People often ask us “What is it that makes Morrows different to other firms?” Our answer is that Morrows’ multi-disciplinary structure allows us to provide the full complement of advisory services necessary for your personal and business advisory needs.
A client example
The best way to demonstrate this difference is to outline an example. This shows how our involvement in the business of a husband and wife team who have worked with us for almost 20 years has evolved. Our association began when they engaged Morrows to help commence their business and the Morrows Business Services team and Morrows Legal provided:
- Advice on and arrangement of the establishment of an optimal asset and taxation structures for their business
- Morrows Legal provided advice and assistance with corporate structures, contracts and agreements needed for the growing business to support our clients’ personal needs and objectives
- Support to implement effective accounting systems and controls
- Initial and then on-going guidance for the management of business cashflow and profitability which included business modelling and coaching on how this information could be used to improve their business
- Preparation of business financial accounts and tax returns to meet all regulatory requirements
Since start up, Morrows Business Services team and Morrows Legal have also become trusted advisers in annual negotiations with the business’s financiers.
In short, Morrows helped to prepare our client’s business for healthy growth and success.
As the business grew and faced a variety of challenges, our close mutual working relationship also enabled Morrows Legal to partner with our clients and their family to deliver a comprehensive estate succession plan and minimise personal risk. Morrows Legal uncovered our clients’ individual wishes and those held jointly as husband and wife then maximised the strategic options as well as delivering flexibility through adequate Powers of Attorney, to protect for the unexpected.
In seamlessly working together, Morrows Business Services and Morrows Legal have been able to get structures right for the business and at the same time ensure family members are provided for in the future.
Optimising superannuation structures
With expectations of high levels of recurring cash flow and the need for proactive taxation planning, our clients were also introduced to Morrows Superannuation – a team regarded as exceptional technical experts in the self-managed superannuation fund industry.
Morrows Superannuation and Morrows Legal worked together to establish a self-managed superannuation fund with a corporate trustee. They then devised a tax effective strategy enabling the rollover of large sums into their superannuation fund to be held in the concessionally taxed environment. Importantly, this resulted in as significant reduction in tax to our clients.
Morrows Superannuation continues to provide the following services to the client:
- Preparation of annual financial accounts and tax returns accurately and in a timely manner
- Preparation of business activity statements
- Liaison with Australian Tax Office in relation to various lodgement matters
- Completion of an annual audit of the SMSF to ensure compliance with superannuation laws
- Collaboration with Morrows Private Wealth to ensure the client considered advantageous ongoing strategies available via the SMSF structure for their retirement
Wealth accumulation for the future
Fortunately for our clients, their business went well and they have accumulated assets across different tax structures so Morrows Private Wealth was introduced to them to provide strategic wealth and investment advice. Proactive and sophisticated advice has optimised wealth accumulation in line with the clients’ dynamic personal objectives.
Seamless, co-ordinated and cohesive advice to achieve superior results for you, your family and business
The Morrows Group has a number of clients in similar situations and we appreciate and value their recognition of our people as trusted advisors in their success. They comment on the benefits of discussing their backgrounds with only one firm and how well professional staff from different disciplines work seamlessly together.
We understand that selecting advisors to assist you in growing your business and wealth while accommodating your family needs is a daunting process. Deciding on a single source of advice and support is something you want to do carefully and with confidence. Please speak with your key Morrows contact to discuss how we might simplify your advisory needs and provide better value to you.