Episode 07, #GetChatty About Your Local Businesses, Series 2024
I enjoyed my chat with financial adviser Angelo Baronessa. His spark was ignited by a high school economics teacher who inspired him; after a decade-plus building his expertise in insurance and finance, he started his own business in 2022, Divergent Wealth.
He is passionate about helping and connecting people who often feel isolated, which is an excellent converging point where he customised Divergent Wealth to serve the LGBT+ community and also took on the role of GLOBE Victoria’s Small Business Director in early 2024.
Based on our interaction, including being a Small Business member of Globe, I can see that he’s excellent in providing personalised, practical advice with nuance and building relationships by ensuring that people feel comfortable and well-supported – he’s here to be part of the journeys.
Listen on Spotify:
or Watch on YouTube:
This is the new edit version, including my top 3s below, the original version was released on 24 April 2024.
Here are 3 of the things I picked up from my chat with Angelo:
- Angelo explained that estate planning involves figuring out what assets you have, what structures they are in, and who they will go to. A legally binding will is vital to ensure their wishes are honoured.
- Here’s something new to me: there’s a difference between binding and non-binding beneficiary nominations. A binding nomination means the trustee is legally bound to follow your instructions, but it requires two witnesses when you sign the nomination; if you don’t have that, you’re giving suggestions to the trustee, which can lead to disputes.
- Another frequent blind spot is superannuation for partners in a non-traditional relationship: Superannuation doesn’t generally form part of your estate, so it’d be good to have clear beneficiary nominations. Having life insurance within super is subject to superannuation legislation and might have tax implications.
Today’s episode has a lot about planning ahead. Personally, I think we’re living in a time in history when we can design our lives and live outside of traditions, but if you think about the older version of yourself or the future loved ones that you may leave behind, it’s better to have things organised beforehand.
Find Angelo and Divergent Wealth:
https://divergentwealth.com.au/
IG: https://www.instagram.com/divergentwealth/
LI: https://www.linkedin.com/company/divergentwealth/about/
FB:
https://www.facebook.com/DivergentWealthAU
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Produced and hosted by Arthur Chan “The Chatty Curator”
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