No matter where you are in your investment and wealth journey, if you're seeking advice on investing or retirement planning you should consult an experienced investment adviser who specialises in these areas.As with any professional service, the key challenge is finding the right person for the job and a lot of this will come down to knowing the right questions to ask. This is important because ideally you will be interacting with your adviser frequently, and they will be managing your, and possibly your family’s, wealth over the long term.We believe the guidelines to find best practices can be divided into two key parts: questions to ask yourself and questions to ask the adviser.We have highlighted some key questions below.Questions To Ask Yourself Before Getting Financial AdviceWhen wanting to achieve any outcome it’s always good to understand what your actual goals and objectives are, so some initial questions to ask yourself are:Why am I looking for an adviser and what do I want from them?What do I want to achieve and in what timeframe?How do I feel about risk when it comes to my money (otherwise known as your risk tolerance)?What returns am I wanting versus the risk I should be taking?What do I need from my wealth and are there any other special factors to consider?Questions To Ask An Investment AdviserYou want to establish exactly who you are dealing with and the exact services they offer e.g., investment strategy, portfolio management, retirement planning, tax and estate planning services.When selecting a potential adviser, it's crucial to ask questions that will reveal their expertise, investment philosophy, so you can make an informed decision about whether they're a good fit for your financial goals.What is their educational background?What are their professional qualifications?What is their employment history in the investment industry?What is their investment management approach?How often will they communicate with me, and what regular reports will I receive?How do they approach continuing education and stay current with market trends and financial regulations? Asking these types of questions should also help you gauge the capability of the investment adviser and how comfortable you may feel with them.It's also important to understand the fees and how the adviser is paid. This will help you understand their incentives and ensure transparency.You could also inquire about the adviser's network of professionals, such as accountants and lawyers, and how they work together to provide comprehensive financial advice.Finally, ask yourself if you feel comfortable with the adviser. Do they speak in terms you understand and do they show a genuine interest in helping you achieve your financial objectives?Remember, the relationship with your investment adviser is a significant one, and ensuring alignment in both philosophy and approach is essential for a successful partnership.At Collinson Wealth Partners we seek to build long term relationships with our clients. We like to take time to get to know them and ensure they understand how we work, the value we provide and how we believe we can assist them in meeting their individual goals and objectives.The information contained in this publication is general in nature and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.Collinson Wealth Partners FSP 743091 believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication.

Restructuring can be an exciting part of growth and opportunities, but let’s face it, most of us are more familiar with it from the other side of the economic equation – the downsizing process. Economic downturns often necessitate such restructuring efforts.So, when is the right time to talk to staff if business isn’t going so well and you're facing tough times?The answer is, right now.In fact, you should be talking about and sharing your goals/targets and business strategy since the first day each of your employees started. Ensuring regular communication during difficult times is crucial.Economic bumps can require us to examine the economic impact and future for our businesses. Restructuring could be something you need to consider. But whether you’re riding the economic highway or about to pull up on the hard shoulder, now is always the best time to discuss your business with staff and let them know how things are trending. Good, bad, or downright ugly!If your company is experiencing tough trading conditions, you may need to consider cutting back on costs, business operations might need to be streamlined to maintain efficiency, or you may have to make the difficult decision to make some redundancies. The possibility of redundancy can be a shock and extremely demoralising for staff, significantly impacting employee morale, whether they have seen it coming or not. But if they can see it coming, they’re more likely to be able to support you if you include them in discussions, whatever the outcome. Employee engagement during such discussions is key.Knowing how much to share with staff can be difficult too. Nobody became an employee to worry about your cash flow and how you’re going to pay your mortgage. It sounds harsh but, that’s why they’re employees and you’re the boss! But knowing what your company targets are, your values and your strategic direction is a must for any employee. After all, if you’re the boss and you haven’t spent the time to tell your staff what your expectations are from them, how are they supposed to know what you need?Being too busy and just allowing organic growth to occur without strategic direction during times of economic boom will often lead to a restructuring when the economy hits a bump, contributing to stressful times.So, if you’re about to negotiate a tricky economic patch with your business, and you haven’t done so already, talk to your staff now. Let them know what your plan is to navigate these treacherous waters and what you need from them, to avoid the need to restructure where possible. During times of uncertainty, clear communication about the business situation can alleviate concerns.Sharing your company goals and how you expect to get there will help increase the engagement of your staff, even if you’re only talking about how to get pay raises rather than the scary restructuring stuff.There is no “I” in team.Business ownership can be a dark and lonely place, but you have never had to do it alone. Talking to your staff early can help chase the wolf from the door, increase engagement, build resilience in your staff, provide pivoting opportunities with unutilized staff skills, and increase your staff loyalty. Fostering a strong company culture during uncertain times can lead to better employee morale.For more information on how to facilitate early or even regular discussions with your staff, get in contact with the team at EASI NZ. [email protected]

As a real estate agent, providing clients with effective strategies to slash their mortgage and pay off their home loan faster can significantly enhance their financial well-being and expedite their journey to homeownership.Implementing targeted approaches such as making extra payments, offsetting interest, budgeting diligently, and shopping around for better deals can substantially reduce the life of their mortgage and the total amount owed.Here’s how homeowners can achieve this:1. Make extra paymentsOne of the most effective strategies to reduce a mortgage is to make extra payments. Even small additional payments can make a big difference over the life of the loan. Biweekly Payments: Instead of making monthly payments, opt for biweekly payments. These extra repayments result in 26 payments a year, effectively equating to an extra monthly repayment annually without a significant financial strain.Lump Sum Payments: Utilise bonuses, tax refunds, or any financial windfalls to make lump sum payments toward the mortgage principal. This can drastically reduce the principal amount and the interest accrued over time.Increase Regular Payments: Increasing the regular payment amount, even by a small percentage, can have a significant impact. The extra funds directly reduce the principal, which shortens the loan term and lowers the total interest paid.2. Offset InterestOffset accounts can be a powerful tool for homeowners to reduce their mortgage interest.Understand Offset Accounts: An offset account is a transaction account linked to the mortgage. The balance in this account offsets the principal amount of the loan, thereby reducing the interest payable. For instance, with a mortgage of $300,000 and $20,000 in the offset account, interest is only charged on $280,000.Maximise the Offset Account: Homeowners should regularly deposit their salary and savings into the offset account. The higher the balance, the more interest saved over the life of the loan.Utilise All-in-One Accounts: Some lenders offer all-in-one accounts that combine the mortgage, savings, and everyday spending. These can be effective in managing finances and minimising interest.3. Budget EverythingA well-structured budget is essential for homeowners to manage their finances effectively and free up funds to pay down the mortgage faster.Track Spending: Use budgeting apps or spreadsheets to monitor income and expenses. Identifying areas where costs can be cut helps in reallocating funds towards the mortgage.Prioritise Mortgage Payments: Treat the mortgage payment as a top priority. After covering essential expenses, any extra funds should be allocated to loan repayments.Automate Savings: Set up automatic transfers from the primary account to the mortgage account. This ensures consistent regular repayments without the temptation to spend.4. Shop AroundRefinancing the mortgage or switching to a lender with better rates and terms can save homeowners a significant amount over the life of the loan.Compare Mortgage Lenders: Don’t settle for the first mortgage offer. Comparing different Banks to find the best interest rates and terms is crucial. Online comparison tools can aid in this process or using Mortgage brokers to do the hard yards on your behalf.Negotiate Loan Terms: Homeowners shouldn’t be afraid to negotiate with their current lender for a lower interest rate or better terms on their loan agreement. Often, just asking can result in a more favourable deal.Assess Fixed vs. Variable Rates: Homeowners should evaluate whether a fixed or variable rate mortgage suits their financial situation better. Fixed rates offer stability, while variable rates can be advantageous if interest rates are expected to fall.ConclusionSlashing a mortgage requires a strategic approach and disciplined financial management.By making extra payments, utilising offset accounts, budgeting meticulously, and shopping around for the best deals, homeowners can significantly reduce their mortgage terms and the amount of interest paid.Implementing these strategies can pave the way to financial freedom and the peace of mind that comes with owning a home outright.

Diversification is a key part of a wise investment strategy to mitigate risk without necessarily sacrificing returns.You could think of it as a form of insurance—it doesn't prevent market downturns, but it can soften the blow.Benefits of diversifying your investmentsWhile diversification cannot totally shield against systemic risks that affect the entire market, such as a global economic crisis or war. By spreading investments across various asset classes, sectors, and geographies, an investor can reduce the impact of any single investment that underperforms.Diversified portfolios can benefit from the lack of being invested in similar markets. Having different types of investment means even when one market zigs, another can zag, which helps smooth out the overall investment journey.Although it's not just about reducing the downside, it's also about capturing upside performance. Having a variety of investments allows you to participate in the growth of a wide array of industries and economies, some of which may outperform expectations.What you should know about diversificationHowever, diversification is not a one-size-fits-all solution or a set and forget strategy.It requires regular rebalancing to maintain the intended risk profile, as market movements can change the original asset allocation.Over-diversification can also reduce potential returns and lead to complex portfolios that are hard to manage.So, while diversification is a powerful tool, it must be used with care and be tailored to an individual's investment horizon, risk tolerance, and financial goals.The diversification settings also require reviewing and updating regularly to ensure the assumptions it was built around are still relevant and reflect any changes to an investor's life stage requirements, investment goals and objectives.SummaryIn simple terms having a diversified investment portfolio means not putting all your eggs in one basket. It's a strategy that accounts for the unpredictability of markets and the limitations of forecasting.For all investors, it provides a structured approach to managing uncertainty. It results in a more resilient portfolio making it better equipped to weather the storms of market fluctuation.A well-diversified portfolio is the foundation for long-term financial security, but regular review and adjustment of the portfolio are essential to keep a good diversification strategy that can adapt to changing market conditions and personal financial goals.At Collinson Wealth Partners we specialise in preparing investment portfolios and plans tailored entirely to the individual client, diversification being a key element of those plans. The information contained in this publication is general in nature and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.Collinson Wealth Partners FSP 743091 believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication. 

Legal Aid, provided by the Ministry of Justice, offers government funded legal representation to those who meet the applicable financial thresholds and circumstances. Despite common misconceptions, Legal Aid is not free, rather it is considered a loan; those in receipt of Legal Aid may need to repay some or all of the fees under their grant of Legal Aid. In some situations, if you own a home, you may have to authorise a charge over your home as security for your Legal Aid, any debt owing under your grant of Legal Aid would likely need to be repaid upon the sale of that home.Legal Aid is available for an array of areas of law, including but not limited to, Civil Law, Criminal Law, Employment Law, and Family Law. Firms who offer Legal Aid may do so in one or more of these areas of law. Usually with Criminal Law, where you are facing a charge or charges carrying a maximum penalty of less than 10 years imprisonment, you would be assigned a lawyer upon the approval of your Application for Criminal Legal Aid, whereas with Family Law, you can approach a lawyer who provides Family Law Legal Aid and ask for them to be assigned on your matter(s).Legal Aid is a great resource that allows you to get the legal advice and representation you may require, whilst taking into account your financial and personal circumstances. At Checketts McKay Law we offer Legal Aid for Criminal and Family Law, so it always pays to ask whether you would qualify for Legal Aid, so we can best assist you. 

The fatality at Abbey Caves has made headlines once more, and many people are baffled as to what went wrong and what the Board of Trustees' (BOT) involvement was.In May 2023, amid a heavy rain warning in Northland, a group from Whangārei Boys' High School entered the Abbey Cave system as part of a school trip. Sixteen people, including an instructor and a parent, found themselves in need of rescue due to the adverse conditions and tragically one student lost their life in the incident.The BOT has been charged under the Health and Safety at Work Act 2015: Section 36 sets out what is described as the primary duty of care and Section 48 provides that it is an offence to fail to comply with a duty that exposes an individual to risk of death, serious injury, or serious illness.It is important to remember that individuals on a BOT cannot be prosecuted, it is the Board as a whole that will have their actions reviewed in court. If the BOT is convicted and fined the maximum penalty is NZ $1,500,000.I do not want to go into the details of exactly what happened as that is for the courts to decide; however, here is a list of things that you can do if you are a board member of a school. Do not quit! Understanding your health and safety role and duties is not hard. A good place to start is by reading the following:Keeping people healthy and safe Ministry of EducationCommunity member guide to the role of the board of trusteesSelf-Audit Checklist Section 3 – Health, Safety and Welfare EROSafety in schools toolkit PPTA (This focuses on risks to teachers)Health and Safety Guide: Good Governance for Directors March 20162. As an ‘officer’ your duties are separate from the primary duty of care owed by PCBU (Person in Control of a Business or Undertaking). In a school, the PCBU is the principal and head of the department, depending on the circumstance.3. Your duty focuses on ‘due diligence;’ this means you must ask the right questions, even if you do not know the exact answer. An example would be asking about the issues surrounding insurance. You are not expected to be an insurance broker; you are expected to ask if the school assets are adequately insured.In regards to outdoor education, you might want to know:Is the teacher leading the activity suitable and qualified, or do we need to engage an external outdoor instructor?Has a RAMS (Risk Assessment Management System) form been filled in and signed off by the teaching staff involved and the head of the department?Have the physical and psychological abilities of the students participating been acknowledged and accounted for?Is there an emergency response plan that identifies what will happen if something goes wrong?Have parents been made aware of what risks are inherent in the activity?My thoughts go out to everyone involved in the Abbey Caves event and I hope that everyone is being offered the support they need to get through the court prosecution.If you want to know more about the role of Officers in different operating contexts, please call Sarah Thomas 027 200 7680 or email [email protected]

At Collinson Wealth Partners we take a holistic approach to personal finance with emphasis on simplicity, common sense, and a long-term perspective.We believe with this approach; you are less inclined to take the wrong path and get distracted from securing your financial future, which in this business is an easy thing to do with all the noise and emotions involved when it comes to money!Build Wealth Through Emotional IntelligenceBuilding wealth is a process of consistent saving, investing and adhering to a well-thought-out plan, regardless of market fluctuations.Emotional intelligence - more so than just intellectual intelligence - is the key to your financial future, especially when making investment decisions. But it is also the hardest part. Controlling your emotions and avoiding the temptation of jumping in and jumping out of the market is crucial to financial success.Wealth accumulation is best done gradually with patience, discipline and a focus on setting and achieving personal and financial goals. Align Level of Risk with Life StageAnother complication is that life experience shapes our perception of potential risk. Our capacity and need to take financial risks should be aligned with our stage in life, financial situation, objectives, and individual risk tolerance.At the end of the day, we are all mostly looking for financial security and peace of mind. This can be achieved by creating a financial plan resilient enough to withstand market uncertainties, while being flexible enough to adapt to individual needs. Keep It SimpleThe modern financial landscape provides us with opportunities and challenges. The ease of automating investments and a wide range of financial products can be a positive and a negative.Automation can simplify the process, but new investment options can overcomplicate and cause you to deviate from your wealth plan.Most success comes from getting the plan and financial goals right at the beginning, and then letting time and compounding do the heavy lifting, without getting interrupted by new investment strategies/products, ideas, or attempts to time the market. SummarySo, the keys to wealth management are understanding the physiological aspect of investing, the value of keeping it simple and maintaining focus on the long term. This is where advice from an experienced and knowledgeable investment specialist can make all the difference.We at Collinson Wealth believe our core value lies in helping clients create their financial plan and keep their focus on what is important to them in the long term; keeping them from being distracted by the noise and promise of instant wealth which appears so prevalent in the modern investment environment.The information contained in this publication is general in nature and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.Collinson Wealth Partners FSP 743091 believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication.  

The word on the street is that using job titles or language like Superstar, Rockstar, Boy/Girl Friday, or Ninja in job advertisements may not be as effective nowadays when seeking candidates to join your team.It can say more about you than the potential candidates.And let's be honest, we all embody these qualities when we're in a fulfilling role, appreciated, and working at our very best ability!So here are some top tips for kicking off your recruitment campaign in the right vain!1. Grab Attention with an Engaging TitleThink creatively to capture the interest of your perfect candidate. What would make them pause and take notice? Consider what unique opportunities your position offers: flexible working hours, school hours, remote work, health insurance, training, and career development!2. Keep It Clear and ConciseIn a world of information overload, brevity is key.Write with clarity, using action verbs to make your ad easy to read. Trim unnecessary words and streamline your message, drawing from the job description – we all love a few bullet points! You should be able to easily condense all your details into 250 words.And to really kick your job listing up a notch, getting current employees involved adds that extra touch of authenticity.You may feel the need to include lots of details about your business but anyone worth their salt will go straight to your website and socials and find that information out for themselves.Additionally, if you include the hourly rate/salary range, you are going to get over 40% more engagement. People don’t enjoy ambiguity when it comes to money, so take the awkwardness out of those initial conversations. It will save a lot of backwards and forwards later in the recruitment process.3. Define Your Ideal CandidatePaint a clear picture of who you're looking for. Developing a "target candidate persona" helps you go beyond basic qualifications and envision the perfect fit for your team.Also, think about the kind of person you don't want to attract. If you need a strong leader, make that clear. If a nurturing vibe is what you need, then focus on that in your wording.4. Showcase Your Company's AppealHighlight what makes your company stand out from the competition. If you have company values that you put into action, then this is where you can really shine! Emphasise exciting projects, growth opportunities, and benefits. Let potential candidates see why joining your team is a game-changer for their career.5. Outline the Application ProcessMake the hiring process seamless and straightforward to encourage qualified candidates to apply. For instance, instead of a lengthy instruction, opt for a direct call to action like: "Send CV & cover letter to: [address]."You can also include a closing date for applications, but this might run the risk of discouraging a great applicant from applying if it’s a few days past. You can take advertisements down once you have decided to move forward to interviewing.Need some help?For guidance in recruitment and retention, your local specialist team EASI NZ are happy to help in all or any parts of the recruitment process. From developing job descriptions to reference checking, we are here for you! 

Feeling overwhelmed by the idea of downsizing as retirement approaches? You're not alone. Many of us find ourselves faced with the prospect of downsizing. Whether it's to simplify our lives, reduce maintenance, or free up equity, downsizing can be a daunting task but ultimately a rewarding journey.Here's how to prepare for downsizing and make the transition smoother: Sort Out Your Budget:First things first, get a clear picture of your financial landscape.Seek a market appraisal from a trusted real estate agent to understand the estimated value of your current property. This information will be invaluable when determining your budget for a new, smaller home.Once you determine the price, remember to include legal fees, real estate agent fees, removal costs, and any other related expenses, as well as consider how much you want to set aside to support your retirement savings, before you complete your budget.This will provide you with a ballpark figure and help you make an informed decision on what houses you should be looking at.Research Several Properties:Once you have a budget in mind, make a list of your "must-haves". Your must-haves could include the number of bedrooms, office space, bathrooms, or even the level of maintenance required both internally and externally.While thinking about your "must-haves", you must also factor in what it might look like for you getting older. Proximity to amenities like supermarkets, medical care, and recreational facilities might be crucial to consider especially when things like driving become a challenge in the future.It might be worth exploring different housing options, such as retirement villages or houses closer to town, based on your needs and preferences.Aurum on Clutha residentsThe Future You:Getting older may mean your living space may have to look a little different.Some common considerations that people look into are single level with few stairs/stairways, internal access garage, low-cost heating, ensuite, wheelchair access and wet floor shower.Consider factors like medical dependency or convenience to amenities when making your decision too. Although homes like these are usually more favourable and can mean more demand, hiking up the prices. In Preparation For Downsizing:When downsizing you're not going to have the same storage space you once had, so you'll have to start decluttering and getting rid of items you no longer need. Consider giving back your children's belongings and consider hosting garage sales, donating to charity or putting extra belongings in a storage unit.While you might be excited to get rid of unwanted items, there may be quite a few sentimental items that can be hard to part with. Downsizing often requires making tough decisions about what to keep and what to let go, so start preparing months in advance to allow plenty of time for the decluttering process. Your real estate agent can also help you make decisions around decluttering.There are many areas of the house such as your kitchen or closet space that are likely to be smaller after you downsize, so it's a good opportunity to simplify and lighten your load across all areas of your life. With less square footage available, larger items like furniture pieces and heavy appliances might also need to be downsized or creatively arranged to fit the available space more efficiently. Don't Leave It Too Late:One common mistake is leaving downsizing too late. Waiting until health issues arise or mobility becomes limited can make the process more challenging. Start planning early to avoid unnecessary stress and ensure a smoother transition.Getting started early gives you extra time to spruce up your place for open houses or viewings. You can freshen things up with a new coat of paint or improve the lighting by switching out bulbs to better appeal to potential buyers. If you'd like some more suggestions, you can check out my article for some tips on getting your home ready for showings.Get The Help You Need:Consider involving family members in the downsizing process. They can provide support, help with decisions, and assist with the physical aspects of moving. Keeping lines of communication open ensures everyone is on the same page and can alleviate some of the burdens associated and decrease the stress levels with downsizing.Conclusion:Downsizing can be a significant life transition, but with careful planning and preparation, it can also be a fulfilling one.If you need some expert advice and guidance on budgeting, moving logistics, or navigating the real estate market, don't hesitate to reach out to me. We can support you every step of the way on your downsizing journey throughout Central Otago. 

Imagine you have had a cash windfall, won a lump sum of money, received an inheritance or finally have access to your retirement savings.What happens next?In an ideal scenario, you would have had time to contemplate retirement planning and how you intend to navigate it. However, for many of us, life is busy, making it challenging to fully consider our next chapter.It can feel overwhelming. Many of us have probably fantasised about how we'd spend a large sum of money, but imagining it is one thing and actually managing real money is another challenge altogether.So it's important to think about your financial plan. First, take a breath Before doing anything, the first step should always be to take a moment to understand the full extent of this new financial situation you're in. It's advisable to resist the urge to make any hasty decisions, as the sudden increase in wealth can lead to impulsive spending.Deal with your financial prioritiesIn most cases there may be personal debt to consider, the easiest approach is to pay off any high-interest debt, personal loans, credit card debt and so on. Then you can consider the mortgage, but you will want to understand any costs of repaying, also whether it may be worth continuing with the mortgage payment for now and assessing all the options going forward.It’s also essential to consider an emergency fund so you have a safety net for any unforeseen circumstances, and you don’t have to dip into your long-term investments or take on more debt.Consider investingInvesting is another critical aspect to consider.Investing large sums of money carries inherent risks, and whether this aligns with your risk tolerance determines its potential outcome as either advantageous or detrimental.It might be worth considering having a diversified portfolio. This means investing in a wide range of different asset classes. Making the strategic decision to invest in different types of assets, can help lower your level of risk and maximise returns over time.Seeking professional advice on your investment decision from a financial advisor who understands your personal goals, financial goals and risk tolerance is highly recommended. They can assist in creating a tailored investment strategy that aligns with your long-term objectives and can also help with the steps above.Plan for the future Include thinking about the future in your financial planning. Setting up retirement accounts or education funds for children (or grandchildren) can ensure that the financial windfall has a lasting impact.Additionally, consider contributing to charitable causes that are meaningful to you, this can provide personal fulfilment and in some cases tax benefits.In conclusion As you can see, a windfall of money requires a thought-out financial plan and disciplined decision-making.By taking strategic steps and seeking professional guidance that offers personalised financial advice, one can effectively manage and make informed decisions about their newfound wealth to secure a prosperous financial future.How we can helpWe at Collinson Wealth Partners would be happy to share our knowledge and experience in this area, help you step through the considerations and come up with a plan you can implement to make the most of your options.The information contained in this publication is general in nature and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.Collinson Wealth Partners FSP 743091 believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication.

As your family grows, it may be worth considering upgrading your current home.Upsizing your home isn’t as easy as upsizing your fast food. Accommodating a growing family is a significant decision that involves several considerations to ensure that the new space meets your needs and preferences.Here are a few things you should consider before making the change:Space Requirements:As your family grows, so do your needs for space. It can be challenging to live comfortably in a home that is bursting at the seams with belongings and people. Evaluate your current property and identify the areas where you feel cramped. Determine how much extra space you'll need to accommodate your family's needs comfortably.Budget:Before diving into the upsizing process headfirst, it is crucial to set a realistic budget. This means taking into account not only the cost of purchasing a larger property but also potential renovation expenses, moving costs, lawyers, and agency fees.Home Layout:Pay attention to the floor plan of the prospective homes you're considering. Look for features such as extra bedrooms, storage space, the layout of common areas, and any additional spaces you could need like a home office or playroom. For households with teenagers, it could be worth considering two separate living spaces/rooms and incorporating a media room, to provide everyone with their own space and entertainment options.Outdoor Space:Assess the outdoor space available with the new home, especially if you have children or pets who will need room to play. Consider factors such as yard size, landscaping, and outdoor amenities like a patio or deck.Location:Consider the location of your new home carefully. Choosing the right location can make a big difference in how smoothly your family transitions into a larger space. One of the first things to think about is proximity to schools. If you have school-aged children you may also want to consider the children's sports or after-school activities. Additionally, consider the proximity to work and other important destinations such as grocery stores, parks, and medical facilities.School Zoning:Speaking of school, if you have school-age children or plan to have them in the future, research the quality of the schools in the areas you're considering. A good school can significantly impact your children's education as well as your property's resale value.Commuting:Worth considering if you're choosing country over town. Often children who can walk or bike to after-school activities puts less stress on the family having to provide transport during work hours.Future Growth:Anticipate any future changes in your family size or lifestyle that might affect your space needs. While upsizing now may meet your current needs, it's essential to consider whether the new home will still be suitable in the long term.Resale Potential:While it's essential to choose a home that meets your current needs, also consider its resale potential. Look for features and proximity to amenities that appeal to a broad range of buyers and consider how the neighbourhood and local property market may affect resale value.Home Inspection:Before finalising the purchase of a new home, conduct a thorough home inspection to identify any potential issues or repairs needed. This can help you avoid unexpected expenses and ensure that the home is safe and structurally sound for your family. If unsure, get a builder through or better still get a comprehensive builder’s report.By taking these key considerations into account before you decide to leave your current space and upgrade to a larger house, you can ensure that your decision is well-informed before taking the plunge. For additional guidance, feel free to reach out to me at Tall Poppy.

Taking on your first employee is a massive step for any business, especially if you’re used to going it alone.Registering with Inland Revenue (IRD) as an employer is the easy part. An employment agreement that is fit for purpose can be easily obtained with the right advice, but the real challenge is bringing someone into the business who shares your vision and values.Therefore, both you and your new hire must have a clear understanding of why they've been brought on board. Before you start the recruitment process...As the business owner, you need to be clear about what is important to you, and why.If you can’t explain your expectations clearly to your new staff member, what chance do they have of representing you accurately in the marketplace?This means;Articulating your company culture and valuesProviding a job description that clearly indicates tasks, measurables, and expected outcomesIdentifying the skills and competencies needed for the roleProvide an induction plan when your successful candidate starts, so that you can maximise the chances of retaining them. Make it fit for your businessIn New Zealand, 97% of our businesses are small to medium enterprises (SMEs) with less than 20 employees.Even though it might not seem like typical ‘corporate’ stuff, being 'corporate' just means being united as a group or sharing things with others in the group. There is no size restriction to having a corporate identity.Nothing in the definition of “corporate” indicates you need to be “stuffy” or “bureaucratic” with your culture.Your vision and values may indicate a more relaxed “culture” supported by respect, integrity, quality and even fun! What’s important is that every single staff member and prospective employee understands exactly what is required of them. What does success look like to you?Becoming an employer puts you into a position of trust and one that you may well be held accountable for if you breach it.Providing clarity in the role within your job description, company strategy and business goals, can reduce your risk of future misunderstandings.Providing an objective and purpose for the new hire can also help identify how to measure “success”.What tasks will the person be doing on a day-to-day basis and what skills do they NEED to meet your business requirements?What skills do you WANT but are really just “nice to haves”?Is there an option to provide career development, or training so that you can acquire those skills when you need them?If you’re clear about what you need and how you’ll measure success, including the cultural expectations of the company, you’re much more likely to find the right type of person for your business. After the hiring process An induction process or an onboarding process is essential to ensure your new staff member is up and running as soon as possible.The first two to four weeks of employment provide the best window of opportunity to set the expectations of the job and deal with any immediate training issues.Need some help?For more information, professional advice, or assistance with your Human Resource queries, contact Cherilyn at Enterprise And Staffing Innovations NZ (EASI NZ) on [email protected] or phone 021 665 013. 

Buying or selling a residential property can be one of the most significant transactions in your life.Whether you're stepping into home ownership or transitioning to a new property, understanding the process is crucial. Here are some valuable insights that I would recommend looking into throughout your home buying or selling process: Sale and Purchase Agreement (S&P):The S&P agreement records the terms of the agreement. Ensure you fully understand all the terms, as it's not just about sealing the deal with a purchase price and the settlement date. The better your understanding the more certain you can be about the transaction. Choosing the Right Entity:Deciding what entity to purchase the property under can have legal and financial implications. Consulting with a lawyer and accountant can help you determine the most suitable structure, whether it's purchasing as an individual, a trust, or a company. Financing Approval:Securing finance is essential for many buyers. Understanding which entity to get finance approved through and ensuring you meet the lender’s requirements is vital. Work closely with your mortgage broker and lawyer to navigate this process smoothly.Title Review:Before signing an agreement or going unconditional, it's crucial to review the property's title. This includes checking for any registered instruments that may affect your intended use of the property, such as having design requirements or even restricting you as to what type of dog you can own. Building Inspection Report:Obtaining a builder's report can uncover any hidden defects or issues with the property's structure. This information is invaluable for making informed decisions and negotiating if necessary. Land Information Memorandum (LIM):A LIM provides valuable information about the property, including zoning, building consents, rates, and any known hazards. Obtaining a LIM report is essential for buyers to understand the property's history and potential issues before proceeding with the purchase. KiwiSaver:KiwiSaver can be a valuable resource for first-home buyers, offering assistance with the deposit or at settlement. Understanding when and how to use your KiwiSaver funds is crucial, discuss this with your lawyer and mortgage broker. Ownership Agreements:If you're purchasing the property with a partner, friend, or family member, it's essential to have a clear agreement in place. The agreement will outline each party's rights, responsibilities, and contributions to avoid potential conflicts in the future. Navigating the legal process of buying or selling a residential property in New Zealand requires attention to detail and expert guidance. By understanding these key insights and seeking professional advice when needed, you can ensure you are protected.For personalised legal assistance and guidance, don't hesitate to contact our experienced team of property lawyers. We're here to help you every step of the way. 

As a recruiter one of the questions I ask when speaking to potential employees is ‘What’s important to you in a role?'I can unequivocally say that in the last year ‘being able to make a difference/help with positive change’ has been the standout response. I have had candidates choose their values over their pay, and I think we can take a lot from that.People want to feel that what they're doing is good, and they're interested in doing positive things that actually make a difference. If that’s what motivates people, I feel like business owners need to listen up.This doesn't mean that professional development, flexible hours, bringing your dog to work, having your birthday off and the choice to work from home aren't also important!Values: So how can we look at authentically encompassing social or environmental positive change? See that word I snuck in there ‘authentically’? To be truly authentic you have to move in line with your values.To achieve this, you first need to develop your values, making them meaningful and relevant to your business. What do you want your company culture to look like? How do you want your business to behave? How should people feel? How should the business be seen or how should people feel about it?Your values do not have to be set in stone, they evolve and grow as you do and guess what? If you include your current employees in building these values you have their buy-in too, plus you’re all accountable. The values that you come up with should be revisited and visible for all to see.Team Culture:Feeling included, valued and listened to within the team is all the motivation people need to get out of bed in the morning. When people willingly invest their time in your team, it's a testament to the power of teamwork, as the saying goes, "Teamwork makes the dream work."On the flip side, if you claim 'teamwork' as a core value but experience weak communication, isolated departments, and a lack of team-building activities, it undermines collaboration and camaraderie among employees, leading to lower productivity and morale, which won't be great for your company culture.  Employee Well-being:Creating a positive employee experience and a workplace where everyone feels valued and supported boosts their happiness and engagement, leading to better productivity and job satisfaction. Keeping talented people around not only saves money on hiring but also keeps important knowledge within the company.On the flip side, a toxic work culture with long hours, high stress, and little care for mental and physical health brings down morale and makes people leave their jobs more often. This not only hurts individual performance but also puts the health of the whole company at risk.In conclusion It’s all common sense when you take a step back and look at the big picture. So, I challenge you to look at your values and ask yourself if you are using them to support decision-making within your team. Is it time for a refresh and can you ask your team their thoughts?Get them right, make them spread like wildfire around your organisation and see everyone thrive! Now that’s a key way of attracting amazing and qualified candidates and encouraging them to choose you. EASI NZ would love to help your local businesses and ensure that your operations, policies, and procedures all reflect your company values and how you would like to present your business to potential customers. Contact us for more information about aligning your HR strategy to fit your business needs. 

You may have seen recent articles in the news highlighting an update around studies on the human life expectancy and how it compares with how long people think they will live.A recent survey by Horizon Research showed that only 18% of people think they'll live to be 91 years old. But, interestingly, about 42% of women actually reach or go beyond 91. For men, it's around 30%. So, there's a difference between what people expect and what often happens when it comes to average life expectancy.The upshot is that, overall, we are living longer, and each generation is lasting longer than the previous one. Depending on your view this can be a reason to rejoice, however it does raise the question of whether we will outlive our financial resources or not.My thoughts on the possible implications are... Many people will have to work longer, save more or both.The idea of working longer as we get older doesn't have to be seen as a bad thing. Evidence shows that staying active in work, being productive, and enjoying the social aspects of a job are great for our well-being, especially for those who find fulfilment in their work.With the increasing popularity of working from home and flexible hours, the possibility of continuing to work as we age becomes more realistic and less challenging. This flexibility can have positive effects on our overall health and happiness.However, it's important to recognise that this may not be as simple for those in physically demanding jobs. For those in this position, it's recommended to focus on saving money and exploring less physically demanding career options as you get older. Planning for a transition to a less physically demanding job can be a smart move, ensuring more financial security and the ability to maintain a satisfying lifestyle and good quality of life as you age. Women are often overlooked in the financial planning world.  Women typically live longer than men. This means that, on average, women often end up with more financial responsibility as they outlive their partners. Despite the belief that men usually handle money matters in relationships, studies suggest that women can be better at investing.It's important for the financial industry to encourage more women to get involved in managing money. Since women live longer, there should be ongoing efforts to focus on their financial well-being. The longevity issue certainly highlights the importance of continued growth in focus on women and their financial future. Investors need to understand and define their time horizons.  When you start your retirement planning, the big challenge is not knowing how long you'll live and how long your retirement savings and investments need to last. While your human capital (earning power) in most cases will reduce in retirement and older age, your spending, which includes covering the cost of living, still needs to keep up with rising prices (inflation) to maintain your financial security. Therefore, your retirement savings and investments have to keep growing to support yourself for possibly a longer time than you expected.It's essential to take proactive steps now to secure a better retirement plan for the future as it affects how much risk you can take with your money and how you spend it now and in the future. Plus, it impacts how much money you can safely take out of your investment portfolio to cover your current expenses. So, taking action and planning ahead is really important to make sure your money lasts as long as you do. How we can help We at Collinson Wealth Partners would be happy to share our knowledge and experience in this area, explore the above considerations with you, and help you produce a plan to ensure security and peace of mind into your retirement.The information contained in this publication is general in nature and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.Collinson Wealth Partners FSP 743091 believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication. 

Tax is something I don’t typically write about as it doesn’t tend to be much of a crowd pleaser.However, as death and taxes are the only two certain things in life (as the saying goes) and the fact that there are a few key tax changes about to occur, I feel compelled to do so in this instance.On the 1st of April 2024, a few tax changes come into play that could impact how much net earnings you generate in the future. I'll talk about two changes below to help you understand how they might affect you (if they apply to you) and give you enough time to get ready. Trust Tax Rate ChangeFrom 1 April 2024, the basic tax rate for trustee income will increase from 33% to 39%. This adjustment will match the top marginal tax rate that applies to individuals earning over $180,000.Trustees must be aware of the implications this increase has on the taxation of trust income. The new trustee tax rate may influence decisions around the distribution of income to beneficiaries, as taxable distributions are generally taxed at the beneficiary's personal rate.If your trust holds shares in an operating company, you have until 31 March 2024 to raise a dividend in that operating company to clear out any imputation credits available.This is important to know because if you change the dividend before 31 March 2024 the Trust will be taxed at the existing 33% rate, whereas if you declare a dividend after 1 April 2024 the tax increases to 39%.I would recommend speaking to your accountant as soon as possible for clarity, as the potential cost savings may be significant.   The “App Tax” – GST changes impacting accommodation providersThe so-called "app tax," is also starting in April 2024. It is an adjustment to New Zealand's existing GST rules, expanding them to "listed services" like ride-sharing, food delivery, and short-term accommodation.This change will impact platforms such as Airbnb and Uber, requiring them to collect and pay GST on all transactions, even if the driver or host is not registered for GST themselves.How could this affect you? The ultimate impact will largely depend on the circumstances of the operator and underlying short-term accommodation provider.The following are the most common scenarios: Holiday homes that are not registered for GSTConsider Bob, an accommodation provider with a holiday home advertised on Holidays-R-US. As his turnover is below $60,000, he isn't GST registered. If Richie stays for one night at a cost of $100, the "App Tax" imposes 15% GST ($15), collected by Holidays-R-US. Bob receives a standard input credit of 8.5% ($8.50), resulting in a net payment of 6.5% ($6.50) to the Inland Revenue Department. Consequently, Bob experiences a 6.5% reduction in annual revenue from April 1, 2024, onwards.Overall, this will result in Bob receiving 6.5% less revenue from 1 April 2024 than he had inthe past. As such, you may want to review pricing so not to impact what you receive in thehand. Holiday homes that are already registered for GSTTaking the facts above, Bob’s neighbour, Jenny, is also an accommodation provider and advertises her holiday home via Holidays-R-US. Unlike Bob, Jenny is registered for GST as her turnover is greater than $60,000. Hence, Jenny already charges 15% GST for guests and claims GST on costs related to providing the accommodation. Richie stays one night at Jenny’s home for $100 + GST.The total 15% ($15) will now be paid by Holidays-R-US to Inland Revenue. Jenny will treat any income as a zero-rated supply for GST purposes (so as not to double pay GST) as Holidays-R-US has already collected the GST.GST-registered owners are allowed to opt-out of Holidays-R-US collecting GST on their behalf (and continue collecting and paying GST as you currently do), but if you don’t choose to opt-out it is important that moving forward sales via apps such as Holidays-R-US are zero rated for GST purposes so you don’t double pay. Large operators (hotels and holders of management rights)A large Hotel next door to Jenny’s home, Luxury Hotels, advertises homes via its website and through online intermediary websites such as Booking.com. Under the App tax, any Hotel/Hostel/etc. making taxable supplies of more than $500,000 have the option to opt out of the platform rules, without requiring the platform's consent.  In conclusion, staying informed and proactive about these upcoming tax changes is crucial for protecting your financial interests. If you have any questions or concerns, our team at BDO is ready to provide support and guidance tailored to your specific situation. Don't hesitate to reach out – we're here to help you navigate the evolving tax landscape. 

Beginning on the journey to purchase your first home is an exciting and significant milestone, but it can also be daunting and overwhelming. It's often hard to figure out where to even start! So let's delve into valuable information to simplify the process and make your home-buying experience more manageable.Sorting out your financesTo kick off your journey, start by assessing your current financial standing. It is crucial to get a clear understanding of the homes within your price range.Start by seeking the expertise of a mortgage broker to navigate the complexity of home loans, find favourable mortgage rates, explain loan options, and guide you through the application process.Prior to embarking on your house-hunting expedition, also take a moment to sit down and conduct a comprehensive evaluation of your financial situation. Calculate your affordability by factoring in your income, expenses, and mortgage rate. Online calculators can be great tools for estimating your borrowing capacity.Additionally, explore the possibility of utilising your KiwiSaver funds and check your eligibility for the first home grant. These government initiatives are designed to extend financial support to first-home buyers, enhancing your options as you step into homeownership.Research Once your budget is in order, it's time to research the right house for you.Look into exploring different neighbourhoods and homes in your budget, considering factors like proximity to schools, childcare, supermarkets, and local services. A house should align with your lifestyle, work, and amenities preferences.I would recommend researching at least six to 10 homes before making your final decision, this approach allows you to understand how your budget aligns with the options in the marketplace (value for money). Familiarising yourself with the market and property prices during this process can also provide valuable insights into the features that matter most to you in a home. Open homes are a great way to do this!While looking for your new home, consider areas with growth potential that could contribute to a good living environment and potential property value increase. But also be mindful of local council zoning rules, which can impact your ability to make future property modifications.Before the purchase You've signed up for a property! However, the journey doesn't conclude there. Initially, it involves a series of crucial steps, including a building inspection, valuation, obtaining a LIM report, securing pre-approval for house insurance, and having a lawyer examine the title and interests.Before committing to any deal, consider investing in a professional building inspection as a stipulation in your agreement. This ensures a thorough examination of the property, allowing you to spot potential issues and make well-informed decisions.Ask your agent to help you understand the legal aspects and contractual information involved in the home-buying process. They can guide you through the sale and purchase agreement and the offer process when you're about to make a purchase.You may also need to sharpen your negotiation skills. Be ready to discuss price, conditions, or inclusions before finalising the purchase. Online valuations are a valuable resource to gather facts and figures that can aid in negotiations. Additionally, leveraging insights from someone experienced in the property market can be advantageous.SecurityCongratulations on buying your house! Ensure its protection by finalising your home insurance. Compare policies to find one that suits your needs, covering potential risks like natural disasters or burglary.Additionally, consider establishing an emergency fund. You never know what may change, so allocating funds for unexpected expenses tied to homeownership, such as repairs or unforeseen financial shifts, is a wise move. This proactive measure not only creates a financial safety net but also reduces stress during the transition to home ownership.Need some more guidance on buying your first home?The REA (real estate authority) has developed Settled.govt.nz, which is a useful resource guiding first-home buyers through the home buying and selling process. Check it out for more information.If you have any more questions, want to discuss matters with an agent or need personalised guidance on your home-buying journey, feel free to reach out.Happy house hunting!   

As we shift into the New Year, perhaps with refreshed enthusiasm or maybe with reluctant acceptance that the holidays are done, many of us are looking to the future and setting ourselves goals.'It is important that New Year’s resolutions don’t just apply to your personal life but also to your business goals. Business strategy can feel overwhelming – let's simplify it. It’s basically planning. A good plan or strategy will consider what you are trying to achieve, an honest assessment of where you are at and an intentional plan of how you will succeed.Often a lack of time can see planning pushed aside. However, having a clear plan will support you to recruit well, retain and develop your staff - saving you more time (and money!). Look at the past and present for the futureAssessing where your business is now, allows you to establish what you are doing well so that this can be built upon, as well as understanding what still needs attention.Reflecting on your plan is also an excellent way to measure success – there’s no better feeling than looking back and seeing the steps forward you have already taken. Ensure you reflect your core business valuesBefore you start planning it’s essential to be clear on the values or culture of your organisation– these should be genuine and reflected in how you conduct business and in how you manage staff.A mismatch of values in theory versus reality is a risk factor for burnout and staff attrition – so it’s important to get this right. Sharing your business plan has a huge impact on employee well-beingOnce you have a plan, share it with your current staff. Knowing the plan will help them grasp the context of decision-making, find purpose in their daily tasks, contribute valuable input, and cultivate a sense of ownership. This, in turn, enhances employee retention, engagement, productivity, fosters loyalty, and positively impacts staff well-being. Strategic actionNow you have your plan, what are you going to do with it? There’s no sense in “ticking the box” and then filing it away until next year. Your strategy should inform your staffing structure and planning for any changes required. Therefore it will need to be revisited on a regular basis. It should be used to consciously achieve your strategic objectives. This flows into staff development – knowing what you will need in future means you can develop current employees' strengths by intentionally upskilling them to meet these needs.Additionally, your plan should also guide the recruitment process, ensuring you design and hire for roles that align with your needs and seek individuals who not only resonate with your values but also possess the necessary skill set for your future demands. Need some help planning?Overall, the message is the old adage of “failing to plan is planning to fail” – it seems harsh but a well-thought-out plan will maximise the chances of business success, whatever that looks like to you.If this all seems overwhelming, we’re here to help – we offer all new clients a 1-hour free chat to discuss what you need and to find out whether we can help you achieve that. 

As we step into the new year, it's a perfect time to reflect on the journey of the previous 12 months and think about the path that lies ahead.From a financial adviser's perspective, this is especially crucial when thinking about your money goals for 2024 and beyond.There are three key items we at Collinson Wealth think you should focus on when mapping out your financial goals: Revisiting personal and family goalsExpecting the best and preparing for the worstBear in mind important dates e.g. tax, KiwiSaver, your ‘Review Day’Revisiting goalsFinancial plans are about mapping the future, showing how you are going to achieve your long-term goals with the finances to back them. It’s about structure and flexibility.Consider your aspirations: What do you aim to achieve, and when? Take into account the individuals in your life—partners, kids, and parents—who may require support. Figure out how much money you'll need to achieve these goals and understand the costs involved in making them happen.Flexibility is key. When life throws changes your way, you need to manage your personal circumstances and the finances connected to them. Be ready to adapt—life is full of surprises. As your personal situation changes, your plan should adjust too. While keeping long-term goals in mind, remember that the path to reaching them may shift.It’s a good time to look at performance. What is your current financial situation? Did things go as you planned? Should you adjust your expectations? Consider if your comfort level with taking risks has changed. Make sure the level of risk you're taking is suitable for your current situation.Explore new opportunities and constraints. Since the market is constantly changing, consider if there are fresh investment options worth exploring. At the same time, be mindful of what you should avoid. Expect the best but prepare for the worst.One very interesting aspect of 2023 was that despite economists forecasting negative outcomes for markets and economies, it turned out to be a surprisingly positive year for stocks and bonds. This highlights the importance of why you should approach forecasts, especially short-term ones, with a grain of salt and not take them as absolute predictions.The key here is developing the right mindset that guides you to take the right steps to mitigate risk, and a part of this involves being a ‘realistic optimist’ You don’t want to be crazy optimistic as that is how you end up piling into cryptocurrency or single stocks on the promise of big returns, while these investments can be rewarding when they rise, the downside is not pleasant when they crash. Similarly, too much cash on hand can cause you to miss out on the long-term positive effects of investing and compounding. Successful wealth builders blend the right mindset with the right financial plan.Ask yourself some key questions to test your mindset and thinking. Consider scenarios such as a 20% drop in stocks—would you sell everything? What if you lose your job? What would you do if you encountered a large unexpected expense? What's your plan if you fall short of your financial goals? Delving into these questions helps you better understand your preparedness and prompts thoughtful considerations for various situations.  Key deadlines and datesHere are some important dates in the year to keep in mind when you're planning for your financial goals and the year ahead. 31 March – The end of the tax year. Make sure to handle provisional tax and gather all your investment information for filing, along with taking care of any other financial matters. If your affairs are complicated, ask yourself if you have the right advice to help you complete your return and ensure you are meeting your obligations.30 June – KiwiSaver government contribution. Have you met the $1043 min to get the $521 government contribution?Your Review Day – Designate a day that you invest time in your future. Review your financial position and include your investment portfolios such as KiwiSaver. It’s like a warrant of fitness except it is for your personal financial goals.  What we can do to helpWe, at Collinson Wealth Partners, are experienced financial experts who are always happy to assist you in reviewing these key items and share our knowledge and experience in this area.The information contained in this publication is general and is not intended to be personalised financial advice. Before making any financial decisions, you should consult a professional financial adviser.Collinson Wealth Partners believes the information in this publication is correct, and it has reasonable grounds for any opinion or recommendation contained in this publication on the date of this publication.