Financial Planning strategies
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When developing your plan, your NAB financial planner or specialist may recommend some of the following strategies: Business / key person protectionBusiness succession planning General and commercial insurance Superannuation Services for employees Personal financial planning |
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Business / key person protection
There are three basic protection needs that typically apply to businesses:
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Asset protection
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Revenue protection
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Ownership protection
The key to good protection is the right amount of cover for the right people at the right time.
It's the intellectual capital provided by key people in your business that generates profit. Material things can always be replaced or repaired, but a key person's death or disablement can result in financial loss more extensive than loss or damage to physical assets.
Insuring key personnel for death, serious illness or injury can:
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reduce business debt and free up cash flow,
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replace lost revenues so the business can meet its ongoing operating expenses,
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provide cash to fund the purchase of an outgoing owner's equity in a business.
Business succession planning protects you, your family and your business associates, should something happen to one of the owners.
It ensures the continuity of the business and that the transfer of ownership is orderly and can be funded. It means that your family will be looked after should something happen to you. And if something happens to a co-owner, you will be able to continue running the business.
Drawing up business succession plans is complex and your financial planner or specialist will consult other professionals, like National Australia Trustees and your business banker, to provide you a complete range of solutions.
General and commercial insurance
How quickly could you get your business back up and running if disaster struck? What if a fire damages your premises, a burglary cleans out your inventory, or machinery fails? Repairing and replacing assets is expensive - especially so when you take into account the disruption to your normal business operations.
Your NAB financial planner or specialist can arrange a comprehensive review of your cover and provide access to first-rate commercial insurance solutions.
that include:
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insurance for physical assets - like plant, equipment, tools and technology - and loss of income from those assets,
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specialist insurance cover for public and product liability, professional indemnity, motor fleets and loan cover.
Having a market leading superannuation fund in place offering the best possible retirement, insurance and additional benefits will make your default fund an attractive option for employees, and differentiate you as an employer..
A NAB financial planner or specialist can:
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help you choose a first-rate fund,
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provide an education and advice program to ensure employees understand what is on offer.
NAB can provide an innovative employee benefits program that offers financial and lifestyle services to your employees. These services can help differentiate you from your competitors and improve your ability to attract and retain quality employees.
Our fully outsourced employee benefits program can be tailored to the needs of your business. It includes:
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a selection of personal and general insurance products,
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lending, deposit and other banking solutions,
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financial planning services,
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workplace financial seminars,
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travel, entertainment, and other lifestyle services.
The decisions you make about your business will have implications for your personal situation. In order to meet your complete financial needs, our financial planners will consider your personal circumstances alongside your business requirements. Therefore in developing an integrated financial plan for you they may talk to you about the following areas:
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wealth creation,
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debt management,
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wealth protection,
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superannuation and retirement planning,
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estate planning
