeathofyourspouse).

Manyeventscantriggerachangeincircumstancesforyouandyourfamily.Atthesetimesitpaystothinkaboutwhetheryourestateplanstillmeetsyourneedsandobjectives.

Inconjunctionwithtaxandlegalprofessionals,yourfinancialadvisercanhelpstructureanestateplantosuityourpersonalcircumstances.

Did you know?Your Will is automatically revoked or becomes invalid on the day you get married or are formally divorced by a court. You’ll need to make a new Will to ensure your wishes in relation to your estate are carried out, unless you have structured your Will to take a future marriage or divorce into consideration.

Once you’ve signed a Will, you can’t alter it, either by crossing out or writing in new clauses, although you can amend it by a separate document known as a ‘codicil’. In some instances it can be simpler to make an entirely new Will.

Imparting wisdomYou’vegrownyourownwealthbymakingwise(andpotentiallysomenot-so-wise)decisions.Theyoungergenerationisexpectedtobethewealthiestgenerationovertime;thisislargelyaresultoftheirpositionasbeneficiariesoftheestatesofyourgeneration.Helptheyoungergenerationsmakegooddecisionswiththeirimpendingwealthbysharingwhatyou’velearned,givingthemthe

opportunitytobenefitfromyourexperience,yourfinancialtriumphsandmistakes.

Doyouryoungrelativeshaveaplanfortheirfutureandstrategiestohelpreachtheirfinancialgoals?Canyouinspirethemtostartthinkingaboutwheretheywanttobeandhowtheyaregoingtogetthere?

OneofthemostcommongoalsforyoungAustraliansistoowntheirownhome.Youcouldconsidergivingchildrenorgrandchildrenanincentivetolistenandtakeyouradviceonboard.Forexample,youmightoffertohelpwithadepositforahome,onconditionthattheyalsotakestepstowardssavingthedepositthemselves.

Ourarticleonpage6outlinessomeofthestrategiesthatwould-beyounghome-ownersmightconsider.

GiftingIfyoudodecidetogivemoneytoafamilymembertohelpthemoutfinanciallyandyou’relikelytobeclaimingaCentrelinkpensionorallowanceinthenextfiveyears,you’llneedtoconsiderCentrelink’s‘gifting’rules.

Asinglepersonoracouplecangiveaway$10,000ineachfinancialyearor$30,000inanyfiveconsecutivefinancialyears.AnyexcessyougiveisclassedasanassetofyoursbyCentrelink(forthenextfiveyears),soitmaystillaffecttheamountofpensionorallowanceyoureceive.

Yourfinancialadvisercanhelpyouwithyourestateplanninggiftingdecisions.

4InvestmentSolutions–Spring2010

Road to retirement – pre-retirement

Thecloseryougettoretirement,themoreimportantitistomakethemostofinvestmentandtaxstrategiestoboostyoursupersavings.It’salsoagoodideatosafeguardyourassets.

Therecentglobalfinancialcrisisaffecteddifferentpeopleindifferentways.Investmentmarketshavestabilisedinrecentmonths,butsomepeoplestilllackconfidenceinthemarket.Ifyou’reover55youcouldbenefitfromapre-retirementstrategy,suchasatransitiontoretirementstrategy–evenifmarketsfall.

Preserving your wealthWhileyou’restillworkingandearningareasonableliving,youmaywanttoconsiderprotectingthatincome.Yourincomecanbeusedtofurtherbuildyourassetsandyourretirementsavings.Butifyoubecomesickorgetinjuredandcan’twork,withoutadequateinsurance,youmighthavetosellsome(orall)ofyourassetsorinvestmentstomaintainyourlifestyle.

Incomeprotectioninsuranceisdesignedtoprovideyouwithcontinuedmonthlyincome(generallyupto75%ofyourgrosssalary)ifyoucan’tworkduetoaninjuryorsickness.Seeourarticleonpage5formoreaboutthebenefitsofinsurance.

Speaktoyourfinancialadviserabouttransitiontoretirementandwealthprotectionstrategies.

Neilis55,worksfull-timeandearns$76,000ayear.Hehas$350,000insuper,ofwhich$100,000isatax-freecomponent.Hisfinancialadviserrecommendsa‘transitiontoretirement’(TTR)strategywherebyNeil:

• Salarysacrifices$25,000tosupereachyear(whichincludeshisemployer’scompulsory9%superguaranteecontributions);

• Convertshisexisting$350,000supertoapre-retirementpension;and

• Drawsenoughpensiontogivehimthesamelevelofaftertax-incomehewouldhavehadwithoutusingthestrategy.

Let’sassumeNeil’ssalaryincreasesby4%peryearandhissuperandpensioninvestmentsgrow7%peryear(beforetaxandexcludingfeesandcharges).He’llseehissuperbalancegrowbyaroundanextra$100,000overthenext10years.

0

$200,000

$400,000

$600,000

$800,000

$1,000,000

65646362616059585756

With Transition to Retirement Strategy

No Current Strategy

What happens when markets fall?Let’slookatwhatwouldhavehappenedif,insteadofincreasing,Neil’sinvestmentsfellbyanaverageof3%peryearoverthe10-yearperiod.

IfNeildidn’tusetheTTRstrategy,hissuperwouldbewortharound$331,000bythetimehe’s65.Butusingthestrategydescribedearlier,Neil’ssupercouldpotentiallybewortharound$343,000.

0

$200,000

$400,000

$600,000

$800,000

$1,000,000

65646362616059585756

With Transition to Retirement Strategy

No Current Strategy

Why does this strategy work?

Theamountyousalarysacrificeistaxedat15%insteadofyourmarginaltaxrateandpensionpaymentsaretax-freeonceyouturn60.Thiscombinationoftaxsavingsonsalaryandpensionpaymentshastheabilitytohelpincreaseyoursuperbalance,even(tosomeextent)infallingmarketconditions.

Did you know?Under current superannuation law, if you’re 50 or older, you can make concessional (pre-tax) contributions of up to $50,000 per year to your super fund. This amount will drop to $25,000 from July 2012.

In the 2010 Federal Budget, the government proposed that from 1 July 2012 the higher $50,000 cap will be a permanent measure for over-50s whose total super balance is less than $500,0003. If passed this measure should give a much-needed boost to the retirement savings of pre-retirees.

Transition to retirement strategy – a case study

3Thisisaproposalonly.Ithasn’tyetbeenlegislatedandmaychangedependingontheoutcomeofthe2010Federalelection.

5

Accumulate and protect –raising a family

Bringingupafamilycanbeacostlyexercise.Thereareafewstrategiestoconsiderifyou’rekeentoreduceyourdebtandaccelerateyourwealthcreation.

Debt recyclingIntheyearswhenyou’rebringingupafamilyandwiththefinancialchallengeofahomeloan,wealthcreationplansareoftenputaside.

Withappropriateadvice,youcanstartinvestingtobuildwealthtodaywhilstcontinuingtorepayyourhomeloan.Onestrategytohelpreduceyourhomeloanistoleverageequityinyourhometoborrowmoneytobuildaninvestmentportfolio.

Youcan’tclaimataxdeductionforinterestyoupayonyourhomeloan,butinterestonaninvestmentloanistax-deductible.

A‘debtrecycling’strategy,usestheinvestmentincomeandtaxsavingsfromtheinvestmentloantoreduceyournon-deductiblehomeloan.Attheendofeachyear,youincreasetheinvestmentloanbyanamountequaltotheamountyou’vepaidoffyourhomeloan.Youusethismoneytobuymoreinvestments.

Asyourinvestmentsgrow,theincomeyougetfromthempotentiallyincreases,asdothetaxbenefits.Thatmeansyou’re

payingmoreandmoreoffyourhomeloaneachyear.Youcontinuetorepeatthiscycleuntilyourhomeloanispaidoff.

Itmaytakelongertopayoffyourhomeloanbecauseyou’llusesomeofthesurpluscashtomeetinterestcostsontheinvestmentloan,butyouarestartingtobuildyourinvestmentportfoliosooner.

Afterpayingoffyourhomeloanandassumingtheafter-taxreturnsfromyourinvestmentsaregreaterthantheinterestcosts,youshouldconsiderreinvestingsurpluscash(insteadofusingittopayofftheinvestmentloan)astheinterestistax-deductible.

Thekeytodebtrecyclingisbudgetingandborrowingtoinvestoverasuitabletimeframe(preferablyfiveyearsorlonger).Aswithallstrategies,youshouldonlyuseadebtrecyclingstrategyafterconsideringtherisksinvolved.Yourfinancialadvisercandiscusswithyouifthisstrategyissuitableforyourcircumstances.

Growth from equitiesOverthepastcoupleofyearsmanyinvestorshaveshiedawayfromsharesbecauseofthewell-publicisedturmoilinsharemarkets.Butforsomeonelookingtoinvestforthelongterm,shareshavethepotentialtogeneratehigherreturnsthanfixedinterestinvestments.

Arecentreport4foundthatAustraliansharesoutperformedallotherinvestmentsectorsoveratwenty-yearperiodto31December2009.Theydeliveredthehighestafter-taxandafter-costreturnsatboththelowestandhighestmarginaltaxbrackets,returninganaverageof9.9%perannumand7.8%perannumrespectively.

Yourinvestmentstrategyshouldalwaysconsideryourgoals,howyoufeelaboutinvestmentriskandhowsoonyou’llneedtodrawonyourinvestment.

Protect your assets and familyWealthcreationisthepartofyourfinancialplandesignedtohelpyoubuildtheassetstomeetyourfinancialgoals.Thisassumesyouwillstayhealthyandlivetoacertainage.Wealthpreservationhelpsyouprotectyourabilitytocreatewealth.Itcoversthoseunforeseencircumstancesthatcanimpactuponyourplans,helpingyouprotectyourassets.

Therightinsuranceforyoucanhelpprotectthewealthyou’vebuilt.

Income protectionYoucanprotectagainstlossofincomeduetoillhealthoranaccident.Incomeprotectioncovergenerallyreplacesupto75%ofyourincome,socangiveyousomeassurancethatyourfamilyandfinancialfutureareprotected.

Life cover Ifyouhaveamortgageandafamilytosupport,youshouldconsiderlifeinsurance.Ifyouoryourpartnerweretodie,thoseyouleavebehindwouldbeundersignificantemotionalstrain.Thesituationcouldbemadeevenmoredifficultifyourfamilyalsohadtosufferfinancialhardship.

Makesureyouhavesufficientlifecovertoprovideforthemintheeventyou’renolongeraroundtosupportthem.

Yourfinancialadvisercanrecommendsmartwaystobuildandprotectyourassetsandprovidepeaceofmindforyourfamily’sfuture.

1Youinvestborrowedmoneyin

growthassetssuchassharesoramanagedinvestment

2Usetheinvestment

incomeandtaxsavingsplusyoursurpluscashflowtoreduceyouroutstandinghomeloanbalance

3Attheendofeachyear,youborrowan

amountequaltowhatyou’vepaidoffyourhomeloan

4Usethismoneytobuyadditional

investments

4RussellInvestments/ASXLong-TermInvestingReportfor2010

6InvestmentSolutions–Spring2010

Fast track your wealth – young and starting out

Lookingtobuildawealthyfuturefromscratch?Thesooneryoustart,thebetteroffyou’relikelytobe.

Youenjoythefinancialfreedombeingintheworkforceaffordsyouandyou’relookingtosecureyourlong-termwellbeing.Ifyou’reseriousaboutgrowingwealth,wheredoyoustart?

A disciplined approach It’sagoodideatostartwithabudget.Buyacheapdiaryorsearchforanonlinebudgettoolandkeepadailyrecordofwhatyou’respending.Byrecordingallyouroutgoingsforafewweeks,youcanworkoutwhereyou’re‘wasting’moneyandidentifywaystocutbackonunnecessaryoutgoings.

Ifyouhaveacreditcardorpersonalloan,usesparecashtopayoffyourdebt.Cleardebtwithhighinterestratesfirst–thenyoucanfocusonsaving.Ifyou’reluckyenoughtoreceiveataxrefundwhynotuseittopayoffdebt?It’smoneyyoudidn’tplantoreceive,soyouwon’tmissit.

Openaseparateaccounttokeepmoneyleftoverattheendofeachpayperiodor,betterstill,setuparegularsavingsplan.Ifyoucanavoidwithdrawingwhatyou’vesavedyou’llalsobenefitfromcompoundinterestwhichwillgraduallyworktogrowyourbalance.

Did you know?Toencouragesavingandreducethetaxburdenforpeoplewhoalreadyhavesavings,thegovernmentisproposinga50%taxdiscountonthefirst$1,000ofinterestearnedfromcertainsavingsproductsfrom1July20115.

Anormalsavingsaccountisagreatstart.Butifyou’rereallyseriousaboutgrowingwealthyoucouldoptforashareportfolio.Sharescouldbeamoretax-effectiveinvestmentthanasavingsaccountortermdepositbecauseof‘frankingcredits’forthetaxalreadypaidonsharedividendsyoureceive.

Yourfinancialadvisercanrecommendsavingsandinvestmentstrategiestosuityourcircumstances.

Get super fitIt’snevertooearlytostartplanningforthefuture.Yoursuperfundisagoodwaytosaveforyourfutureandcanoffersometaxbenefits.

Usingasalarysacrificestrategy,youpaytaxatalowerrateonthecontributionsyoumakethanyouwouldifyoureceivedthemoneyaspartofyourpay.Undercurrentlawyouwouldalsobenefitfromtax-freesavingswhenyouturn60.Andifthesuperguaranteedoesincreaseto12%perannumoverthecomingyears(seeoursnippetonpage2)youcouldbesittingprettywhenyou’rereadytostopworking.

Goal!Setyourselfagoalandimaginehowgoodyou’llfeelwhenyouachieveit.That’sagreatincentivetomaketheefforttoworktowardsit.(Don’tconfuse‘goals’with‘dreams’:agoalissomethingyoucanachievegivenyourcircumstances,adreamissomething

that’salwaysoutofyourreach.)

Ifyourgoalistobuyproperty,thereareacoupleofgovernmentincentivesavailable.Youcouldbeeligibleforaboostof$850fromthegovernmenteveryyearonthefirst$5,000yousavethroughcertainproducts.Earningsaretaxedat15%perannumandwithdrawalsaretax-freewheretheyareusedtopurchaseafirsthome.

ThegovernmentalsointroducedtheFirstHomeOwnersGrant(FHOG)backin2000tohelpoffsettheeffectsofGSTonfirsthomeownership.Undertheschemeyoucouldqualifyfora$7,000granttohelpwithyourfirsthomepurchase.SomestatesalsoruntheirownincentiveschemesinconjunctionwiththeFHOG.

Whenbudgetingforyourfirsthome,don’tforgettoincludelessobviouscosts,suchasstratalevies,landtaxorinsurancetoprotectyournewinvestment.Youshouldalsogiveseriousconsiderationtoprotectingyourmostvaluableasset–yourabilitytogenerateanincome.Seeourarticleonpage5formoreinformationaboutthebenefitsofincomeprotectioninsurance.

Talktoyourfinancialadviseraboutthestrategiesavailabletohelpyoubuildassetsforasecurefinancialfutureandyourpotentialentitlementsasafirsthomeowner.

5Thisisaproposalonlyandhasnotbeenlegislated.

7

Overall,theoutlookforameaningfulrecoveryintheglobaleconomyovertheshorttermcontinuestobemixed.Economicdatahighlightsthefragilityoftherecovery,andwhilewedoseepositiveaspectsintherecovery,itwilltaketimetotakehold.

Market commentaryProvidedbyAdvanceInvestmentSolutions

Economic overview — August 2010 AtthetimeofwritingtheReserveBankofAustralia(RBA)hadleftinterestratesunchangedat4.5%giventhegeneralconcernsaboutthestrengthoftheglobalrecovery,despiteagenerallypositiveoutlookforAustralia.

IntheUS,employmentgrowthcontinuestobethemainissueforinvestors,withunemploymentremainingat9.5%.InAsia,aswellasotheremergingeconomiestheflow-onimpactofslowerdevelopedmarketglobalgrowthcontinuestoimpactfinancialmarkets.Whileweexpectthatemergingeconomieswillmoveinsyncwithdevelopedmarkets,theywillremainakeyengineofglobalgrowthaswecontinuetomovethroughthecycle.

InEurope,marketscontinuedtofollowinlinewiththeUS.Whileanumberoftheexport-orientatedEuropeaneconomiessuchasGermanyhavedefiedthegeneraleconomicconditionsbenefittingfromaweakereuro,thegeneralpicture—asluggishoutlookforEurope—remainsconsistentwiththatofotherdevelopedeconomies.

Outlook by asset class

Australian sharesOverall,theAustraliansharemarkethaslaggedthatofitsoffshorecounterpartsandcontinuestofluctuate.Wedonotexpectthiswillchangeanytimesoon,althoughwedofeelwearemovingoffthelowpointofthemarket.

International sharesWhiletheoutlookforglobalgrowthremainsconstrained,westillseeanumberofopportunitiesinthemarket,althoughmanyofthegainscouldbeerodedbyamoveintheAustraliandollar.WesupportsomelevelofhedgingoftheAustraliandollaringlobalequityportfolios.

Diversified PropertyWhileaspectsofthesectorremainpoor,webelievethatthegeneraloutlookforthesectorisimproving.Bettercapitalmanagementwithanimprovingfocusonthecoredriversofreturnsareimprovinganopportunityforinvestorsnotseenoverthelast5years.

International bondsWhilecentralbanksareunderpressuretomaintainlowyieldsinabidtostimulateeconomicactivity,webelievethattheriskassociatedwiththesovereignbondmarketremainsskewedtothedownsidegiventheextentofrecentrallies.

Australian bondsAsAustralianyieldshavefallen(inlinewithglobalmarkets)webelievethatsovereignbondslookexpensive,particularlyinanAustraliancontextgiventheoverallrelativestrengthofthelocaleconomy.

Alternative AssetsGiventhenatureoffinancialmarkets,alternativeassetshavehadamixedride.Realassets(iegold)haverallied,stronglyreflectinginvestorconcernsaboutglobalgrowth,whilestrategieslinkedtofinancialmarkets(iehedgefunds)haveremainedvolatile.

Whilethissectorprovidesopportunity,investorsneedtobetargetedintheirinvestmentapproach.

CommoditiesWeanticipatesomeweaknessinglobalcommoditymarketsintheneartermbecauseoftheanticipatedmoderationinglobaleconomicactivity,financialmarketvolatilityandinvestorriskaversion.However,demandfromemergingeconomiescoupledwithindustrialproductionactivityresuminginthedevelopedworldshouldresultinhighercommoditypricesinthemediumtolongterm.

Realassets(iepreciousmetals,agriculture,etc)continuetomovehigher,withsomepricessettoremainabovetheirfairvalueovertheshortterm.

CurrenciesWeanticipateastrengtheningintheAustraliandollaralthoughweexpectitwillremainsoftagainstemergingmarketcurrencies.OursecularforecastsfortheAustraliandollarare0.93againsttheUSDollar,100againsttheJapaneseyen,0.7againsttheEuroand0.60againsttheBritishPound.

Overall,weexpecttheAUDwillcontinuetobenefitintheshorttermfrombothhigherrelativeinterestratesandanimprovingoutlookforglobalgrowthovertime.

More information? Forfurtherinformationonanyissuehere,oranyfinancialmatter,pleasecontactyourfinancialadviser.

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DisclaimerThispublicationhasbeencompiledbySecuritorFinancialGroupLtdABN48009189495AustralianFinancialServicesLicenceNumber240687(Securitor)andiscurrentasattimeofpreparation(September2010).Pastperformanceisnotareliableindicatoroffutureperformance.Whilsteveryefforthasbeentakentoensurethattheassumptionsonwhichtheoutlooksgiveninthispublicationarebasedarereasonable,theoutlooksmaybebasedonincorrectassumptionsormaynottakeintoaccountknownorunknownrisksanduncertainties.Materialcontainedinthispublicationisanovervieworsummaryonlyanditshouldnotbeconsideredacomprehensivestatementonanymatternorrelieduponassuch.Theinformationandanyadviceinthispublicationdonottakeintoaccountyourpersonalobjectives,financialsituationorneedsandsoyoushouldconsideritsappropriatenesshavingregardtothesefactorsbeforeactingonit.Whiletheinformationcontainedinthispublicationisbasedoninformationobtainedfromsourcesbelievedtobereliable,ithasnotbeenindependentlyverified.Tothemaximumextentpermittedbylaw:(a)noguarantee,representationorwarrantyisgiventhatanyinformationoradviceinthispublicationiscomplete,accurate,up-to-dateorfitforanypurpose;and(b)neitherSecuritor,noranymemberoftheWestpacgroupofcompanies,isinanywayliabletoyou(includingfornegligence)inrespectofanyrelianceuponsuchinformationoradvice.Itisimportantthatyourpersonalcircumstancesaretakenintoaccountbeforemakinganyfinancialdecisionandwerecommendyouseekdetailedandspecificadvicefromasuitablyqualifiedadviserbeforeactingonanyinformationoradviceinthispublication.Astherulesassociatedwiththesuperandpensionregimesarecomplexandsubjecttochangeandastheopportunitiesandeffectsdifferbasedonyourpersonalcircumstances,youshouldseekpersonalisedadvicefromafinancialadviserbeforemakinganyfinancialdecisioninrelationtosuper,pensionsorothermattersdiscussedinthispublication.Anytaxationpositiondescribedinthispublicationisgeneralandshouldonlybeusedasaguide.Youshouldconsultaregisteredtaxagentforspecifictaxadviceonyourcircumstances.DisclosureSecuritorisawhollyownedsubsidiaryofAsgardWealthSolutionsLtdABN28009143597(Asgard).AsgardandAdvanceAssetManagementLimitedABN98002538329arewhollyownedsubsidiariesofSt.GeorgeBankLimitedABN92055513070,whichisasubsidiaryofWestpacBankingCorporationABN33007457141.BTFinancialGroupisthewealthmanagementarmoftheWestpacgroupofcompanies.TheAdvanceInvestmentSolutionsteamincludestheinvestmentmanagementoftheMulti-ManagerfundsforboththeBTFinancialGroupandAdvanceAssetManagement.ThisareaisadedicatedinvestmentspecialistareawhichprovidesimplementedconsultingsolutionsincludingspecialistinvestmentadviceforotherdepartmentswithintheBTFinancialGroup.Theservicesincludeassetallocationsetting,portfolioconstructionandmanagingtheMulti-ManagerproductsacrossAdvanceandBTFG.TheteamalsosupplyinvestmentandfinancialmarketinformationandresearchacrosstheBTFGbusinessincludingtheAdvicebusinesses,platformsandsuperannuation.MoreInformation?Forfurtherinformationonanyissuediscussedinthispublication,oronanyfinancialmatter,pleasecontactyourfinancialadviser.