There is a line in a Dr Seuss book: “And this mess is so big And so deep and so tall, We cannot pick it up. There is no way at all!”. It describes that feeling of overwhelm, when the problem at hand just seems insurmountable. Unfortunately for those suffering from financial overwhelm, the situation often results in indecision and inaction which can ultimately make things worse. If you are struggling to get traction in your
One of the assumptions made by traditional financial planning is that a client makes rational decisions. Advisers are educated to expect that people will arrive at the “fact-finding” meeting with all their financial information at the ready along with a clearly defined list of goals that they want to achieve. I can honestly say, that in my experience, working with new clients almost never happens in such an over-simplified, vanilla, just follow the process kind
I recently wrote about how clients of financial advisers can ask questions to test for conflicts of interest around their advice relationship. Reflecting on it since, my thoughts have now turned to exploring all the positive qualities that un-conflicted advisers can bring to their client engagements. Doing this has taken me back to what it was that attracted me to financial planning as a profession in the first place (for those that don’t know me,
There is no doubt about it, Financial Advice is taking a hammering at the Royal Commission into Banking and Financial Services. With advisers charging fees for no service, making recommendations with the purpose of meeting sales targets and even charging to accounts of customers who have died it is clear that there is some work to be done to restore the reputation of financial planners in general. As a relative newcomer to financial services and
I usually try to keep my ranting on my blog to a minimum, but I have been so saddened by the story of the 71 year old lady from WA who is faced with losing her home to a high risk investment strategy that was probably never appropriate for her (ABC report here). Over a number of years, on a nurse’s wage, she has amassed 11 investment properties (in addition to her home), owes over
Call me a tight-wad, but I have always enjoyed being a bit thrifty. Whether it be scraping that last little bit of sauce from the jar before I open the next one, or my “fashion” items from the ’80s that still like to wear occasionally, I like to get the most out of everything before I am done with it. I suspect that the seed was sown by my parents. As children of the second
As awareness grows of social and environmental issues, there has been an increase in investors wanting to understand the types of industries and businesses that are being supported by their savings. Traditionally investment managers were not concerned about the activities of the companies they invested in. They were only interested in their ability to grow and make profits. However, due to customer demand, a whole new style of choosing what to invest in has evolved.
One of the great joys of being a non-aligned, fee only financial planner is that there can be many more flavours of advice than vanilla. Without a big corporation to satisfy, there is no pressure to recommend certain products or strategies or even to adopt any specific style of advising. This frees up relationships with clients so their true needs can be looked after whatever they are: Complexities around family relationships and roles (blended families,