There are dozens of scams out there trying to get your bank and credit information. Here are some of the more popular scams out there, and how to avoid becoming a victim.

Avoid ‘phishing’ scams

Phishing is when someone sends e-mails asking for bank or credit information. The e-mail or its links will use the institution’s logo and other graphics to give the impression that it is actually the organization sending the e-mail. The message asks a person to “verify” Social Security numbers, account numbers, or passwords.

Don’t do it. Your banking institutions know your information and don’t need to contact you randomly online to verify it. Your credit card and bank cards have your bank phone numbers on the back, hang up and call the number listed if you are concerned.

Suspicious responses to your Internet ad

This scheme starts with you placing a legitimate ad on the Internet. You get a response back from someone citing complications with currency exchange or shipping costs, who then sends you a check for more than the selling price. The buyer then asks you to wire back the extra money. Problem is that after you send back the money, you find out the original check was counterfeit.

If you’re selling something, funds should be moving only in one direction — to you.

E-mail scams

There are many e-mail messages that ask for your cooperation in helping a random person move large sums of money out of another country. You can bet these are scams.

The scammers all state that they have access to unclaimed funds. You are asked to provide funds to cover various fees and for your personal identifiers, such as Social Security numbers.

Often scammers start out by just asking for your phone number and then later ask for your bank numbers to wire-in the alleged funds. Don’t ever give out any of your information to strangers.

Prizes, trips, lottery winnings

This bogus communication can come to you via e-mail, the US Postal Service, or over the phone. There are numerous variations but, again, what they have in common is a request for you to advance funds to receive your prize.

The scammers claim you have won the Canadian or some other lottery, you have won a trip or some other windfall, and all you have to do is advance a “handling” fee to the sponsor or provide your bank account number. Don’t do it.

Computer viruses

Of all Internet frauds, this one is perhaps the most insidious. You receive an e-mail with a tender header, perhaps with an attachment titled “I love you,” or “call me,” or just about anything that piques your curiosity. When you open the e-mail, it attaches a small virus inside your computer that records keystrokes, log-in names, and passwords. And it does so without your knowing it. After you have visited financial websites, it e-mails that information back to the criminal sponsor.

Best advice: Don’t open strange e-mails, and get good antivirus computer protection.

Credit and job applications

If you see a credit offer or a job posting online, you can complete an application or send in a resume. However, don’t respond if it asks you for your Social Security number or bank account information. These can be provided later after you have established contact by phone, or mail, or in-person with the companies and have verified that they are legitimate.

Otherwise, you could be providing personal information that could result in the draining of your bank account or the stealing of your identity.

No matter what you earn, it’s easier than you think to take control of your money. A few simple things done regularly can put you in charge and really make a difference.

1.) Review your Investment Strategy

With sharemarket volatility a day-to-day occurrence now, it can’t hurt to revisit your investment strategy and make sure it’s still suitable to get you where you want to be. And it doesn’t have to take a lot of time, it could be as simple as just picking up the phone and speaking with your adviser.

Taking the time now to review your strategy may help you get closer to the kind of retirement or lifestyle you want.

2.) Pay off your Credit Card

Consider consolidating credit card debts into a lower interest vehicle such as a personal loan. Even if you only have one card with a sizeable debt, refinancing to save on interest still makes good sense. Set up a regular payment to ensure that your credit card is repaid on a regular basis.

3.) Review your Insurances

A cash reserve can help you cope with unexpected expenses like fixing a leaking roof or buying a new set of tyres for your car. But would you (or your family) be able to cope financially if you were unable to work for an extended period due to injury or illness? Worse still, what if you died prematurely? Having sufficient insurance cover is a sensible risk management strategy.

When establishing any new insurance cover, carefully read the policy document to check what exactly you are covered for. All policies may differ slightly between insurance companies.

4.) Consolidate your Superannuation

Like many others, you may have multiple superannuation funds. Each time you start a new job you may also join a new superannuation fund. Like anything in life, maintaining control of multiple accounts is time consuming. Ultimately many people lose track of their funds and their superannuation ends up in the Australian Tax Office’s lost or unclaimed super register.

Consolidating your superannuation is a simple solution to prevent this occurence and can reduce paperwork, reduce management and admin fees and ensure your funds are invested according to your investment strategy.

But before you merge your accounts, make sure you consider any insurance cover they may contain. We strongly recommend the advice of a financial adviser prior to any consolidation.

5.) Pay Less Tax

Prevent the last minute June Rush. Start your tax planning now By ensuring your investments are tax-effective, you can boost your long-term wealth.

Some common strategies include Salary Sacrificing, Debt Recycling and Gearing.

Any advice in this communication has been prepared without taking into account of individual objectives, financial situation or needs. Because of this, you should, before acting on any information in this communication, consider whether it is appropriate to your objectives, financial situation and needs and consult an experienced authorised financial adviser.

Only YOU will know if your bases are covered or not, so I urge you not to take any chances.

Take action now and review your current position. I’d suggest these steps:

– How much cover do you need?
– How much do you have in place already?
– What is the shortfall?
– Are your current policies still appropriate?
– Purchase the relevant cover.

If you don’t want to do this yourself, employ a financial planner to help you work through the steps.

Once you have done this you and your family will experience peace of mind knowing that you’re covered.

If you would like our guidance through the steps, please contact me for a free no obligation consultation.

Shane Bradbury Adv.Dip.FS (FP) C.dec AFA
Director / Financial Planner

Authorised Representative # 244677 of
Professional Investment Services Pty Ltd
ABN 11 074 608 558
Australian Financial Services Licence # 234951

23 Main Street, Pialba Queensland 4655, Australia
PO Box 353, Hervey Bay Queensland 4655, Australia
Phone: 07 4124 2499
Fax: 07 4124 5444
Mobile: 0413 575 842
Email: shaneb@proinvest.info
Website: www.proinvest.info

Specialists in Investments, Superannuation, Insurance, Tax Reduction, Pre-Retirement and Retirement Planning.

General Advice Warning: This advice has been prepared without taking in to account your particular objectives, financial situation or needs. For that reason, before acting on the advice you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should obtain a PDS relating to the product and consider the PDS before making any decision about whether to acquire the product.

The content of this note is the view of the author and does not necessarily reflect the view of CLM Investment Services Pty Ltd or Professional Investment Services Pty Ltd or one of its related entities.

Many clients that take out life insurance policies pay their premiums each year in the hope that they never make a claim. However, since a person’s life insurance needs change over time, taking a set and forget strategy is usually not the best approach and can leave them with inadequate or inappropriate cover.

There are a range of circumstances and life events that change a person’s insurance needs. For example, young adults still living with their parents have very different life insurance needs to a couple with two children and a mortgage. And at each stage of life, or whenever a significant change occurs, including marriage, divorce, mortgage, birth of a child, loss of an income, and death of a spouse, life insurance needs must be reviewed.

Some individuals will be concerned with the perceived cost of life insurance, and potential increase in premiums for a change in situation. They may be surprised to hear that adequate levels of term life insurance for the average working Australian costs less than a cup of coffee everyday.

Unprepared for life’s events

• Regretfully, 37 percent of people believe life insurance is a low priority compared to other financial commitments;
• Only 4 percent of Australian families with dependent children have adequate levels of insurance cover;
• In a recent survey, 73 percent of parents stated that if the main breadwinner of the family were unable to work, the family lifestyle would be impacted for the worse;
• The average level of Life & TPD insurance in Australia is $162,000 compared to a suggested amount more than 3 times that at $517,000.

The need for cover

• 1 in 5 working Australian families will suffer the death of a parent or a serious health problem in their life;
• For Australian families with children under the age of 5, the median debt level is $167,000;
• The cost of raising 2 children at Government schools to year 12 and then 3 years of university alone is around $537,000.

If you are ready to review your cover today, please contact our office to make an appointment.

Some people may think that financial planners only give advice on investments. This is not true. Our role is to look at all aspects of your lifestyle, goals and requirements and develop a financial strategy suitable for you.

FPA research shows that three quarters of Australians have experienced financial difficulty at some point. While household wealth is rising, so too is our cost of living, credit card debt, and many Australians struggle to afford the home they want.

Now more than ever, Australians need good financial advice. Good financial advice helps you make the most of what you have while helping you to create a comfortable future for you and your family.

Good financial advice is also about providing you with the information you need to move in the direction you want to head. That’s why seeing us can make a huge difference to your financial future.

If you would like to benefit from the experience of a Financial Planner, contact our office today for a free 45 minute initial consultation.

What do these figures mean? Default insurance within superannuation is a good basic safety net for a member, but it usually provides inadequate cover.

The best outcome will always come from tailored advice from a licensed Financial Advisor.

Advisors develop a deep understanding of clients personal circumstances and are therefore best placed to ensure a clients personal protection needs are met.

For a free 45 minute Wealth Protection assessment, please contact Shane Bradbury or Danny Mattsson today.

Trauma cover is first and foremost about survival. Australians are suffering an increasing incidence of cancer, heart disease and stroke, but due to advance in medical science, we now have a greater chance of surviving a serious medical condition.

Traditionally Trauma Insurance provided cover for out-of-pocket medical expenses but funds are now more likely to be used for the following:

• Repayment of reduction of personal and business debt;
• Lifestyle requirements, such as household modifications;
• Emergency funds for short term unforeseen expenses;
• Funding for an additional income stream to meet personal/family expenses.

Make sure you have the right cover to protect you and your family.

For more information contact Shane Bradbury or Danny Mattsson for your free no obligation 45 minute consultation.

We all know the key to getting ahead is to spend less than we earn, however there are some things you just can’t plan for – such as the unexpected. What if today you were working full-time, earning an income? What if tomorrow, you weren’t? How would you support you and your family?

Most of us know someone in our lives who has been impacted by tragedy, a friend in a serious accident or the diagnosis of a sickness such as cancer. Events such as these create enormous strain on individuals and families, which are often made worse by the substantial financial burden that results when someone is unable to work for an extended period of time. In many situations the financial burden could have been avoided with adequate levels of income protection insurance.

Research says that one in five families will be impacted by the death of a parent, a serious accident or illness that renders a parent unable to work, and that the typical Australian family will lose half or more of their income following a serious illness, injury or the loss of one parent as a result of underinsurance¹.

Your income is one of your biggest assets and safeguarding this with income protection insurance recognises just how important your income is to your lifestyle, and the crucial role it plays in making your other assets possible.

Income protection pays a monthly benefit of up to 80% of your income if you are unable to work due to illness or injury. What’s great about income protection is that it can be affordable and what’s even better is that the premiums are usually tax-deductible.

As an example, a 35 year old non-smoking female accountant, living in NSW can get $3,000 per month Income Secure Cover for under $2 a day. For a male of the same criteria it’s closer to $1 a day (Source: OnePath Life Limited (OnePath Life) based on standard indemnity contract with a 30 day waiting period and a benefit period to age 65).

If your pay level has increased since you took out your cover, it’s worth thinking about the effect this might have on your insurance cover. For example: Are you earning more now? If so, your lifestyle costs are probably going up too. Would you be able to sustain this lifestyle if you couldn’t work because of sickness or injury based on your current insured monthly amount?

There are cover options available for many different types of occupations and income levels. Make an appointment with your financial adviser or call us on 07 4124 2499. One day it could make all the difference.

¹‘The Lifewise/NATSEM Underinsurance Report’ – Understanding the social and economic cost of underinsurance, February 2010

As your circumstances change, one of the things that should be a priority is staying on top of your needs. And one of these is to sit down and review your policy cover, as there may be things that have significantly changed since the last time your cover was reviewed.

Reflect on what has changed in the past year by asking yourself the following:

• Has your salary increased?
  Getting a pay rise is always exciting. You have more financial freedom to enjoy life, however it’s also likely your lifestyle costs will also increase.
   
• Has your marital status changed?
  Whether you recently got married or engaged, are in a de-facto or in a new relationship, it usually means your life insurance needs to be reviewed.. It’s important to consider if you got sick or injured, which meant you couldn’t work, how it may impact your partner’s financial future.The same goes if you get divorced. Why continue with a joint life insurance policy when you can revert back to an individual policy suiting your needs. Also, you may need to update your beneficiary if it was your former spouse – another reason to review your policy.
   
• Have you just had a baby?
  So you’ve welcomed a new addition to the world – congratulations! Not only do you have a little life that is totally dependant on you, but you are also faced with new financial situations. It’s important to update your cover to include your child to ensure they too are protected.
   
• Have you purchased a home?
  They say purchasing a home is the great Aussie dream as it is one of the most substantial expenses any person will incur in their lifetime. Because a mortgage is usually taken out to pay for the property, it’s important to consider adjusting your policy to cover the amount of your mortgage. This will be a comfort to your family who won’t feel the burden of having to deal with the financial obligations that come with inheriting the home.
   
• Have you started a business or become self-employed?
  Running your own business is one of the most rewarding ways to earn an income and watching it succeed makes all your hard work and persistence worthwhile. If you have recently started a business or have become self-employed you will need to ask yourself “What impact/s will my business have if I got sick or injured and could not work?” Updating this information can protect your business by paying off debts, paying employees and giving you some breathing space until you can return to work.
   

If you have answered yes to any of the above, then it’s time your insurance policy got a check-up.

The Advisers at Professional Investment Services Pty Ltd can advise you on a range of insurance products to suit your circumstances. Speak to your financial adviser about reviewing your level of cover or call our office on 07 4124 2499.

For those clients that are receiving the extra value derived from Salary Packaging (paying less tax), RemServ would like to remind you that in the lead up to the end of FBT year on 31 March 2011, the importance of ensuring you have made the most of the potential tax savings available to you.

If you have unspent funds in your salary packaging account, or wish to change your scheduled payments or benefits, you have until Monday 14 March 2011 to notify RemServ.

Take time to login online

You can check your account online via the ‘My Account’ section of the RemServ website (www.remserv.com.au).  If you don’t know your login details, please email RemServ at remserv@remserv.com.au, provide your full name, date of birth and address, and they will re-send this information to you.

Please take a few moments to read the flyer ‘Preparing for the end of FBT year – 31 March 2011′.  It provides you with important closing dates and actions required to make the most of your available funds.

If you have access to an FBT exemption cap and you have not used all of this, now is the time to send us any outstanding claims for reimbursement to ensure you don’t miss out on using these valuable funds.

If you have a RemServ Salary Packaging Payment Card we encourage you to use any funds on your card prior to 31 March 2011 to ensure purchases count towards this year’s FBT exemption cap.

If you have a Novated Lease, it is extremely important that you have travelled the minimum kilometres in your relevant cap to ensure you are not left with a nasty FBT bill

We also recommend you check over your salary packaging account and ensure all details are accurate for the end of FBT year.  In line with legislative requirements we are unable to make and changes to your salary packaging account for this FBT year, including payment amounts after 31 March 2011.

Thank you for you support and we look forward to being of service to you.

If you have any questions, please contact our office on 07 4124 2499 or RemServ’s Customer Care Centre on 1300 30 40 10 for further assistance.