A risk management plan is a vital part of your financial strategy

A well-constructed risk management plan should consider the risks that can be avoided, the risks that can be accepted, the risks that can be outsourced, and the risks that can be insured. Using tools such as Trusts, SMSFs, and clever Estate Planning can often help reduce the cost of insurance and ensure all contingencies are covered. The goal of a holistic risk management plan is to ensure your wealth accumulation plan can continue efficiently, even in unforeseen or unfortunate circumstances.

Most people have insurance cover for their home, contents and motor vehicles as a matter of course, and most superannuation schemes provide some level of life insurance cover. However, few of us have properly considered the potentially devastating consequences of an unexpected injury, illness or disability. These are the things that destroy most wealth accumulation plans. A good financial plan must consider Income Protection, TPD, and Trauma insurances in light of the cost-benefit trade-off.

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Get the right risk management strategy to protect your family

A sound risk management plan will provide the resources you need in the event of death, disability, accident or illness. This provides some relief to address the many other issues you’d be forced to face in stressful circumstances. Nexus can work with you to ensure you have the right risk management strategy for peace of mind.

Some policies can have important implications from an estate planning and tax perspective. At Nexus, we take an holistic approach to your financial strategies. We can collaborate with insurance providers, accountants and solicitors to create a personalised solution for you.

There are different types of insurance policies that might form part of your risk management strategy

  • Life insurance
    Is usually activated in the event of your death. It pays a lump sum benefit to cover the needs of your estate and can be activated earlier in the event of a terminal illness to cover medical expenses.
  • Total and permanent disability insurance
    Pays a lump sum benefit when you meet the definition of totally and permanently disabled.
  • Income protection insurance
    Provides a replacement income stream should you be unable to work as a result of injury or illness.
  • Trauma insurance
    Is a diagnosis-only insurance that pays a lump sum benefit if you’re diagnosed with an illness like cancer, heart attack, stroke and a number of other traumatic conditions.
  • Mortgage protection insurance
    Will meet your mortgage repayments in the event of illness, injury or death, but policies will differ significantly from providers. They can be a combination of life, income and total and permanent disability insurance or a stand-alone product. Not all policies will pay your mortgage out fully in the event of your death.
  • Private health insurance
    Is generally divided into hospital cover, general treatment cover (also known as ancillary or extras cover) and ambulance cover.
  • General insurance
    Covers the replacement of buildings, contents, motor vehicles etc in the event of disaster or accident.
  • Landlords insurance
    Covers the maintenance or replacement in the event of your tenant damaging your investment property.

Improve your cash flow with insurance in superannuation

Today, most insurance premiums can be paid with superannuation monies if structured correctly. This strategy can help you get cover with less burden on your personal cash-flow. 

Assessing your insurance needs alongside your investment goals and estate plan can often result in better outcomes for your beneficiaries, as well as your cash flow. Nexus can assist with all of your risk management needs including initial assessment, recommendations, pre-assessment, applications, review, and processing of any claims.

Contact Nexus and set us to work on your risk management plan today.

Book a Free Consultation

What our clients say…

For many years my husband and I struggled with where to go for financial advice. We wanted somewhere that was a one stop shop and to find an adviser who would look at our whole of life needs now and for the future and be able to tailor solutions accordingly. Someone who would take the reins in some ways, to take the pressure off us, set it all up, monitor and manage it all for us.

We wanted someone who would be genuinely interested in what was the best for our family and not just pretend ... Read More

Gillian and Jeffry
Heritage Park

I have been a Nexus client for nearly 3 years now. They have always been there for me, even just to touch base when I was unwell. Nothing is too much trouble and the effort they put into finding and giving you the best comprehensive advice is tremendous. They have all been a pleasure to deal with and I feel so comfortable with them I am using them more and more for my wealth management. Super, Insurance, Property, financial planning, mortgage brokering and my accounting now all in one place. I ... Read More

James & Lisa
Hope Island

Sonya and I have been a Nexus Client since 2012 and in that time the global economy has been subject to volatile property and share market fluctuations often ending in negative growth for most investors. The investment strategies Nexus have provided us with have improved our financial position during these challenging times whist also positioning us for future growth opportunities when they arise. A combination of having strategies in place and the ongoing coaching by the Nexus staff to better ... Read More

Mick & Sonya
Kirwan

It has been a pleasure working with John. My first contact with him was over the phone when I was really overwhelmed with multiple decisions I needed to make to clean up my finances. He has provided clear and concise guidance to both myself and my partner reducing the stress around changing things for the future. His presentations are clear, he takes his time and really goes above and beyond what he needs to do in order to please his clients. I have since referred several of my close friends and ... Read More

Dr Heidi & Dean
Tarragindi

I first went to Nexus about 18 months ago at which time I had just left the army and started my own business. Nexus did something I suspect very few wealth management companies would have done. They advised me to NOT pay them and wait until I was in a better financial position. This instantly tells me they are an ethical and people centric company. They could have taken my money and put me in a position of high risk, but they chose to forgo a commission to give me the most honest response possible. ... Read More

Neil
Albany Creek

We have been with Nexus right from the beginning. When we decided to start a SMSF we wanted to go with a company that could do it all. Nexus provided us with that. They know everything about us now and look after our SMSF, Trusts, business tax and personal tax. Every member of their staff are knowledgeable and approachable. We are so happy and fortunate to have found Nexus. They have made our life so much easier.

Kellie
Camira

I’ve used Nexus for creating a SMSF, tax, legal and estate planning. Great team, great value and great advice over the last year.

Andrew
Morningside

We have had a great experience with Nexus. They were recommended by family and we too would recommend them to anybody. Steve and John took the time to explain everything and never used pressure tactics. They also made sure they really got to know us and our goals before making a plan.

Rachel & Leon
Burpengary

Nexus has helped my wife and I establish a holistic financial plan, including long term financial planning, as well as the recent purchase of an investment property.
Stephen and his team have always gone to the effort to understand our personal priorities, and we trust their views and advice which is informed, balanced and focused on our best interests. We highly recommend Nexus Private Wealth Management to anyone who needs financial advice.

Brett & Belinda
Heritage Park

My wife and I have been working with Nexus for a number of years now and outside of the financial advice, we have stayed for two main reasons. Firstly, the customer service is second to none and as the Nexus business grows, they manage to employ staff with the same focus on serving the customer. Secondly, the complete service offering means that we don’t need to find different providers for our super, versus our business needs versus our personal tax.

Martin
Camira

John has been working with my partner Jarryd and I for roughly six months to one year now, we are both young professionals and were looking to buy our first house. Obviously not knowing anything about the property industry or setting up long term wealth in general we really wanted to set ourselves up for the best chance of success. After meeting with John and the team at Nexus there was no question in our minds that we were going to utilise their services. John has spent copious amounts of hours ... Read More

Sarah & Jarryd
Kedron

Nexus are great! The support and tailored advise received has been very beneficial. We now have long term financial goals to set ourselves up for the future. I would highly recommend them to anyone looking for financial advice.

John & Sharleen
Loganholme

I had no experience in working with a financial advisor or wealth management group. I also did not have the time or interest to research information myself. It has been a pleasure to work with John and Steve, as they have guided me through my journey of starting an investment plan for my future. I would highly recommend Nexus for anyone who would like to grow their wealth and learn about the process while doing so.

Caroline
Yeerongapilly

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