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Speaker 1: Good morning everyone, and welcome back to Sugar Mama's Fireplay.

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Speaker 1: I am your host financial planner, Anna Campbell, and as always,

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Speaker 1: I'm here every Monday morning at five am, Rain, Hail

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Speaker 1: or shine to help make sure that you start your

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Speaker 1: week off on an informed, inspired and educated note when

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Speaker 1: it comes to achieving all of those very important financial

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Speaker 1: goals and dreams. Now, this morning, we have a bit

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Speaker 1: of a special episode because not only do we have

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Speaker 1: adam Our Numero uno favorite mortgage broker who I know

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Speaker 1: and trust for over eighteen years, but we actually have

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Speaker 1: another colleague of mine, Richard Richard Nichols, who's also in

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Speaker 1: fact a financial planner and also someone that I have

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Speaker 1: known for pretty much the same amount of time as.

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Speaker 2: Well, because we used to work together.

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Speaker 1: So you are going to have essentially two financial planners

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Speaker 1: on today's episode. I guess challenging each other and picking

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Speaker 1: each other's brain and really exploring what options are available

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Speaker 1: out there right now with the backing of a financial

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Speaker 1: planner to help you get ahead of financial and seeing

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Speaker 1: how important it is to have your mortgage broker and

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Speaker 1: your financial planner and a certain degree of his course

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Speaker 1: to your accountant. All singing off the same page, so

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Speaker 1: that you are actually smashing your financial goals and dreams

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Speaker 1: and making the most of every single legal opportunity around you.

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Speaker 1: As always to keep Asik happy, because that's very important

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Speaker 1: to me. I must remind everyone that this is general

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Speaker 1: advice only. Anything you may hear is purely factually based

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Speaker 1: and for you to go and talk to a financial planner,

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Speaker 1: a mortgage broker or an accountant. So please know this

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Speaker 1: is never personal advice, investment advice, strategic advice. All right,

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Speaker 1: let us begin. Okay, good morning Richard, and good morning Adam.

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Speaker 2: Thank you so much for coming in today's.

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Speaker 1: Having us all right, so everyone of us is familiar

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Speaker 1: with Adam McKay, who's you know, our favorite mortgage broker

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Speaker 1: and obviously part of the Ask Adam series.

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Speaker 2: Richard, can you tell me a little bit about yourself

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Speaker 2: and what you do?

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Speaker 3: Financial planner now for the best part of two decades

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Speaker 3: here in Australia can probably tell them my accent, I'm

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Speaker 3: not Australian by birth. I had a banking background in

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Speaker 3: the UK and worked with you previously. Education qualifications, Masters

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Speaker 3: and financial planning.

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Speaker 1: So I am all right working with a clients as

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Speaker 1: a financial planner. For me, that was really important that

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Speaker 1: I was in touch with my client's mortgage broker and

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Speaker 1: of course their accountant, so that I knew exactly what

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Speaker 1: we're doing, and I knew that they were getting great

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Speaker 1: advice and they were on the right type of product

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Speaker 1: and they were making the right progress with their financial goals.

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Speaker 1: Can you explain how you and Adam worked together for

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Speaker 1: your clients to help them get ahead financially and how

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Speaker 1: important that is as well.

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Speaker 3: I'd certainly agree with all of us needing to work

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Speaker 3: together because a lot of the time, when you have

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Speaker 3: multiple people advising someone, if those people don't speak without

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Speaker 3: them ever being the intention the advice can come sometimes

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Speaker 3: conflict because no one knows what the other one's doing or.

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Speaker 1: Saying one hundred percent. And what it annoys me the

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Speaker 1: most is then balls get dropped and loopholes, like legal

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Speaker 1: loopholes get missed, and that is just a huge waste

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Speaker 1: of clients time and money because they're paying for this service,

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Speaker 1: but they're not getting you know, the right advice and

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Speaker 1: proactive advice. And point yeah, Adam, how would you how

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Speaker 1: do you work with with Richard then, because obviously you

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Speaker 1: do mind moorgage. You do my clients mortgages and investment

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Speaker 1: loans and so forth. Like I know how you and

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Speaker 1: I work together, but how do you work with Richard?

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Speaker 4: Well, it's the bugbear of mine actually, really well, Richard,

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Speaker 4: Richard's the Stones, So whenever he wants, wants me or

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Speaker 4: needs me, you know, in relation to his clients, it's

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Speaker 4: just it's just a yell out and were straight into.

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Speaker 5: It, and I actually love it. All jokes aside. It's productive.

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Speaker 5: It's you know, we're not wasting any time, We're getting

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Speaker 5: getting down to it, getting things done without having to

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Speaker 5: you know, with external parties, I find sometimes that.

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Speaker 1: Oh it takes forever for someone to reply back to

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Speaker 1: your return, your care that.

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Speaker 5: Or there's just this you know, unspoken or undercurrent of

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Speaker 5: not wanting to work together because you know they would

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Speaker 5: rather have that client's business holistically. So yeah, look, I

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Speaker 5: love working with Richard and we worked really well together

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Speaker 5: for twenty years.

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Speaker 3: Now.

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Speaker 1: Do you ever have conflicting opinions as to what the

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Speaker 1: client should do? And if so, how do you deal

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Speaker 1: with it?

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Speaker 3: Really? Sometimes not that often generally on the same page,

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Speaker 3: but yeah, there's been times I think when we've had

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Speaker 3: different views on how to structure something.

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Speaker 5: And that can come from licensing and as compliance what

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Speaker 5: you can you determined to be a.

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Speaker 3: Sometimes what I think might work doesn't always work.

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Speaker 5: Yeah, but no, majority of the time we're on the

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Speaker 5: same page and work well together and get things done quickly.

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Speaker 1: There have been a couple of not many, thank goodness,

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Speaker 1: but there was one incident in particular. I wouldn't say incident,

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Speaker 1: but there was a situation. And you may not be

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Speaker 1: able to remember this because it's going back I think

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Speaker 1: twelve years ago, but a client of mine and yours

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Speaker 1: wanted to borrow an extremely large amount of money to

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Speaker 1: buy a property. And I had didn't actually flag this

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Speaker 1: with you yet I was and in fact you actually

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Speaker 1: called me and said, I've just met with them. I

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Speaker 1: can do it, it's fine, but I'm actually really worried.

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Speaker 1: I think this is really dangerous what they're doing. And

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Speaker 1: I was so relieved that you called me and said that,

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Speaker 1: because I was like, I was thinking the same thing

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Speaker 1: as well. And then of course I could then go

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Speaker 1: to the client and say, look, I think this is

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Speaker 1: a bad move what you're about to do, and I

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Speaker 1: think you're going to alf under a huge amount of

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Speaker 1: pressure and stress and taking on an unnecessary risk out

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Speaker 1: of interest. Do you still do that? And do you

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Speaker 1: do that together? When you go actually, I think this

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Speaker 1: is you know your to close.

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Speaker 4: The wind absolutely as recent as two weeks ago. I

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Speaker 4: think we won't go into the detail.

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Speaker 3: But yeah, of course absolutely.

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Speaker 5: And then that's the core part of our roles being

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Speaker 5: acting responsibly and in best interest duty for our clients.

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Speaker 1: You have to I often think that as a financial planner,

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Speaker 1: sometimes my value to my clients came from stopping them

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Speaker 1: from doing something disastrous. Then looking at all the money

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Speaker 1: I saved them in tax, how much interest I say them,

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Speaker 1: how much time?

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Speaker 2: I say them, perhaps I grew their.

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Speaker 1: Share portfolios or in their porfolios or the superannuation portfolios.

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Speaker 1: Was actually stopping them from making a monumental stuff up.

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Speaker 1: You know, people, if I think forget about that, there

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Speaker 1: to say hang on, stop, this is you're not looking

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Speaker 1: at this the right way.

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Speaker 2: You need to consider this.

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Speaker 4: That and that.

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Speaker 1: And you know, would you agree with that you've stopped

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Speaker 1: clients from doing things that potentially were fraught with danger.

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Speaker 3: Yeah, definitely, because you see that other clients who have

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Speaker 3: friends that are in certainly in the property development business,

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Speaker 3: and you know there's opportunities that get discussed between friends

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Speaker 3: and then they come to you going, oh, look, we

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Speaker 3: want to get into this. It's costing this amount of

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Speaker 3: money to borrow, and you're like, really do you really

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Speaker 3: want to? You know, put yourself under that type of pressure.

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Speaker 1: And you can see things as a financial plannert that

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Speaker 1: other people can't see. And you know, I think especially

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Speaker 1: when you get a hot tip from a friend, you know,

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Speaker 1: down at say the local pub or you know, sitting

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Speaker 1: at a taxi, sometimes you know, you can kind of

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Speaker 1: get caught up in the moment and you know, emotions

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Speaker 1: to fiologic as Tom says. You know, you just think,

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Speaker 1: oh yeah, I've got to do that, and the kind

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Speaker 1: of panic sets in. But then you need that sort

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Speaker 1: of educated and formed experience. Financial planet steps and goes

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Speaker 1: okay or right, hang on, let's just look at the

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Speaker 1: whole picture here and weigh up the risks. Are you

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Speaker 1: really willing to take that much risk? Exactly as you said,

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Speaker 1: Sometimes I know with myself clients, you've got like a

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Speaker 1: hot tip, I'd say, well, all right, let's allocate two

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Speaker 1: percent or five percent of the portfolio for that, and

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Speaker 1: nine times out of ten, they'd come back to me

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Speaker 1: with their tail between their legs, going, yeah, doubled in value,

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Speaker 1: but I didn't get the tip to sell, so now

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Speaker 1: it's worth close to nothing.

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Speaker 2: So would you agree with zone? Like that happens a lot.

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Speaker 3: We have the benefit of being, to a certain extent

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Speaker 3: unemotional in how we explain things to our clients. We

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Speaker 3: can pay a bit of Devil's advocate as well. Go, well,

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Speaker 3: that's the plus side of it, and that's what you're

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Speaker 3: focusing on. But what about this side? What happens if

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Speaker 3: it doesn't work out? What then? What's your solution? How

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Speaker 3: are you going to deal with that? And I think

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Speaker 3: that's powerful that we can have those both sides of

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Speaker 3: the conversation with them.

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Speaker 5: Yeah, there's financial literacy as well for clients. You know,

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Speaker 5: some clients we might have very high financial literacy. Some

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Speaker 5: are very low and they come in you know, Yeah,

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Speaker 5: it was at a barbecue last week and our friends

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Speaker 5: bought this two million all the house. We want to

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Speaker 5: do that. Okay, what's going to cost you X per month?

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Speaker 5: Can you afford that? In no way?

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Speaker 4: Yeah, they're not they're.

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Speaker 5: Not aware of the costs of borrowing or repayments, and

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Speaker 5: you know that they're just they're quite quite relaxed with it,

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Speaker 5: and they need guidance because otherwise they will get themselves

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Speaker 5: in trouble.

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Speaker 3: And that financial literacy can be a double edged sword anyway, true,

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Speaker 3: because you'll have clients that are consider themselves financially quite literate,

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Speaker 3: but then you look at the time of the risks

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Speaker 3: they're trying to take. You know, they tend to be

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Speaker 3: more comfortable with risk, and that can always sometimes be

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Speaker 3: to their detriment.

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Speaker 1: I'm so glad you said that, because I would see

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Speaker 1: that a lot with crypto, particularly when it's kicked off,

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Speaker 1: and you know, they'd do a course on crypto and

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Speaker 1: think they were, you know, experts, and they didn't actually

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Speaker 1: understand essentially they were gambling with their retirement savings and

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Speaker 1: the risks that they were taking on. But you know,

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Speaker 1: they you almost get this inflated sense of financial literacy

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Speaker 1: which actually isn't isn't there. I mean it's a huge problem.

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Speaker 1: What are your thoughts, both of you on financial planners

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Speaker 1: that can do you know, your mortgage and mortgage brokers

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Speaker 1: that can do your financial planning, Like do you think

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Speaker 1: it's you know, Jack of all trades master or nothing.

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Speaker 2: Is that what you think?

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Speaker 3: Yeah? I could, technically, if I did the courses, etc.

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Speaker 3: Become a mortgage broken now. But how would I duplicate

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Speaker 3: twenty years of experience? Impossible? You know, I'll stay in

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Speaker 3: my lane, and I'm pretty happy in that lane.

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Speaker 5: I'm sure there are some good operators that do it,

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Speaker 5: but for me, it's very few.

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Speaker 1: Yeah, I mean, you're you can only focus on so much. Interestingly,

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Speaker 1: I got I was at an event in Japan a

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Speaker 1: couple of weeks ago, and I got parked next to

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Speaker 1: a billionaire and this billionaire was like, no one was

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Speaker 1: talking to him, and I got puck tented. I was like,

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Speaker 1: this is an amazing opportunity to speak to someone who's

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Speaker 1: got incredible insights and knowledge and experience. And I asked

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Speaker 1: him and I was like, what is the number one

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Speaker 1: best advice you would give to anyone that wants to

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Speaker 1: get ahead in their career or with their business. And

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Speaker 1: he said it was the most amazing advice. He said,

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Speaker 1: don't do what you love, do what you can specialize in.

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Speaker 1: He said, don't try and do all these other different things.

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Speaker 1: He goes, just do what you do well and can

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Speaker 1: specialize in and that's your niche and just pretty much

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Speaker 1: hone in on that and that was all his advice.

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Speaker 1: And I walked away thinking, but then I was like, actually,

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Speaker 1: know that is brilliant. Don't try and like be it

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Speaker 1: all because it can't possibly do. There's only certain amount

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Speaker 1: of brain cells, there's only amount of so much more

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Speaker 1: time in the day. And also when I think about

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Speaker 1: the mortgage market, every time you and I speak, and

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Speaker 1: we speak a lot, there's something different going on in

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Speaker 1: the industry.

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Speaker 2: And that's just your industry.

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Speaker 1: My industry and richest industry is hectic as well, Like

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Speaker 1: you can't possibly keep your finger on the pulse. All right, Richard,

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Speaker 1: I want to ask you some questions really about financial

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Speaker 1: planning because I'm now focusing purely on the financial ligacy

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Speaker 1: with Sugar Mama and YouTube and my next book and

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Speaker 1: obviously the podcast and the social media and keynotes, so

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Speaker 1: I don't look after clients individually anymore. I'm more about

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Speaker 1: trying to, I guess, build up that financial literacy across

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Speaker 1: the country and across the world. You are taking on clients,

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Speaker 1: you are seeing clients every day. What are you seeing

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Speaker 1: as the most helpful financial strategy. With the rising post

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Speaker 1: of living, rising interest rates, you know obviously the financial

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Speaker 1: stress and pressure. What are you seeing is the most

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Speaker 1: popular strategy that you are using with your clients at

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Speaker 1: the moment to reduce costs, reduce costs and just as it,

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Speaker 1: keep your head above water, but also still keep on

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Speaker 1: working on those financial.

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Speaker 3: Goals to reduce costs. We touched on this earlier with

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Speaker 3: speaking to your lender seeing if you can sharpen those

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Speaker 3: interest rates. That's certainly one way you can review your budget,

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Speaker 3: but I think just rining down a budget isn't really

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Speaker 3: the best way to get a grasp on you're spending

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Speaker 3: because it's nine times out of ten it won't be

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Speaker 3: what you're actually spending.

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Speaker 2: This is what I say.

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Speaker 1: I say a budget is just a flaky piece of paper.

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Speaker 1: It's a flaking intention going yes, I'm going to spend

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Speaker 1: this much on grocries, this much on my mobile, and

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Speaker 1: your membership unless you're sticking to it, is useless.

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Speaker 3: I think your best starting point rather than doing that,

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Speaker 3: is to track your spending honestly for the next four

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Speaker 3: weeks and then going back and reviewing that and seeing

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Speaker 3: where your money is going and where you can actually

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Speaker 3: reduce because you know, if you're going to the working

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Speaker 3: every day, the amount of money you can just spend

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Speaker 3: on for a for all things around the office, you know,

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Speaker 3: coffee here, lunch here, getting a snack here. You know,

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Speaker 3: you add all those up and it can end up

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Speaker 3: being quite a fair bit. But without knowing that, without

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Speaker 3: actually going to the effort of seeing where your money

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Speaker 3: is being spent over say a four week period, it's

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Speaker 3: hard to think back and well hard to then adjust

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Speaker 3: your spending to reduce that. I think reviewing things like

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Speaker 3: your insurances can make sense.

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Speaker 1: That's a really interesting one. How you know, I've had

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Speaker 1: a couple of dms from people recently on Instagram saying

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Speaker 1: I'm paying so much per month in you know, my

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Speaker 1: income protection policy and my trauma policy. You know, I'm

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Speaker 1: tempted to cut it to save some money. And obviously

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Speaker 1: I'm like, don't do that. You need to go get

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Speaker 1: advice straight away because you know, potentially putting yourself under

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Speaker 1: a huge risk. And they actually maybe other options where

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Speaker 1: you can speak to an insurance company. If I was

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Speaker 1: that person calling you saying, hey, Richard, I'm paying like

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Speaker 1: three hundred dollars a month of my income protection. Things

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Speaker 1: are starting to get really tight under the premise of

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Speaker 1: general advice, Like, what would you be saying back to me.

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Speaker 3: I would be going back and re quoting with your

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Speaker 3: existing insurer. You are starting to see more and more

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Speaker 3: now where insurers are offering better rates. They've repriced their products,

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Speaker 3: and they're offering better rates to new customers. So I

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Speaker 3: had it with a recent client where their life and

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Speaker 3: TPD had gone up by about thirty percent in year.

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Speaker 3: We saw the renewer come through, and just out of interest,

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Speaker 3: I re quoted at exactly the same client as a

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Speaker 3: new customer. It was thirty percent less.

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Speaker 2: Wow.

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Speaker 3: The downside is you have to go through the underwriting

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Speaker 3: process again.

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Speaker 2: Yeah, and of course.

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Speaker 1: If you've had a change in health that's also a

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Speaker 1: problem as well.

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Speaker 3: But I think there is definite savings to be had

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Speaker 3: on your personal insurances just by either re quoting with

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Speaker 3: your existing insurer or looking at someone else. It's the

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Speaker 3: same with your home and contents. My home and contents

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Speaker 3: went up massively this year. I won't name who the

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Speaker 3: insurer was, but you rang them, they wouldn't do anything

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Speaker 3: by switching. I saved twenty five percent just by switching

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Speaker 3: to a different insurer like the light.

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Speaker 2: That's huge.

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Speaker 1: Gosh, I probably should get Tom to give you a

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Speaker 1: call because we have his life, TPD, trauma and income

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Speaker 1: protection all bundled together in the one policy and it's

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Speaker 1: obviously gone up after our mortgage, daycare, groceries. That's our

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Speaker 1: fourth gest expense. And I mean, when you're looking at

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Speaker 1: cutting things, a lot of people think about cutting out,

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Speaker 1: is it?

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Speaker 2: I mean?

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Speaker 1: And there are so many other options. You can take

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Speaker 1: out a few benefits within the pol to help bring

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Speaker 1: down the premiums are there are lots of things.

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Speaker 3: Strinkly benefit period, you know, depending on how old you are.

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Speaker 3: You know, if you're in your late late forties, early fifties,

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Speaker 3: a five year benefit period might be sufficient because if

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Speaker 3: you if you've been claiming on or receiving a benefit

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Speaker 3: five years, the odds are you weren't going back to work, Yeah,

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Speaker 3: and that means your TPD policy would possibly pay out

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Speaker 3: as well. We shall then bridge that gap between five

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Speaker 3: to vibe.

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Speaker 1: What are your thoughts about structuring then insurances through your

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Speaker 1: superannuation so it's not coming directly out of your back pocket,

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Speaker 1: it's being at least paid by super.

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Speaker 3: Life in TPD. I don't mind that as a strategy

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Speaker 3: because effectively you've got pre tax dollars paying those those premiums.

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Speaker 3: There is a bit of a tax issue on the

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Speaker 3: TPD payout potentially. Got to be bear in mind. I'm

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Speaker 3: not a massive fan of income protection through SUPER unless

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Speaker 3: cash flow is tasting that. Because income protection premiums are

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Speaker 3: tax deductible. Depending on your marginal rate, you're going to

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Speaker 3: get a fair chunk back when you do your tax

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Speaker 3: returns and traw me. Well, while you could put that

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Speaker 3: through SUPER, the problem with that is you could. You

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Speaker 3: could Yeah, indeed it could pay it. You could meet

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Speaker 3: the trauma definition and it could pay. Actually, fun don't

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Speaker 3: meet the condition of release's stuck in SUPER.

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Speaker 1: So all right, I am going to grab a copy

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Speaker 1: of Thom's policy and send it over to you to

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Speaker 1: have a little look at it and see if you

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Speaker 1: can help us out, because it's it's obviously it's an

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Speaker 1: instant saving if and I know that Tom hasn't a change.

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Speaker 3: As far as I know, are going to go one direction.

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Speaker 1: Well if you if it makes sense that it will

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Speaker 1: not make sense, it's shocking, But if it's cheaper to

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Speaker 1: look at taking out a new policy. You know, these

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Speaker 1: savings really do add up.

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Speaker 3: Indeed, you also might find you have more cover than

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Speaker 3: you need. Yeah, you know, because you know, typically take

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Speaker 3: out a level of cover based on where we are

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Speaker 3: financially at that period of time. As we get older,

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Speaker 3: we're getting close from close to retirement, so that need

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Speaker 3: for cover should go down, not up.

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Speaker 1: And that's why you need to have a financial plant

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Speaker 1: that you see on a regular basis, because they should

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Speaker 1: be looking at this going. You know what, we can

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Speaker 1: save you one hundred dollars a month by reducing your

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Speaker 1: life policy from a million dollars out of five hundred,

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Speaker 1: you're not pretty much most of your mortgage off. People really,

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Speaker 1: I think forget about that ongoing service that comes from

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Speaker 1: financial planning and they're constantly working.

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Speaker 2: For you and your goals.

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Speaker 1: Now, as we were out today's episode, can you share

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Speaker 1: with us five great practical steps that our listeners can

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Speaker 1: follow today to help improve their financial wellbeing.

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Speaker 3: I think number one would be the stay three tax

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Speaker 3: cuts that are coming. Yeah, you know, that's going to

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Speaker 3: give people an extra chunk of money anywhere from you know,

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Speaker 3: if you're on that fifty thousand dollars a year mark,

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Speaker 3: nine hundred do dollars. I think it is you're up

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Speaker 3: to if you're on the one twenty one hundred and

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Speaker 3: twenty grand a year, then it's like a couple of

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Speaker 3: two and a half thousand. I think taking advantage of

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Speaker 3: those and doing something with that money rather than it's

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Speaker 3: sort of disappearing into the lifestyle creat Yeah indeed, you know,

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Speaker 3: I either use that money's a pay extra, a few mortgage,

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Speaker 3: put it into super fund, your own little sort of

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Speaker 3: investment account, do something with that that sort of leg

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Speaker 3: up that we're getting, make it count. Yeah, indeed, I

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Speaker 3: think that's certainly I'm starting to discuss that more and

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Speaker 3: more with clients now because obviously it's lie ones earlier

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Speaker 3: stressed around the corner. There's other things you can probably

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Speaker 3: look at as well to maybe reduce some costs. Look

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Speaker 3: at your credit cards. You know a lot of cards

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Speaker 3: have those annual fees because of the add ons you get,

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Speaker 3: like travel insurance or lounge passes, that type of thing.

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Speaker 3: If you're not going on overseas holidays as much, why

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Speaker 3: be paying four hundred bucks for a year for that card?

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Speaker 3: You know, get a card without the annual fee.

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Speaker 1: What are your thoughts of Super innuation at a time

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Speaker 1: like this. I mean, if I think back, say three

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Speaker 1: four years ago, I was you know, I'd always be

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Speaker 1: encouraging people to consider if they could afford it, and

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Speaker 1: it sat in alignment to their financial goals, you know,

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Speaker 1: sacrificing or even after tax contributions for some people.

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Speaker 2: What do you like, Where do you sit with that?

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Speaker 3: I think salary sacrificing is if you can do it,

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Speaker 3: you should. Yeah. You know, again, you're paying fifteen percent

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Speaker 3: rather than your marginal rate. You know, if you're if

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Speaker 3: you're at the forty percent marginal rate and you put

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Speaker 3: money into Super at fifteen you're already making the twenty

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Speaker 3: five percent return day one on the contribution. Yeah, and

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Speaker 3: it's something that you pat yourself on the back boor

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Speaker 3: when you get to retirement.

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Speaker 1: It's amazing how many people will get really creative to

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Speaker 1: try and save tax and you know, push the envelope

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Speaker 1: and really right under our nose is one of the

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Speaker 1: most powerful asset bases to build wealth and to save

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Speaker 1: a huge amount of tax over the long run.

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Speaker 3: Oh indeed, you know, so you're getting a deduction effectively

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Speaker 3: to put it into a concessionally taxed environment. You know,

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Speaker 3: you paid fifteen percent tax on earnings rather than your

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Speaker 3: marginal rate ten to fifteen on capital gains depending on

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Speaker 3: how long you've owned it for, and once you turn

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Speaker 3: sixty or sixty five you can doal tax free.

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Speaker 1: All right, I have one last question for you on

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Speaker 1: that note of superinnuation. Then, for anyone that is approaching

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Speaker 1: retirement or actually wants to think about some realistic retirement

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Speaker 1: plans and goals, what advice could you give those listeners

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Speaker 1: right now?

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Speaker 3: Depending on your balance, go on to your MIGV website,

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Speaker 3: have a look at what your carry forward contributions concessional

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Speaker 3: contributions are, because you may find that you've got a

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Speaker 3: lot that you can get in pre tax, but that

438
00:20:03,200 --> 00:20:06,760
Speaker 3: sort of window is closing slowly closing on you because

439
00:20:06,760 --> 00:20:08,639
Speaker 3: if you have more than a five hundred thousand dollars balance,

440
00:20:08,840 --> 00:20:11,159
Speaker 3: you can't do that. Yeah, so something like that is

441
00:20:11,200 --> 00:20:13,720
Speaker 3: really important. But generally speaking, you want to try and

442
00:20:13,720 --> 00:20:15,240
Speaker 3: get as much as you can into super in the

443
00:20:15,280 --> 00:20:16,200
Speaker 3: lead up to retirement.

444
00:20:16,600 --> 00:20:16,919
Speaker 2: Yeah.

445
00:20:17,080 --> 00:20:19,480
Speaker 1: People don't realize how I mean, it's the outside of

446
00:20:19,520 --> 00:20:22,120
Speaker 1: our home and for some people actually be worth more

447
00:20:22,160 --> 00:20:22,720
Speaker 1: than their home.

448
00:20:23,200 --> 00:20:23,399
Speaker 3: You know.

449
00:20:23,920 --> 00:20:26,760
Speaker 1: Superinnuation is essentially your investment portfolio is locked away. It's

450
00:20:26,800 --> 00:20:28,440
Speaker 1: going to end up being, for most of us, thanks

451
00:20:28,440 --> 00:20:32,400
Speaker 1: to super Guarantee, the biggest financial asset that we will

452
00:20:32,440 --> 00:20:36,280
Speaker 1: ever own in our lifetime. And what gets monitored gets made.

453
00:20:36,480 --> 00:20:39,240
Speaker 1: You know, that's how you build substantial.

454
00:20:38,640 --> 00:20:41,440
Speaker 3: Well, and that super Guarantee goes up again July one

455
00:20:41,520 --> 00:20:44,040
Speaker 3: as well. Yeah, yeah, twelve percent.

456
00:20:45,359 --> 00:20:47,639
Speaker 1: All right, Richard and Adam, both of you, thank you

457
00:20:47,680 --> 00:20:49,399
Speaker 1: so much for coming in, and you just quickly explain

458
00:20:49,480 --> 00:20:51,280
Speaker 1: to listeners if they want to. You know, they love

459
00:20:51,320 --> 00:20:53,440
Speaker 1: hearing your voice, love hearing the wise advice that you've

460
00:20:53,480 --> 00:20:56,080
Speaker 1: just instilled and imprinted.

461
00:20:55,680 --> 00:20:56,239
Speaker 2: In all of us.

462
00:20:56,280 --> 00:20:58,320
Speaker 1: Right now, How do people get in product? Do you

463
00:20:58,359 --> 00:20:59,720
Speaker 1: offer consultations?

464
00:20:59,760 --> 00:21:02,200
Speaker 2: Do you charge? How does it actually work?

465
00:21:02,640 --> 00:21:02,800
Speaker 4: Does?

466
00:21:02,880 --> 00:21:03,959
Speaker 2: How does someone work with you?

467
00:21:04,000 --> 00:21:07,040
Speaker 1: If they're like, okay, I need to get two brains

468
00:21:07,200 --> 00:21:09,480
Speaker 1: like Adams and Richards onto my finances.

469
00:21:10,760 --> 00:21:13,760
Speaker 3: I'm a little bit different to Adam and how we operate.

470
00:21:14,000 --> 00:21:17,000
Speaker 3: We the best thing would be to an arrange an

471
00:21:17,040 --> 00:21:20,600
Speaker 3: initial consultation. There's no for your cost involved in that.

472
00:21:20,760 --> 00:21:22,879
Speaker 3: But if we do go down the advice route, we

473
00:21:23,240 --> 00:21:25,399
Speaker 3: work on a service basis, so we do charge a

474
00:21:25,440 --> 00:21:29,720
Speaker 3: fee because we don't investment commissions have been outlawed for

475
00:21:29,800 --> 00:21:32,480
Speaker 3: some time now, so we work on a pure fee

476
00:21:32,480 --> 00:21:34,640
Speaker 3: for service basis, which I think is a better way

477
00:21:34,640 --> 00:21:35,080
Speaker 3: to operate.

478
00:21:35,119 --> 00:21:38,200
Speaker 1: Oh absolutely, I've been working off that business model before

479
00:21:38,200 --> 00:21:39,640
Speaker 1: it even came in. I think it's the only way

480
00:21:39,680 --> 00:21:44,280
Speaker 1: to be able to help people. And what's the process involved?

481
00:21:44,560 --> 00:21:46,640
Speaker 1: Do I would I call you and book an appointment?

482
00:21:46,680 --> 00:21:48,480
Speaker 2: Do you charge for that? How long does it take

483
00:21:48,520 --> 00:21:51,280
Speaker 2: to get formal advice back from you? If I want

484
00:21:51,320 --> 00:21:53,680
Speaker 2: to proceed? Can you just quick took me through the process.

485
00:21:54,000 --> 00:21:56,680
Speaker 3: Well? Yeah, the first thing was for us to make

486
00:21:56,720 --> 00:22:00,760
Speaker 3: contact via email or via over the phone. Those details

487
00:22:00,760 --> 00:22:02,680
Speaker 3: on our website here. We would arrange. I'd have a

488
00:22:02,800 --> 00:22:05,080
Speaker 3: normally have a brief chat with someone over the phone first,

489
00:22:05,160 --> 00:22:06,399
Speaker 3: just get a bit of a gauge as to what

490
00:22:06,400 --> 00:22:10,040
Speaker 3: they're looking for. We then send out a fact fine

491
00:22:10,400 --> 00:22:13,520
Speaker 3: information gathering tool also in the name address usets liabilities,

492
00:22:13,520 --> 00:22:17,480
Speaker 3: income expensive. That's that type of thing prior to making

493
00:22:17,600 --> 00:22:20,679
Speaker 3: that initial appointment, because I'm conscious that people do make

494
00:22:20,720 --> 00:22:22,240
Speaker 3: an effort to come and see us, and I don't

495
00:22:22,280 --> 00:22:24,679
Speaker 3: really want that first appointment, you know, half a bit

496
00:22:24,720 --> 00:22:28,120
Speaker 3: to be an information gathering exercise. If I can get

497
00:22:28,119 --> 00:22:30,320
Speaker 3: a snapshot of their situation before they come in. It

498
00:22:30,320 --> 00:22:33,040
Speaker 3: allows me to prepare discussion points for when we meet

499
00:22:33,200 --> 00:22:34,920
Speaker 3: so that they ensure that they get the most out

500
00:22:34,920 --> 00:22:36,920
Speaker 3: of that initial time that we spend together.

501
00:22:37,359 --> 00:22:39,560
Speaker 1: I think it's a brilliant idea, Like you hit the

502
00:22:39,600 --> 00:22:41,879
Speaker 1: ground running and actually you can have a really productive,

503
00:22:41,880 --> 00:22:44,359
Speaker 1: powerful conversation where you talk about in all sorts of

504
00:22:44,400 --> 00:22:47,919
Speaker 1: different concepts and ideas and risks and you know, strategies

505
00:22:47,920 --> 00:22:49,840
Speaker 1: perticentire that could be considered as part of you know,

506
00:22:49,880 --> 00:22:50,760
Speaker 1: some formal advice.

507
00:22:50,920 --> 00:22:55,160
Speaker 3: Indeed, that initial appointments is you know, it's an opportunity

508
00:22:55,200 --> 00:22:56,720
Speaker 3: for us to explain a bit more about who we are,

509
00:22:56,800 --> 00:22:59,240
Speaker 3: what we do, how we do things, and an opportunity

510
00:22:59,240 --> 00:23:01,800
Speaker 3: for the cli't do this aim. But most importantly, I

511
00:23:01,800 --> 00:23:06,080
Speaker 3: think it's an opportunity for us to gauge how we interact. Yeah,

512
00:23:06,119 --> 00:23:08,520
Speaker 3: because you go and see ten advisors, we should all

513
00:23:08,600 --> 00:23:12,320
Speaker 3: roughly say the same thing, you know, reduce your debt,

514
00:23:12,400 --> 00:23:15,320
Speaker 3: reduce your tax. Invest Now they may recommend different vehicles

515
00:23:15,320 --> 00:23:16,840
Speaker 3: to do that, but if you're going to see ten

516
00:23:16,880 --> 00:23:18,640
Speaker 3: people that say the same thing, you want to choose

517
00:23:18,640 --> 00:23:21,159
Speaker 3: the one that you get on with the most field trust,

518
00:23:21,280 --> 00:23:25,919
Speaker 3: because financial planning is very much a personal relationship and

519
00:23:25,920 --> 00:23:28,520
Speaker 3: you only know you track into your sort of circle

520
00:23:28,560 --> 00:23:31,679
Speaker 3: of influence like minded people. Yeah, and I think you know,

521
00:23:31,920 --> 00:23:33,240
Speaker 3: you don't have a you know, you don't have a doctor,

522
00:23:33,280 --> 00:23:35,160
Speaker 3: you don't not you don't have a you know, alloy

523
00:23:35,359 --> 00:23:38,639
Speaker 3: that Like, it's a similar situation that you want to

524
00:23:38,640 --> 00:23:41,120
Speaker 3: make sure that you gel on that personal level as well.

525
00:23:41,560 --> 00:23:44,880
Speaker 1: What's the relationship We last twenty years and you want

526
00:23:44,880 --> 00:23:46,840
Speaker 1: to make sure that person inspires your motivates you to

527
00:23:46,920 --> 00:23:48,840
Speaker 1: keep going. And it's actually you know, acting as that

528
00:23:48,880 --> 00:23:53,200
Speaker 1: beacon of light as you go down that financial journey exactly.

529
00:23:53,440 --> 00:23:56,199
Speaker 2: And then when does when and where does Adam come in?

530
00:23:56,240 --> 00:23:58,160
Speaker 1: Can he also have a look at, you know, someone's

531
00:23:58,760 --> 00:24:00,800
Speaker 1: mortgages and see if you can help them negotiate a

532
00:24:00,800 --> 00:24:03,760
Speaker 1: better deal. Is that where this kind of holistic, comprehensive

533
00:24:03,760 --> 00:24:04,680
Speaker 1: advice comes in.

534
00:24:05,040 --> 00:24:07,280
Speaker 3: Well, indeed, part and past of what I do is

535
00:24:07,320 --> 00:24:10,040
Speaker 3: I German ninety nine times out of one hundred for

536
00:24:10,080 --> 00:24:14,280
Speaker 3: clients work out a debt reduction strategy for them, making

537
00:24:14,320 --> 00:24:17,320
Speaker 3: some using their existing rates and surplus. And you know

538
00:24:17,400 --> 00:24:20,200
Speaker 3: they've setting a goal to get that mortgage paid off.

539
00:24:20,640 --> 00:24:22,280
Speaker 3: And then it will be a case of sitting down

540
00:24:22,280 --> 00:24:24,920
Speaker 3: with Adam and working out, Okay, how do we do that?

541
00:24:25,040 --> 00:24:27,280
Speaker 3: Is you know, is there current lend of the best

542
00:24:27,280 --> 00:24:30,680
Speaker 3: one achieve? That is the room to is there better

543
00:24:30,720 --> 00:24:31,440
Speaker 3: deals out there?

544
00:24:33,680 --> 00:24:36,720
Speaker 1: And then what about accountants? Do you know liaise with

545
00:24:36,760 --> 00:24:39,000
Speaker 1: the clients accountants to make sure they're up to speed

546
00:24:39,040 --> 00:24:41,560
Speaker 1: as to what you're recommending and just also make sure

547
00:24:41,600 --> 00:24:42,560
Speaker 1: they haven't missed anything.

548
00:24:42,880 --> 00:24:45,720
Speaker 3: Yeah, indeed, you know, once we've got the strategy sort

549
00:24:45,720 --> 00:24:47,920
Speaker 3: of worked out, then it's a case of sitting down

550
00:24:47,920 --> 00:24:51,360
Speaker 3: with their again existing accountant. A lot of the time

551
00:24:51,400 --> 00:24:53,000
Speaker 3: that you know, one of the most common questions we

552
00:24:53,040 --> 00:24:54,520
Speaker 3: could ask is do you know a good accountant?

553
00:24:55,600 --> 00:24:58,399
Speaker 1: I believe I asked Adam that recently and I have

554
00:24:58,440 --> 00:24:59,560
Speaker 1: a new accountant.

555
00:24:59,160 --> 00:25:03,600
Speaker 3: That and then yeah, so yeah, when when it's appropriate,

556
00:25:03,600 --> 00:25:06,800
Speaker 3: then definitely we have those conversations as long as that

557
00:25:06,880 --> 00:25:10,639
Speaker 3: client's giving us that permission to have those.

558
00:25:10,560 --> 00:25:12,760
Speaker 1: All right, Well, look, Adam and Richard, thank you so

559
00:25:12,840 --> 00:25:15,080
Speaker 1: much for coming in today's episode. I really appreciate and

560
00:25:15,160 --> 00:25:20,320
Speaker 1: some brilliant advice, wise advice and some greatly appreciated advice

561
00:25:20,359 --> 00:25:20,800
Speaker 1: this morning.

562
00:25:20,840 --> 00:25:23,680
Speaker 2: So thank you so much to all our listeners.

563
00:25:23,920 --> 00:25:26,280
Speaker 1: If you want to reach out to Adam or to Richard,

564
00:25:26,920 --> 00:25:29,280
Speaker 1: do so probably best either through email to Adam, or

565
00:25:29,320 --> 00:25:30,920
Speaker 1: of course you can reach out to them through their

566
00:25:30,960 --> 00:25:34,080
Speaker 1: Instagram account at Blue Lantern Home Loans.

567
00:25:34,760 --> 00:25:36,280
Speaker 2: In the meantime, if you could take a moment to.

568
00:25:36,320 --> 00:25:39,119
Speaker 1: Leave a rating and review, I would greatly appreciate it

569
00:25:39,119 --> 00:25:41,679
Speaker 1: because every single review I get, and obviously hopefully a

570
00:25:41,720 --> 00:25:44,560
Speaker 1: five star rating, allows me to keep going and helping

571
00:25:44,640 --> 00:25:48,160
Speaker 1: create free financial literacy for you to enjoy in your

572
00:25:48,320 --> 00:25:51,720
Speaker 1: free time. All right, everyone, have a fantastic week ahead,

573
00:25:51,720 --> 00:25:54,200
Speaker 1: and I'll check back in with you next Monday morning

574
00:25:54,320 --> 00:25:55,160
Speaker 1: at five am.

575
00:25:55,200 --> 00:25:55,720
Speaker 3: Shout now

576
00:26:00,560 --> 00:26:00,600
Speaker 4: The