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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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Retire in style checklist™

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If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

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The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

Protecting your SMSF

Posted on Apr 21, 2016 by CFL Financial

Most self-managed super fund trustees don’t give much thought as to how much professional indemnity (PI) insurance their advisor has.

But since PI insurance is the only course of action to recover lost funds for trustees who become victims of fraud or negligence, it is an essential prerequisite trustees should be aware of.

PI insurance is insurance that provides financial compensation to trustees in the event that the advice they have been given proves to be negligent.

Unfortunately, there are many cases of negligent advice. Negligence becomes a factor when an adviser alludes to a particular idea or strategy they don’t understand or know to be deceitful (or even fraudulent) and encourages a trustee to think about it in a positive way.

SMSFs are all about individuals taking responsibility for their super, which includes being aware of circumstances where things can go wrong.  Therefore, one of the essential prerequisites for anyone engaging an SMSF adviser is to be aware of the professional indemnity insurance they have. That involves directly asking them how much insurance cover they have and whether or how it covers the services they offer.

The advisor should provide this is information in writing as it may need to be referred to in case there is cause to make a claim against it.

Competent SMSF advisers will have read a trustee’s fund trust deed and not give advice that is contrary to what it states, as doing the latter can be regarded as negligent.

Anyone who is competent enough to provide specialist SMSF advice has professional indemnity insurance, including accountants, financial advisers, auditors, SMSF administrators and tax agents.

Questions to ask about PI cover is whether it captures all the advice about services that are provided e.g. strategic advice about super pensions such as transition to retirement pensions.

Knowing what services are not covered under PI insurance and why this is so is also just as important. An entitlement a fund could win when successfully challenging an adviser under a PI insurance claim is restoring the fund to what it was before the advice was given.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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