Moving through a separation with confidence

There is a pervasive myth that financial advisors only become involved in a separation after settlement. At Endorphin Wealth, our financial advisors become involved in the divorce process very early on. We’re on our client’s team, working collaboratively with their lawyer, accountant, and any other professionals.


An advisor can help balance the scales

Family lawyers will advise you to talk about your assets early on in the divorce process. Unfortunately, one common scenario that Endorphin Wealth financial advisors come across is that one partner may end up in the dark regarding their financial situation. This may occur if one partner is a high-income earner while the other partner is responsible for domestic duties. When divorce proceedings are commenced, often these partners find themselves having to become financially literate in a very short period of time; this is where a financial planner can help.


MoneySmart has collated some recommendations for first steps to take when you separate from a partner or spouse. Even if it is just a short-term arrangement, it is important to address practical matters such as who will live in the family home and where the other person will live. You also need to change paying your shared expenses, and what to do with joint accounts. Together, you can do a “financial stock-take” where you list and value your assets. This includes your home, car, furniture, superannuation, investments and joint debts for your financial planner to consider.


Worrying about your finances can be a big burden. By having these measures in place as soon as possible will allow you to feel secure enough to consider your next stage in life. It also allows the team at Endorphin Wealth to help you at the best of their ability if you have already taken stock-take of your financial situation and started considering your future goals.


Our approach to a separation

From the outset, Endorphin Wealth will encourage you to consider how you want your life to look after your separation. As with all important choices, you need to consider what is important to you as an individual. Even in tough times, you must balance pragmatism and emotion in your financial decisions. It is important not to rush out and make rash decisions such as purchasing a new apartment until the divorce is settled – particularly if you don’t know what level of income you are going to have after your divorce.


At Endorphin Wealth, we want to help you with your financial journey through the good and more challenging times. As soon as divorce proceedings commence, we want to become part of your team and help you achieve the fairest result. We will assist you in moving forward after a separation with confidence.


The team at Endorphin Wealth Management is here to help you achieve a positive outlook on your financial situation.

For an obligation free discussion, call us on 03 9190 8964, or schedule a meeting at

Should You Be Working with Financial Advisors? The Myths and Benefits of Financial Advice

In life, we often seek expert advice for things like our health and well-being and our careers. But when it comes to financial advice, many people are reluctant to seek it out either because they do not understand the value it can provide, or because they think they do not ‘qualify’ for it (they feel they are not wealthy enough to warrant seeking financial advice). But at Endorphin, we see every day how working with the right financial advisors can not only be beneficial but also empowering for our clients. So, we want to take some time to talk about the benefits, whilst dispelling some of the myths of financial advice. 

What do financial advisors do?

Financial advisors look at every aspect of their clients’ finances and lifestyles, in order to provide advice as to how clients can reach their financial and wealth management goals. This often includes advice about budgeting, investing, planning for retirement, tax and insurance. Advisors can help you plan for the future and make informed decisions about your finances. In addition, they will also put practical strategies in place so ensure their clients can achieve those goals. These goals can be short term (saving for your first home or paying off a debt) or long term (planning for retirement). 

Some common myths about working with financial advisors 

When talking to clients who are thinking about seeking financial advice and wealth management in Sydney and Melbourne, a few common concerns crop up. We are going to address some of these. 

Myth: It is not worth getting a financial advisor unless you are very wealthy or have a lot of assets. 

This is one of the biggest barriers that stops people reaching out to financial advisors, and we are here to tell you that it is not true! Our goal is to empower our clients by helping them plan for the future or manage their current circumstances. There are many different reasons to consult a financial advisor, and you can do so for any of your financial or lifestyle goals. For example: 

  • Paying off your mortgage as soon as possible. 
  • Creating savings and wanting to know the best way to invest them. 
  • Knowing how best to manage a sudden change in finances, like an inheritance or money from the sale of a house. 
  • Ensuring you can retire comfortably. 
  • Ensuring you can provide for your family if you become sick or injured. 
  • Getting out of debt.
  • You have a lifestyle goal you want to attain, such as better work-life balance, going on a dream holiday, or having a tree-change.

If you’ve ever thought about any of these things, then you qualify for financial advice. 

wealth management sydney 

Myth: I’ll be given generic advice that isn’t suitable for my situation.  

Here at Endorphin, we have a client-first philosophy. This means that all our financial advisors in Melbourne and Sydney give advice and wealth management strategies that are tailored to meet the specific needs, goals and desires of our clients. When we say our strategies are tailored, we mean they’re really tailored. That means we get to know you, your lifestyles, your hobbies, interests, future goals and potential future challenges, and we put you at the centre of your financial strategy, not just your assets. If you feel ever feel you’re being offered advice that is unsuitable for you, it’s important to know that a good financial advisor shouldn’t make you feel pressured to sign anything or accept recommendations that you’re not comfortable with. It’s certainly not the way we do things here at Endorphin!  

Myth: I’ll be told to make high-risk investments.  

Part of creating custom financial strategies for our clients is also understanding their tolerance for risk. Some clients are happy to take bigger risks in the hopes of a bigger return, and we can offer expert guidance in taking these types of risks. Other clients don’t feel as comfortable taking risks, so we develop a different strategy to meet their financial goals. Again, the key thing to remember here is that good financial advisors shouldn’t pressure you to take risks you’re not comfortable with.  

 Myth: It will cost too much to work with a financial advisor, so it’s not worth it 

Of course, like any service, financial advisors do charge based on the time and services they’re providing. But depending on your goals and circumstances, a good financial advisor should save you more money than you pay them in the long term. They do this by looking for ways to save you money on insurances, increase your investment returns, help you get out of debt faster, and budget and save better. It can be a long-term game, so think of it as in investment in your finances.  

Myth: A financial advisor will just tell me to stop spending money on things I enjoy.  

We can’t speak for all financial advisors, but that’s certainly not our approach here at Endorphin Wealth! We provide wealth management advice to motivate and inspire our clients to reach their goals, whatever those goals may be. We even helped one of our clients put a plan in place so he could retire early to pursue his dream of sailing around the world! Of course, depending on your circumstances, your advisor may suggest cutting back on spending if it will help you achieve goals like financial stability or getting out of debt, but our aim is always to get our clients to a place with their finances that allows them to enjoy their lives more, not less.  

What are the benefits of working with financial advisors? 

Now that we’ve dispelled some of the common myths around financial advice and wealth management, here are some of the benefits that you might not have thought of yet… 

Be proactive about your finances:  

We’ve mentioned how financial advisors can help you achieve your goals, but what if you aren’t sure what goals you should be setting? You might have some vague ideas about owning an investment property or the type of retirement you’d like to have, but without any clear goals, it can be tempting to let your finances tick along, saving a bit here and there, but with no real plan in place. A financial advisor can look at your income and assets, and help you get some clarity around the type of goals you could be setting. Once you know what you’re working towards, you can be much more proactive about your finances. 

Help you understand your goals:  

If you have multiple goals, talking to a financial advisor can help you understand which ones to tackle first and put strategies in place to ensure you achieve them. 

 Provide expert insight:  

Finance can be confusing, but like any field, that’s why there are experts. We do things like engage in external investment research so that we can find the best investment opportunities for our clients, using our expertise to reduce risk and increase returns. 

 Provide ongoing support and advice:  

If you choose to work with a small firm like Endorphin, you will receive personalised service, and be able to develop close, ongoing relationships with your financial advisors. That means there will be someone in your corner if anything changes, and as you work towards achieving your goals.   

We hope this has cleared up some myths, and highlighted how working with a financial advisor could benefit you.

The first step in working towards your goals is to meet with an advisor. We have financial advisors in Melbourne and Sydney, and you can book an obligation-free consultation today. Click here to get in touch. 


Call financial advisors Melbourne: 03 9190 8964 

Call financial advisors Sydney: 02 8052 3566 

Making the most of your business sale proceeds

Most business owners will come to a time where they want or need to sell their business and move on to their next venture. Before committing to selling a business, it is important to talk to your accountant to have a full understanding of the tax implications of the sale.


Recruiting a business planner can help you structure your business to maximise profits in the lead up to the sale. If you are aware a few years in advance that you need or has plans in selling a business, it provides an opportunity for you to reshuffle your business to maximise profits by adding an additional income stream or removing unprofitable arms of the business.


As soon as the sale of your business is locked in and you are aware of how much money you will receive, it is important to see a financial planner. Endorphin Wealth will help you take a holistic approach to your money, and work with you to determine your long-term plans and financial goals. This means that, when you actually receive the funds, you will have considered what you really want to do with the money rather than making a rash decision.


Some of the opportunities that will be available to you, should you sell your business at a profit, is reinvesting in another business or even achieving financial freedom. Restructuring your business correctly and having an investment plan for the profits can allow you to set up a passive income stream for you to retire early or start a new lifestyle business.


It is important to be aware of the tax implications of selling a business. Make sure you, or your accountant, is familiar with the small business capital gains tax provisions. This is because there are vastly different tax levels depending on the value of your business, and it may actually be more beneficial to sell your business earlier without restructuring or adding further value.


The team at Endorphin Wealth Management is happy to assist with helping you on your financial situation.

For an obligation free discussion, call us on 03 9190 8964, or schedule a meeting at


You have received an inheritance, now what?

As a recipient of an inheritance, you are most likely experiencing a loss and some emotional turmoil. It is crucial then, that your first step after receiving an inheritance is… to do nothing.


Rather than rushing out and buying a house or a new car – or indeed, any financial decisions – it is important to think about what you want your life to look like long-term. Depending on the value of your inheritance, you should consider engaging a professional financial planner along with an accountant to discuss the implications of your inheritance.


How – and even if – you invest your inheritance will depend on your long-term goals. It is important to define what you want your life to look like – would you like to take an international holiday every year, buy a house, start a family, or have a passive income from your investments?


The higher the amount of inheritance and the earlier you are in your career, the greater the opportunity to make higher returns and achieve your financial goals in your life. Your choice of investment will depend on your risk appetite and when you need the money. For example, if you don’t want to touch the money until you reach retirement and are currently in your thirties, you will have a very different investment plan than somebody who wants to buy a house in three years.


The benefit of receiving an inheritance is that it provides you with a “step-up” to achieve your financial goals earlier than you might have thought possible. If you are still unsure how you want to use your inheritance, consider how the person who bequeathed the money might want you to spend it. They may have mentioned a goal that they had in mind for the funds or perhaps you shared a passion for a travel destination or hobby – this can inform your financial choices.


A financial planner can assist you in establishing a passive income stream which can provide you with financial freedom at an earlier age. Invested correctly, your inheritance could open avenues to work part-time or change careers to something you are truly passionate about. It could even be divided up with different portions of the fund invested for different goals.


The most important takeaway regarding receiving an inheritance is to never make any rash decisions – think about your long-term plan and goals before deciding how to invest your inheritance.


The team at Endorphin Wealth is happy to assist with your financial situation.

For an obligation free discussion, call us on 03 9190 8964, or schedule a meeting at

Financial Freedom by 50? Why Not!

Financial freedom and early retirement might seem inconceivable, but it is an achievable goal for many Australians. The key to financial freedom is investing and sticking to a budget. You will consult with a financial planner who will determine the best investment strategies and an achievable savings goal, but reaching that goal depends on your discipline around savings and a commitment to your budget. If you need motivation for this goal, imagine the opportunities you will have if you are able to retire early.


It is not possible to simply save up enough money to be financially free – you need to be investing. Albert Einstein is attributed as saying: “Compound interest is the eighth wonder of the world”. Through compound interest and steady investment returns, a couple of thousand dollars every month can turn into a million dollars over the course of a decade. The exact investment amount will depend on the individual’s discretionary spending, their hobbies, and level of commitment to a budget so a discussion with your financial planner at Endorphin Wealth is a must.


The benefits of financial freedom are hard to overstate. Business owners and high-income earners have generally worked exceptionally hard across their careers – financial freedom would give them the opportunity to retire early or drop down to part-time work in something they are truly passionate about. Phillip Richards, managing director of Endorphin Wealth, recommends tax beneficial investments to enhance your overall return and build wealth over time.


The status quo has ensured most of us think that we must work consistently up until retirement age. The idea of financial freedom and aiming for an early retirement gives you something to strive for. As you are working long hours at your job or in growing your business, you can keep the idea of early retirement in mind and work more effectively towards a goal. Financial freedom is a lifestyle choice and with Endorphin Wealth’s financial modelling and budgets, you can begin to look forward to an early retirement!


Our goal for clients is that they live the best life possible with the money they have at every stage of their lives. Let’s talk about how we can help you develop habits that will reinforce each other and improve both your life and your finances so you can live your best life.

The Importance of Financial Wellness

Robert Rich was recently featured by Suzanne Diprose at Performance Advantage to discuss the importance of financial wellness and to share how financial literacy can help you to gain control of your financial future.

Watch his interview by clicking on the link below:

The team at Endorphin Wealth Management is happy to assist with helping you achieve a positive outlook on your financial situation.

For an obligation free discussion, call us on 03 9190 8964, or schedule a meeting at

Turbo-Charging Your Super – How To Grow Your Superannuation Fund

Starting from the 2019-20 financial year you can direct more into your super and tap into a concessional tax rate

Your superannuation is your main means of funding a comfortable retirement. So, growing your super should be an important focus in investing for your retirement.

The tax benefits you receive when saving via your super make it one of the best ways to boost your savings while building a retirement nest-egg.

A recent study showed many retired Australians would have opted to make extra contributions to their superannuation if they could.

Unfortunately, it’s not always easy to find the spare funds needed to make those additional investments in your superannuation.

However, there are times in your working life when you have the flexibility to direct funds into your super. Happily, the new legislation allows you to channel additional contributions into your super that attract the concessional tax rate.

Concessional Contributions

Contributions into your superannuation fund attract special tax treatment. The majority of us will find ourselves paying less tax on our superannuation contributions than we do on our personal income.

These concessional superannuation contributions can be made:

  1. By your employer via salary sacrifice or a superannuation guarantee payment
  2. By you personally via your deductible superannuation contributions.

A cap exists on the maximum amount you may direct into your superannuation at the concessional rate of tax annually. Currently, that cap is $25,000.

Until recent changes in the regulations, your cap reset each year. If you didn’t contribute the entire $25,000 into superannuation that year you forfeited your access to the unused amount. However, you are now allowed to carry forward those unused superannuation contributions for a maximum of five years.

Concessional Contribution Eligibility

The rules governing these catch-up additional superannuation contributions are:

  1. Eligibility for concessional superannuation contributions applies to those with a superannuation balance of under $500,000 as of June 30 in the previous fiscal year
  2. The new carry-forward period of five-years commenced on 1 July 2018 meaning the 2019-2020 financial year is the first year you are allowed to use your untapped superannuation contribution cap to make additional concessional superannuation contributions
  3. A work test rule continues to apply for those aged 65+
  4. The standard notice requirements remain in force for personally deductible contributions
  5. Unused concessional superannuation contributions may now be carried forward for up to five years whatever your total superannuation balance happens to be but expire following that time.

These new provisions may prove especially helpful for people who have gaps in their working careers. This will enable them to catch up with their total potential superannuation contributions. It will also assist people nearing retirement age to optimise their savings towards their retirement while minimising their tax obligations.

Additional Strategies To Turbo-charge Your Super

Other investing strategies for growing your superannuation to fund your retirement include:

  • Making super contributions for a spouse on a lower salary enabling you to qualify for a tax offset
  • Access government co-contributions if your earnings fall below a set income threshold
  • Contribute up to $100,000 towards your superannuation fund as a non-concessional after-tax contribution. For those under age 65, you can bring forward two years of this cap, enabling you to contribute up to $300,000 in a year.

Everyone’s superannuation situation is different. Growing your super can be one of the smartest investment decisions you can make to provide for your retirement. So, wherever possible look to boost your savings. However, the regulations governing superannuation are complex. Check to see how the recent changes affect you and always seek qualified, professional advice.

The team at Endorphin Wealth Management is happy to assist with helping you achieve your financial goals.

For an obligation free discussion, call us on 03 9190 8964, or schedule a meeting at