For 30 years, Morgans Port Macquarie has had the privilege of supporting clients and their families through every stage of life, from building wealth and planning for retirement to navigating unexpected challenges along the way. To mark this milestone, we are sharing Stories Over 30 Years - real experiences that reflect the long-term relationships, thoughtful planning and steady guidance that have shaped our journey.
We begin with a story from Craig Watson that highlights why preparation matters. It is a powerful reminder that good financial advice is not just about planning for the future, but about being ready when life does not go to plan.
I first met Peter and Sue (not their real names) 25 years ago. Peter was semi-retired while Sue was a high-income executive working in the healthcare sector. They were both divorcees with adult children, and they wanted to leverage their combined financial strength while maintaining their independence and ultimately securing their estates for the benefit of their respective children.
Peter’s financial strategies focused on effective use of superannuation to minimise tax on his semi-retirement income and secure his position when he retired fully. We captured Sue’s surplus cashflow to extinguish the remaining home mortgage, expand her superannuation balance and create additional wealth outside of super, all while materially reducing the tax payable on her executive income and ensuring a suitable personal risk insurance strategy was in place.
We worked with Peter, Sue and their solicitor to develop an estate planning strategy that secured their wealth for their respective children and balanced that with the desire to look after each other through their lifetime. Finally, we ensured they had suitable medical guardianship and enduring power of attorney arrangements in place.
Some years later, Peter and Sue were living in a debt-free home, and they both had sufficient superannuation balances. Sue also had a sizeable investment portfolio outside of super. Peter had retired fully and was enjoying his sports and hobbies, while Sue was still too young to access super and was thinking about tapping the investment portfolio to fund an early retirement so they could spend more time together. Life was good and they had plenty of options.
Then disaster struck.
I will always remember Sue’s adult daughter calling, distraught that Peter and Sue had been in a head-on car accident and were both in hospital with major injuries. The hospital was concerned about who they could take instructions from, and she had no idea what to do about paying Mum’s bills and other matters. While we were powerless to help with their injuries, it was comforting to let Sue’s daughter know we had the financial and legal matters well in hand.
Peter recovered quickly, but Sue’s injuries were more significant. Her daughter was able to direct care under the medical guardianship and address immediate financial matters using the enduring power of attorney. We immediately commenced claims under Sue’s insurance policies and had a regular income underway, plus a lump sum, in next to no time.
Over the following years, the right people were in place with the right powers to deal with financial matters while Peter and Sue focused on their recovery.
Fast forward to today and Peter and Sue’s lives will be forever changed, but they are now enjoying the retirement they planned and counting their growing brood of grandchildren.
Craig Watson
Authorised Financial Adviser 000259176
Morgans Port Macquarie
