Farmers have a very different set of financial circumstances. Farmers' businesses are usually tied up in the family property. The business is often as much about lifestyle as it is about being profitable. Decisions such as retirement affect several generations, so succession planning and investing are big issues.
Because of the cyclical nature of commodity prices, weather, interest rates, booms and busts it is a good strategy to build off farm investments. These can tide you over in the bad years and in the longer term form a basis for a retirement fund, easing the succession for all generations.
There are a range of choices for wealth creation through superannuation funds, managed funds and other investments, as well as wealth protection through insurance. There are also specialist investment products such as Farm Management Deposits (FMDs) which can help deal with the ups and downs of agricultural income.
Kennas team of financial planners and accountants work together with you to plan and implement investment strategies for your future.