1 00:00:00,200 --> 00:00:19,480 Speaker 1: She's on the Money. She's on the Money. 2 00:00:29,160 --> 00:00:32,120 Speaker 2: Hello, and welcome to She's on the Money, the podcast 3 00:00:32,120 --> 00:00:35,640 Speaker 2: for millennials who want financial freedom. At what point in 4 00:00:35,640 --> 00:00:37,640 Speaker 2: your journey is at the right time to see a 5 00:00:37,680 --> 00:00:41,400 Speaker 2: financial advisor? What do they actually do and how do 6 00:00:41,440 --> 00:00:44,600 Speaker 2: you know if they're worth the investment for you? These 7 00:00:44,600 --> 00:00:47,160 Speaker 2: are questions we hear all the time in the She's 8 00:00:47,200 --> 00:00:50,000 Speaker 2: on the Money community, and who better to answer them 9 00:00:50,440 --> 00:00:55,600 Speaker 2: than real life financial advisor Victoria Divine. Today, the main 10 00:00:55,800 --> 00:00:58,480 Speaker 2: goal is for people to really understand exactly what a 11 00:00:58,520 --> 00:01:01,720 Speaker 2: financial advisor does so that they can figure out if 12 00:01:01,760 --> 00:01:03,760 Speaker 2: it is the right step for them to be taking. 13 00:01:04,319 --> 00:01:05,920 Speaker 2: So can you kick us off with a bit of 14 00:01:05,920 --> 00:01:08,839 Speaker 2: a chat about what a financial advisor actually does? 15 00:01:09,040 --> 00:01:11,800 Speaker 3: Look not much like not much the podcast all day 16 00:01:12,120 --> 00:01:15,240 Speaker 3: and they talk about money, and sometimes they post on 17 00:01:15,319 --> 00:01:17,959 Speaker 3: Instagram and make you feel like you should talk to 18 00:01:18,000 --> 00:01:19,840 Speaker 3: a financial advisor, but you don't know what they do. 19 00:01:19,880 --> 00:01:24,319 Speaker 3: But being serious though, a good financial advisor works so 20 00:01:24,360 --> 00:01:27,759 Speaker 3: that you can understand your needs and set financial goals 21 00:01:27,800 --> 00:01:30,200 Speaker 3: and create a plan to help you achieve them. So 22 00:01:30,240 --> 00:01:32,840 Speaker 3: there's somebody that is on your team when it comes 23 00:01:32,880 --> 00:01:36,800 Speaker 3: to money and everything. When it comes to financial decisions. 24 00:01:36,800 --> 00:01:39,520 Speaker 3: So whether that is budgeting and cash flow, there are 25 00:01:39,600 --> 00:01:42,640 Speaker 3: financial advisors who do that. There are financial advisors who 26 00:01:42,680 --> 00:01:45,680 Speaker 3: are only investment. It's kind of like a doctor. I 27 00:01:45,680 --> 00:01:47,280 Speaker 3: don't want to compare it to a doctor. We're clearly 28 00:01:47,319 --> 00:01:50,640 Speaker 3: not doctors, but you have like an oncologist, and you 29 00:01:50,680 --> 00:01:54,920 Speaker 3: would have a podiatrist. Like, yes, they're all doctors, but 30 00:01:55,120 --> 00:01:57,720 Speaker 3: they have specialty areas, so like you'd still call them 31 00:01:57,720 --> 00:01:59,640 Speaker 3: a doctor. If they're on a plane, they probably would 32 00:01:59,640 --> 00:02:01,360 Speaker 3: have to put the hand up if someone said, oh, 33 00:02:01,440 --> 00:02:02,800 Speaker 3: is there a doctor on board, and they're like, oh, 34 00:02:02,840 --> 00:02:03,800 Speaker 3: I just have my PhD. 35 00:02:04,240 --> 00:02:04,520 Speaker 2: I can't. 36 00:02:04,560 --> 00:02:09,160 Speaker 3: I can't save your life, sorry lady. But everybody specializes 37 00:02:09,200 --> 00:02:13,120 Speaker 3: in different things, and like majority of people, they're like GPS. 38 00:02:13,240 --> 00:02:16,920 Speaker 3: They are just overarching. They might have like a general 39 00:02:17,000 --> 00:02:19,600 Speaker 3: knowledge of pretty much everything budget, cash flow, they might 40 00:02:19,600 --> 00:02:21,680 Speaker 3: do super they might do investing. They might have like 41 00:02:21,720 --> 00:02:23,880 Speaker 3: a really broad range of stuff. But then there are 42 00:02:23,880 --> 00:02:27,040 Speaker 3: people who specialize in center link. There are people who 43 00:02:27,120 --> 00:02:29,359 Speaker 3: specialize in budget and cash flow. There are people who 44 00:02:29,400 --> 00:02:32,920 Speaker 3: specialize in investment strategy. There are people who specialize in 45 00:02:33,000 --> 00:02:36,160 Speaker 3: self managed super fun. So for you, if you want 46 00:02:36,160 --> 00:02:39,040 Speaker 3: to talk to one, it's important to understand, you know. 47 00:02:39,120 --> 00:02:40,520 Speaker 3: And I know we're going to get there and we're 48 00:02:40,520 --> 00:02:43,280 Speaker 3: going to have this conversation, but it's important to understand, 49 00:02:43,440 --> 00:02:45,720 Speaker 3: I guess, at a base level what you want them for, 50 00:02:46,080 --> 00:02:48,560 Speaker 3: because too many times do we see people in our 51 00:02:48,560 --> 00:02:51,280 Speaker 3: community going, oh, my gosh, I approached an adviso and like, 52 00:02:51,360 --> 00:02:53,799 Speaker 3: you know, they were really snooty and they didn't want 53 00:02:53,840 --> 00:02:56,040 Speaker 3: to work with me, and it really disheartened me. And 54 00:02:56,080 --> 00:02:58,520 Speaker 3: I'm like, yes, I'm not saying that that was the 55 00:02:58,600 --> 00:03:01,200 Speaker 3: right thing by any means means. In fact, when it 56 00:03:01,240 --> 00:03:04,200 Speaker 3: comes to my personal views on financial advice, they should 57 00:03:04,200 --> 00:03:06,440 Speaker 3: have already known what you were looking for before even 58 00:03:06,480 --> 00:03:09,040 Speaker 3: agreeing to have a meeting with you, because sometimes it's 59 00:03:09,040 --> 00:03:11,799 Speaker 3: a waste of time for both sides of the party, right, Like, Gee, 60 00:03:11,800 --> 00:03:13,079 Speaker 3: if you were like I just really want to be 61 00:03:13,120 --> 00:03:15,760 Speaker 3: better at budget and cash flow, but you went to 62 00:03:15,800 --> 00:03:18,240 Speaker 3: an investment advisor and they're like, oh, no problems, Gee, 63 00:03:18,240 --> 00:03:20,560 Speaker 3: come this way, come into my fancy boardroom, and then 64 00:03:20,600 --> 00:03:23,639 Speaker 3: they find out that you don't actually have any money 65 00:03:23,680 --> 00:03:25,080 Speaker 3: to invest yet and you just wanted to work on 66 00:03:25,160 --> 00:03:27,919 Speaker 3: cash flow, Like your needs aren't being met, your expectations 67 00:03:27,960 --> 00:03:31,000 Speaker 3: aren't being met. Theirs aren't and they don't. Essentially, they 68 00:03:31,000 --> 00:03:32,720 Speaker 3: don't want you as a client. And I'm not saying 69 00:03:32,760 --> 00:03:36,080 Speaker 3: that in a bad way, but like you're not, they're demographic, 70 00:03:36,200 --> 00:03:38,200 Speaker 3: they're they're not going to be able to add the 71 00:03:38,280 --> 00:03:40,440 Speaker 3: value to you that you would like them too. So 72 00:03:40,480 --> 00:03:42,840 Speaker 3: we need to be clear about what we're looking for 73 00:03:43,240 --> 00:03:46,920 Speaker 3: before we actually engage someone. So essentially, a financial advisor 74 00:03:47,000 --> 00:03:49,240 Speaker 3: helps you achieve your money goals. 75 00:03:49,760 --> 00:03:54,120 Speaker 2: And how do they differ from accountants and more mortgage 76 00:03:54,120 --> 00:03:56,000 Speaker 2: brokers okay, other figures like that. 77 00:03:56,280 --> 00:03:58,800 Speaker 3: So when it comes to the difference between a financial 78 00:03:58,840 --> 00:04:02,720 Speaker 3: advisor and an account content, it's interesting because you always 79 00:04:02,760 --> 00:04:04,800 Speaker 3: see them being compared and people like, well, I don't 80 00:04:04,800 --> 00:04:07,040 Speaker 3: really understand the difference. What do I need here or there? 81 00:04:07,480 --> 00:04:10,920 Speaker 3: The best explanation I can give is that an accountant 82 00:04:10,920 --> 00:04:13,480 Speaker 3: works in the past and a financial advisor works in 83 00:04:13,480 --> 00:04:17,080 Speaker 3: the future. So an accountant deals with numbers that already exist. 84 00:04:17,360 --> 00:04:19,800 Speaker 3: They might cash flow your business and talk about stuff 85 00:04:19,800 --> 00:04:22,120 Speaker 3: in the future based off you know what you're doing, 86 00:04:22,320 --> 00:04:24,360 Speaker 3: but they'll do things like your tax returns, like how 87 00:04:24,440 --> 00:04:26,640 Speaker 3: much tax have you paid or how much tax do 88 00:04:26,680 --> 00:04:29,919 Speaker 3: you owe for stuff you've already done, whereas a financial 89 00:04:29,960 --> 00:04:32,040 Speaker 3: advisor is going to sit down and be like, all right, Jay, 90 00:04:32,279 --> 00:04:34,120 Speaker 3: how are you going to create income? How are you 91 00:04:34,120 --> 00:04:36,680 Speaker 3: going to create strategy into the future, How are you 92 00:04:36,760 --> 00:04:39,600 Speaker 3: going to create cash flow? Whether that's for your business 93 00:04:39,680 --> 00:04:42,640 Speaker 3: or personally, Because there are financial advisors who work with 94 00:04:42,680 --> 00:04:45,480 Speaker 3: small business owners or larger business owners, and there are 95 00:04:45,760 --> 00:04:49,360 Speaker 3: also financial advisors who just work with personal people. But essentially, 96 00:04:49,520 --> 00:04:51,719 Speaker 3: your accountant is the person that works with all of 97 00:04:51,720 --> 00:04:54,360 Speaker 3: the past numbers and making sure that you meet stuff 98 00:04:54,400 --> 00:04:57,480 Speaker 3: like compliance like tax. But then a financial advisor is 99 00:04:57,480 --> 00:04:59,799 Speaker 3: all about that strategy and wealth creation. 100 00:05:00,200 --> 00:05:03,120 Speaker 2: Hmm, really, well saived that? Hell no, that really that 101 00:05:03,160 --> 00:05:05,240 Speaker 2: really makes sense. I never really I mean I know, 102 00:05:05,400 --> 00:05:07,800 Speaker 2: I do know now because obviously I work alongside you, 103 00:05:08,680 --> 00:05:10,000 Speaker 2: but I never knew back in the day. 104 00:05:10,080 --> 00:05:12,359 Speaker 3: Yeah, but like why would you exactly? Kind of like 105 00:05:12,400 --> 00:05:14,680 Speaker 3: they work with money, right, like they would advise me. 106 00:05:14,760 --> 00:05:17,479 Speaker 3: And it does get really foggy because when you talk 107 00:05:17,520 --> 00:05:21,680 Speaker 3: about financial advisors, like, yes, I talk about tax with 108 00:05:21,760 --> 00:05:25,159 Speaker 3: my clients. I talk about tax management strategies. I talk about, 109 00:05:25,279 --> 00:05:27,719 Speaker 3: you know, reducing your taxable income so that you know, 110 00:05:27,760 --> 00:05:30,320 Speaker 3: we can save more money, and an accountant can do 111 00:05:30,400 --> 00:05:32,640 Speaker 3: that as well. But That's why I wanted to distill 112 00:05:32,680 --> 00:05:35,640 Speaker 3: it down to like cool past future, this is how 113 00:05:35,640 --> 00:05:38,680 Speaker 3: it works. But then there are definitely like overlapping topics 114 00:05:38,720 --> 00:05:41,560 Speaker 3: that we both talk about. But like I can't give 115 00:05:41,760 --> 00:05:44,240 Speaker 3: tax advice, for example, Like I can talk about it 116 00:05:44,240 --> 00:05:46,560 Speaker 3: with my clients, like I'm authorized to do that and 117 00:05:46,600 --> 00:05:49,200 Speaker 3: I have like a good knowledge of it, but like 118 00:05:49,240 --> 00:05:50,880 Speaker 3: I'm not going to go do a tax return because 119 00:05:50,880 --> 00:05:52,479 Speaker 3: I can't do that. I'm not going to talk to 120 00:05:52,520 --> 00:05:55,800 Speaker 3: a small business about bas or submitting that bass, but 121 00:05:55,880 --> 00:05:58,600 Speaker 3: I might help them prepare their cash flow to make 122 00:05:58,640 --> 00:06:01,000 Speaker 3: sure that bass doesn't hit them in the back pocket 123 00:06:01,040 --> 00:06:03,279 Speaker 3: when they didn't want it, do you know what I mean? Yeah? 124 00:06:03,880 --> 00:06:05,919 Speaker 3: And then you say mortgage brokers as well. Yeah, so 125 00:06:06,040 --> 00:06:09,159 Speaker 3: a mortgage broker they have heaps of value as well, 126 00:06:09,360 --> 00:06:13,159 Speaker 3: but they brokeer deals between you and a lending institution 127 00:06:13,440 --> 00:06:16,400 Speaker 3: so that you can borrow money, again breaking it down 128 00:06:16,480 --> 00:06:18,760 Speaker 3: and making it really simple. They obviously can do a 129 00:06:18,800 --> 00:06:21,400 Speaker 3: lot more. They might do finance for businesses or boats, 130 00:06:21,480 --> 00:06:24,000 Speaker 3: or for your future private jet or maybe just a 131 00:06:24,000 --> 00:06:27,400 Speaker 3: small business. Like it doesn't matter, but let's just distill 132 00:06:27,440 --> 00:06:30,320 Speaker 3: it down. A mortgage broker is going to broker the 133 00:06:30,360 --> 00:06:32,960 Speaker 3: deal between you and a financial institution so that you 134 00:06:33,000 --> 00:06:35,120 Speaker 3: can get a loan to borrow money for a house. 135 00:06:35,600 --> 00:06:38,440 Speaker 3: And there are a few different types of brokers. We've 136 00:06:38,480 --> 00:06:41,200 Speaker 3: spoken about this on the podcast before. The first type 137 00:06:41,240 --> 00:06:43,320 Speaker 3: is the broker that works at a bank, and they're 138 00:06:43,320 --> 00:06:45,120 Speaker 3: not the type that I want you to talk to, 139 00:06:45,440 --> 00:06:48,119 Speaker 3: not because they're bad people. They're great, but they only 140 00:06:48,160 --> 00:06:50,960 Speaker 3: have access to the products at the bank that they 141 00:06:51,000 --> 00:06:54,960 Speaker 3: work for. They're not taking your holistic situation into consideration. 142 00:06:55,400 --> 00:06:59,120 Speaker 3: And then you would have independent brokers. So independent mortgage 143 00:06:59,120 --> 00:07:02,159 Speaker 3: brokers have what's called a panel, and a panel is 144 00:07:02,200 --> 00:07:06,240 Speaker 3: a list of different financial institutions, including all of the 145 00:07:06,279 --> 00:07:09,720 Speaker 3: big four banks, it would include all of the smaller banks. 146 00:07:09,720 --> 00:07:12,480 Speaker 3: It would include things like credit unions that borrow money. 147 00:07:12,480 --> 00:07:14,960 Speaker 3: It might include things like mortgage funds, which are a 148 00:07:14,960 --> 00:07:17,920 Speaker 3: bit more complex, but mortgage funds which have a high 149 00:07:17,920 --> 00:07:20,160 Speaker 3: interest rate, but they have their purpose in the market. 150 00:07:20,400 --> 00:07:22,480 Speaker 3: And a mortgage broker would then look at their panel, 151 00:07:22,640 --> 00:07:25,800 Speaker 3: and usually they have forty plus different options and go, 152 00:07:26,000 --> 00:07:28,120 Speaker 3: do you know what, Georgia, So you know how you 153 00:07:28,120 --> 00:07:30,840 Speaker 3: said you wanted to go with bank A, Well, actually 154 00:07:30,880 --> 00:07:33,000 Speaker 3: I found a better deal over here that works better 155 00:07:33,040 --> 00:07:35,080 Speaker 3: for you in your personal situation, so we're going to 156 00:07:35,080 --> 00:07:38,640 Speaker 3: apply for that, not just looking at bank as mortgage 157 00:07:38,640 --> 00:07:41,560 Speaker 3: one option or mortgage two option. So it's just more 158 00:07:41,600 --> 00:07:45,640 Speaker 3: holistic and usually a broker is going to be a 159 00:07:45,680 --> 00:07:48,840 Speaker 3: really good resource when it comes to actually cash flowing 160 00:07:48,840 --> 00:07:50,720 Speaker 3: a purchase. So they're going to be able to sit 161 00:07:50,720 --> 00:07:52,360 Speaker 3: down with you and go, cool, how much deposit do 162 00:07:52,360 --> 00:07:53,960 Speaker 3: you have, This is what your stamp duty is going 163 00:07:54,000 --> 00:07:56,600 Speaker 3: to cost, this is what everything else is going to cost, 164 00:07:56,640 --> 00:07:58,120 Speaker 3: and this is what you're going to be up for. 165 00:07:58,360 --> 00:08:01,000 Speaker 3: And they're really good usually at you know, just a 166 00:08:01,000 --> 00:08:03,960 Speaker 3: debase level budget and cash flow. But you wouldn't go 167 00:08:04,000 --> 00:08:05,960 Speaker 3: to a mortgage broker to be like, oh, I want 168 00:08:05,960 --> 00:08:08,440 Speaker 3: to say for a home one day, because they'll be 169 00:08:08,480 --> 00:08:12,160 Speaker 3: like great, like I can tell you that, but like 170 00:08:12,200 --> 00:08:14,400 Speaker 3: they're not going to be that impressed because essentially they're 171 00:08:14,400 --> 00:08:16,400 Speaker 3: not going to get work from you. So a mortgage 172 00:08:16,400 --> 00:08:18,160 Speaker 3: broker isn't someone that you'd be like, oh my gosh, 173 00:08:18,160 --> 00:08:20,760 Speaker 3: like we're thinking about buying a house. Like, you don't 174 00:08:20,760 --> 00:08:22,320 Speaker 3: want to go to them and be like in five 175 00:08:22,400 --> 00:08:24,560 Speaker 3: years they're like cool, so I'm not going to get 176 00:08:24,640 --> 00:08:27,040 Speaker 3: paid for this or any work out of you like. 177 00:08:27,400 --> 00:08:29,360 Speaker 3: So it's just more about where do you go and 178 00:08:29,360 --> 00:08:32,000 Speaker 3: what do you do and if you're looking for advice 179 00:08:32,120 --> 00:08:35,280 Speaker 3: on purchasing your first home. That's why I created the 180 00:08:35,280 --> 00:08:37,640 Speaker 3: budget and cash Flow master class and the amount of 181 00:08:37,679 --> 00:08:40,440 Speaker 3: mortgage brokers that send people to that class because they're, 182 00:08:40,480 --> 00:08:43,200 Speaker 3: like Victoria explains it here. I'm not spending an hour 183 00:08:43,240 --> 00:08:45,600 Speaker 3: with you to do that when it's done far more 184 00:08:45,640 --> 00:08:49,640 Speaker 3: comprehensively over here, which I obviously love. But yeah, it's 185 00:08:49,679 --> 00:08:51,680 Speaker 3: just more what do you need and when and where? 186 00:08:51,880 --> 00:08:53,720 Speaker 3: But let's get back to financial advisors. 187 00:08:53,800 --> 00:08:55,880 Speaker 2: Yeah, yeah, yeah, let's do it. It might actually be 188 00:08:55,920 --> 00:08:58,360 Speaker 2: worth me outlining what you've just said there in our 189 00:08:58,400 --> 00:09:02,400 Speaker 2: newsletter this week. Please, you know, write that all down. 190 00:09:02,559 --> 00:09:05,440 Speaker 3: Can you also with this up a little blog please? George? 191 00:09:05,520 --> 00:09:09,600 Speaker 2: Absolutely, I write that down now. Okay, So, at what 192 00:09:09,840 --> 00:09:12,280 Speaker 2: point in our financial journey is at the right time 193 00:09:12,320 --> 00:09:14,720 Speaker 2: to see a financial advisor? Be Like, do we do 194 00:09:14,760 --> 00:09:16,959 Speaker 2: it when we're in debt or when we're thinking about 195 00:09:16,960 --> 00:09:19,200 Speaker 2: investing or when we're bajillionaires? 196 00:09:19,280 --> 00:09:21,320 Speaker 3: Like, what's when it's the right time? So the right 197 00:09:21,360 --> 00:09:24,600 Speaker 3: time is actually not a thing. The right time is 198 00:09:24,600 --> 00:09:27,199 Speaker 3: actually when you're willing to pay for advice. It's not 199 00:09:27,520 --> 00:09:29,959 Speaker 3: when you're rich, it's not when you come into wealth, 200 00:09:30,000 --> 00:09:33,200 Speaker 3: it's not when you have a specific event. It's actually 201 00:09:33,240 --> 00:09:35,560 Speaker 3: when you're willing to pay for advice. And I'm sure 202 00:09:35,559 --> 00:09:38,079 Speaker 3: you've got some stats coming up about the cost of it, 203 00:09:38,160 --> 00:09:40,480 Speaker 3: because I had a little weasel at your notes before. 204 00:09:40,920 --> 00:09:43,280 Speaker 3: But the time that you get advice is when essentially 205 00:09:43,360 --> 00:09:45,760 Speaker 3: you're ready to really take change and really put a 206 00:09:45,800 --> 00:09:49,760 Speaker 3: strategy in place. And you know, financial advice fees can vary, 207 00:09:49,880 --> 00:09:51,880 Speaker 3: but if you're ready to take charge of your budgeting 208 00:09:51,960 --> 00:09:54,320 Speaker 3: cash flow, like that might be a lower entry point 209 00:09:54,520 --> 00:09:57,480 Speaker 3: than starting your investment journey. But you absolutely do not 210 00:09:57,679 --> 00:09:59,760 Speaker 3: need to have a heap of money to start in. 211 00:10:00,720 --> 00:10:02,680 Speaker 3: You actually just need to be on the right page 212 00:10:02,679 --> 00:10:05,400 Speaker 3: and go. You know what, maybe you are young and 213 00:10:05,440 --> 00:10:08,160 Speaker 3: you have your first job and you're you know, earning 214 00:10:08,160 --> 00:10:10,440 Speaker 3: eighty grand a year, which is epick, and so's your partner, 215 00:10:10,480 --> 00:10:12,840 Speaker 3: and you want some advice to create wealth long term, 216 00:10:12,880 --> 00:10:15,360 Speaker 3: like see a financial advisor then, But I want to 217 00:10:15,360 --> 00:10:17,720 Speaker 3: be clear, like it's not going to be a super 218 00:10:17,800 --> 00:10:21,560 Speaker 3: cheap process, but it's an investment in your future. Like 219 00:10:21,800 --> 00:10:24,080 Speaker 3: that's one of the hardest things to comprehend when it 220 00:10:24,120 --> 00:10:27,960 Speaker 3: comes to financial advice. For quote, the consumer, like if 221 00:10:28,000 --> 00:10:30,040 Speaker 3: I said to you, hey, you and Harps, like you 222 00:10:30,080 --> 00:10:33,600 Speaker 3: live together, fantastic, you should get financial advice because you 223 00:10:33,679 --> 00:10:36,000 Speaker 3: both earn really good money, and you'd be like, yeah, great, 224 00:10:36,040 --> 00:10:37,600 Speaker 3: v But it's like going to be more than three 225 00:10:37,640 --> 00:10:39,920 Speaker 3: grand to get that advice, and like, yeah, we don't 226 00:10:39,960 --> 00:10:42,280 Speaker 3: even have that many savings, and like, it can be 227 00:10:42,360 --> 00:10:44,800 Speaker 3: really hard to wrap your head around spending money when 228 00:10:44,840 --> 00:10:47,600 Speaker 3: you don't have heaps of money, for sure, but getting 229 00:10:47,640 --> 00:10:50,000 Speaker 3: yourself set up and making that investment, if it's in 230 00:10:50,040 --> 00:10:52,360 Speaker 3: line with your values, is going to put you hundreds 231 00:10:52,360 --> 00:10:54,520 Speaker 3: of thousands of dollars ahead in the future. So it's 232 00:10:54,559 --> 00:10:58,520 Speaker 3: kind of like, is the value of advice there? Yes, absolutely, 233 00:10:58,840 --> 00:11:01,680 Speaker 3: but it's usually a long term value. And that's why 234 00:11:01,679 --> 00:11:04,320 Speaker 3: it's so hard to comprehend. It's not like, you know, 235 00:11:04,360 --> 00:11:06,120 Speaker 3: you go into a shop and you're like, well, I 236 00:11:06,120 --> 00:11:08,440 Speaker 3: love that dress. It's one hundred dollars, but like it's 237 00:11:08,480 --> 00:11:11,360 Speaker 3: worth it. I get the dress in return. Financial advice 238 00:11:11,440 --> 00:11:14,920 Speaker 3: isn't instantaneous. You don't go see a financial advisor, give 239 00:11:14,920 --> 00:11:17,240 Speaker 3: them your three grand and then automatically have one hundred 240 00:11:17,240 --> 00:11:21,000 Speaker 3: thousand dollars investment portfolio like it's not it doesn't work 241 00:11:21,120 --> 00:11:23,400 Speaker 3: like that. And I think that's, you know, one of 242 00:11:23,440 --> 00:11:27,240 Speaker 3: the challenges of this industry because you don't actually see 243 00:11:27,520 --> 00:11:31,280 Speaker 3: what we're doing in the first year. It's like compound interest, 244 00:11:31,400 --> 00:11:34,080 Speaker 3: it takes a minimum of five years before you see 245 00:11:34,440 --> 00:11:37,520 Speaker 3: really good tangible results. I mean, in the first year, 246 00:11:37,520 --> 00:11:39,120 Speaker 3: you're going to have a whole heap of clarity, You're 247 00:11:39,120 --> 00:11:40,920 Speaker 3: going to be super motivated, You're gonna have a great 248 00:11:40,920 --> 00:11:43,240 Speaker 3: budget and cash flow plan. Super is going to be 249 00:11:43,240 --> 00:11:45,240 Speaker 3: in the right place, your insurances are all going to 250 00:11:45,320 --> 00:11:47,120 Speaker 3: be set up. But I think a lot of people 251 00:11:47,400 --> 00:11:49,320 Speaker 3: want to be really rich really quick, and that's just 252 00:11:49,360 --> 00:11:49,920 Speaker 3: not what we do. 253 00:11:50,080 --> 00:11:52,200 Speaker 2: My friend, Yeah, and it seems backwards because it's like, 254 00:11:52,200 --> 00:11:54,439 Speaker 2: I want to be rich, so why would I spend 255 00:11:54,440 --> 00:11:55,920 Speaker 2: four thousand dollars exactly? 256 00:11:56,040 --> 00:11:59,079 Speaker 3: You know that advice? And that's where Yeah, and that's 257 00:11:59,120 --> 00:12:03,360 Speaker 3: where advice becomes quite inaccessible because you're like, well, I 258 00:12:03,400 --> 00:12:05,440 Speaker 3: want the advice, but I actually don't have four grand 259 00:12:05,440 --> 00:12:07,040 Speaker 3: But I know that it's good for me to have 260 00:12:07,120 --> 00:12:10,079 Speaker 3: that advice because I'd be able to create wealth long term. 261 00:12:10,160 --> 00:12:11,960 Speaker 3: And so I think that's like the rock in the 262 00:12:12,000 --> 00:12:15,240 Speaker 3: hard place and that's why financial advisors are trying really 263 00:12:15,280 --> 00:12:18,160 Speaker 3: hard to work out more accessible solutions like what we're 264 00:12:18,200 --> 00:12:20,800 Speaker 3: doing with six parts, which is by no stretch of 265 00:12:20,800 --> 00:12:24,520 Speaker 3: the imagination comprehensive advice like going and seeing a financial advisor, 266 00:12:24,720 --> 00:12:27,240 Speaker 3: because it doesn't include super it doesn't include your risk 267 00:12:27,360 --> 00:12:30,920 Speaker 3: insurance or like budget or cashlow or like life goals. 268 00:12:31,320 --> 00:12:34,400 Speaker 3: It's just straight advice on investment. So if you want 269 00:12:34,440 --> 00:12:36,920 Speaker 3: advice on that, we've found a really cost effective way 270 00:12:36,960 --> 00:12:39,400 Speaker 3: to do that. So instead of paying you know, three 271 00:12:39,400 --> 00:12:43,040 Speaker 3: thousand dollars for an investment only financial advice document, you 272 00:12:43,120 --> 00:12:46,040 Speaker 3: are paying nine ninety five a month and very soon 273 00:12:46,240 --> 00:12:49,880 Speaker 3: six twenty five a month. Stop. Oh, it's actually really exciting. 274 00:12:49,920 --> 00:12:52,080 Speaker 3: I'll probably put it on socials in the next few 275 00:12:52,160 --> 00:12:54,440 Speaker 3: days because they haven't officially announced it, but by the 276 00:12:54,440 --> 00:12:56,920 Speaker 3: time this podcast is out, it'll be all official. Guys. 277 00:12:57,520 --> 00:13:00,640 Speaker 3: They're dropping their minimum investment to two thousand to make 278 00:13:00,679 --> 00:13:03,320 Speaker 3: it even more accessible, So it used to be five 279 00:13:03,360 --> 00:13:07,000 Speaker 3: thousand dollars and there's still a five thousand dollar investment 280 00:13:07,440 --> 00:13:10,319 Speaker 3: entry point, but they have a lower entry point now. 281 00:13:10,640 --> 00:13:13,480 Speaker 3: That means, yeah, you'll have a few less assets, but 282 00:13:13,559 --> 00:13:16,240 Speaker 3: it's like that stepping stone from two thousand dollars to 283 00:13:16,280 --> 00:13:19,079 Speaker 3: five thousand dollars at six twenty five, and then when 284 00:13:19,120 --> 00:13:20,839 Speaker 3: you hit five thousand dollars, you go into the more 285 00:13:20,880 --> 00:13:23,920 Speaker 3: diversified portfolio and kind of like upgrade as you go, 286 00:13:24,000 --> 00:13:26,400 Speaker 3: which I think is really cool. That's huge super side 287 00:13:26,440 --> 00:13:30,319 Speaker 3: note though, but that's an example of going okay, cool, 288 00:13:30,480 --> 00:13:33,280 Speaker 3: I don't want to go see an in person financial advisor. 289 00:13:33,640 --> 00:13:35,800 Speaker 3: I'm just going to set my investment up here because 290 00:13:35,920 --> 00:13:37,680 Speaker 3: I've worked out what I want to do. Like maybe 291 00:13:37,679 --> 00:13:39,480 Speaker 3: you've read the book and you're like, okay, cool, Like 292 00:13:39,679 --> 00:13:41,719 Speaker 3: this is my goals. I actually don't need advice on 293 00:13:41,800 --> 00:13:44,559 Speaker 3: my goals. I'm really clear on those. I'm pretty good 294 00:13:44,559 --> 00:13:47,559 Speaker 3: at budgeting, like I've got my plan. I'm really good 295 00:13:47,600 --> 00:13:49,760 Speaker 3: at cash flow. I get that, So I actually don't 296 00:13:49,800 --> 00:13:52,560 Speaker 3: need advice there. You know, you might be really young 297 00:13:52,679 --> 00:13:55,400 Speaker 3: and you're with Australian super but really like their performance, 298 00:13:55,400 --> 00:13:58,040 Speaker 3: so you don't actually want to change your super. Does 299 00:13:58,080 --> 00:14:00,600 Speaker 3: that make sense? Like you might have those things kicked off, 300 00:14:00,960 --> 00:14:03,560 Speaker 3: so you don't need that at the moment for your 301 00:14:03,600 --> 00:14:05,880 Speaker 3: life stage. Maybe all you care about is starting your 302 00:14:05,880 --> 00:14:08,679 Speaker 3: investment journey, which you can do. So I think it's 303 00:14:08,960 --> 00:14:10,640 Speaker 3: we're going to talk about in a minute. I know 304 00:14:10,720 --> 00:14:13,440 Speaker 3: how to find a financial advisor, but it's important to 305 00:14:13,480 --> 00:14:16,880 Speaker 3: talk about how they differentiate from one another and what 306 00:14:16,960 --> 00:14:20,160 Speaker 3: they do, because maybe what you need is not a 307 00:14:20,200 --> 00:14:23,080 Speaker 3: financial advisor, it's actually a money coach. It's someone that 308 00:14:23,080 --> 00:14:24,800 Speaker 3: can sit you down and go, okay, let's just talk 309 00:14:24,800 --> 00:14:27,240 Speaker 3: about budget and cash flow. Like they're not authorized, licensed 310 00:14:27,240 --> 00:14:31,960 Speaker 3: financial advisors, but they are guns at budget and cash 311 00:14:31,960 --> 00:14:35,040 Speaker 3: flow and getting you all whipped into shape. So maybe 312 00:14:35,080 --> 00:14:35,600 Speaker 3: you need that. 313 00:14:35,720 --> 00:14:37,240 Speaker 2: I've never heard of at a money coach. 314 00:14:37,320 --> 00:14:39,880 Speaker 3: Yeah, money coaches are a Look, they're a big thing 315 00:14:39,920 --> 00:14:43,560 Speaker 3: in the US. Okay, they're not as popular in Australia, 316 00:14:44,040 --> 00:14:45,720 Speaker 3: but a number of them are popping up. And a 317 00:14:45,760 --> 00:14:47,640 Speaker 3: money coach is just that, like they're a person that 318 00:14:47,840 --> 00:14:50,080 Speaker 3: is your coach for money. And it's a space that 319 00:14:50,200 --> 00:14:53,000 Speaker 3: I'm clearly really passionate about because that's hopefully what I'm 320 00:14:53,120 --> 00:14:56,840 Speaker 3: semi doing through the podcast. But I think it's a 321 00:14:56,960 --> 00:14:59,440 Speaker 3: very cool space, and over the next five to ten years, 322 00:14:59,480 --> 00:15:02,200 Speaker 3: I think we'll see a lot more money coaching businesses 323 00:15:02,240 --> 00:15:02,680 Speaker 3: pop up. 324 00:15:03,000 --> 00:15:06,560 Speaker 2: Just to be clear, a money coaches are they affiliated 325 00:15:06,560 --> 00:15:08,040 Speaker 2: with influencers at all? 326 00:15:08,440 --> 00:15:12,080 Speaker 3: No? No, So a finfluencer is a very different thing. 327 00:15:12,280 --> 00:15:15,520 Speaker 3: That's just a financial influencer. They might have they might 328 00:15:15,560 --> 00:15:18,640 Speaker 3: be a money coach and a financial influencer, but yeah, 329 00:15:18,760 --> 00:15:21,680 Speaker 3: very different. It's not just getting advice from someone on Instagram. 330 00:15:21,720 --> 00:15:24,280 Speaker 3: Like they actually have to do a money coaching certification 331 00:15:24,400 --> 00:15:26,640 Speaker 3: and they might you know, they might actually have been 332 00:15:26,680 --> 00:15:30,360 Speaker 3: an accountant or they might have been a financial advisor historically, 333 00:15:30,800 --> 00:15:32,760 Speaker 3: and they're like, no, I'm just really passionate about it. 334 00:15:32,800 --> 00:15:35,720 Speaker 3: Got just I get it because I'm passionate about it. 335 00:15:36,000 --> 00:15:37,800 Speaker 3: So you remember when I used to do the Hour 336 00:15:37,880 --> 00:15:40,800 Speaker 3: of Power. Yeah, that was essentially a money coaching session 337 00:15:40,800 --> 00:15:42,720 Speaker 3: where I'd sit down with people and be like, all right, cool, 338 00:15:42,800 --> 00:15:45,320 Speaker 3: let's just in this next hour was always two hours 339 00:15:45,360 --> 00:15:48,560 Speaker 3: because I can talk with a mouthful water. But that 340 00:15:48,680 --> 00:15:50,920 Speaker 3: was like a once off money coaching session to just 341 00:15:50,960 --> 00:15:53,440 Speaker 3: put you in the right position. And I adored it, 342 00:15:53,720 --> 00:15:56,160 Speaker 3: but don't have capacity for it anymore. So I essentially 343 00:15:56,200 --> 00:15:59,520 Speaker 3: recorded every single outcome that I thought was possible and 344 00:15:59,560 --> 00:16:01,160 Speaker 3: put it in the cashlow budget course. 345 00:16:01,480 --> 00:16:03,920 Speaker 2: Yeah, so where do we actually find a money coach? 346 00:16:04,600 --> 00:16:07,600 Speaker 3: So the internet is a very helpful place, So googling 347 00:16:07,600 --> 00:16:10,640 Speaker 3: it for a start, there are a few on social media, 348 00:16:11,200 --> 00:16:14,080 Speaker 3: but I like to be wary around who we're taking 349 00:16:14,120 --> 00:16:17,320 Speaker 3: advice from and making sure that they're licensed. But again, 350 00:16:17,360 --> 00:16:19,320 Speaker 3: I think it's important to have someone that you connect 351 00:16:19,360 --> 00:16:22,480 Speaker 3: with because the thing that I find really special about 352 00:16:22,520 --> 00:16:24,440 Speaker 3: money coaching, and I'm not sure if this is an 353 00:16:24,480 --> 00:16:28,240 Speaker 3: integrated principle of it is it usually relies from my 354 00:16:28,360 --> 00:16:30,280 Speaker 3: research and from my understanding of what it is. It 355 00:16:30,360 --> 00:16:33,680 Speaker 3: usually relies more on the psychological aspects of it, So 356 00:16:33,720 --> 00:16:35,120 Speaker 3: it kind of becomes kind of like a bit of 357 00:16:35,120 --> 00:16:39,720 Speaker 3: a life coach, but like a money coach and personal trainer. Yeah, 358 00:16:39,720 --> 00:16:41,560 Speaker 3: which I think is really cool in a space that 359 00:16:41,560 --> 00:16:44,160 Speaker 3: I'm quite clearly passionate about because it marries my two 360 00:16:44,200 --> 00:16:47,600 Speaker 3: favorite things together. But money coaching, I think is you know, 361 00:16:47,680 --> 00:16:49,400 Speaker 3: if you need someone to just keep you on track. 362 00:16:49,480 --> 00:16:52,080 Speaker 3: And I've seen a few money coaches pop up recently 363 00:16:52,400 --> 00:16:55,080 Speaker 3: that do group sessions, which I think is actually really 364 00:16:55,120 --> 00:16:57,680 Speaker 3: powerful and obviously it would be a lot more cost 365 00:16:57,680 --> 00:17:00,640 Speaker 3: effective than sitting down with someone who would probably have 366 00:17:00,760 --> 00:17:02,840 Speaker 3: to charge you a minimum of like two hundred dollars 367 00:17:02,880 --> 00:17:05,040 Speaker 3: a session so that you can do it. They do 368 00:17:05,119 --> 00:17:06,800 Speaker 3: it like via zoom and you like tune in and 369 00:17:06,840 --> 00:17:09,119 Speaker 3: then you have big group sessions of just like asking 370 00:17:09,160 --> 00:17:11,920 Speaker 3: money questions and learning from the community that you would 371 00:17:11,960 --> 00:17:14,359 Speaker 3: be in there. And I think that's quite powerful. I 372 00:17:14,359 --> 00:17:15,840 Speaker 3: wish we had a way to do that with shees 373 00:17:15,880 --> 00:17:17,400 Speaker 3: on the money. We don't, but now I'm just talking 374 00:17:17,400 --> 00:17:22,360 Speaker 3: about it. I'm like, that would be so yeah. Anyway, JK, well. 375 00:17:22,760 --> 00:17:25,160 Speaker 2: How much does it cost with thrown out the four 376 00:17:25,200 --> 00:17:27,800 Speaker 2: grand figure? Pulled that out of nowhere. 377 00:17:27,960 --> 00:17:30,480 Speaker 3: Yeah, so four grand I use as an example because 378 00:17:30,480 --> 00:17:33,879 Speaker 3: it's quite a common amount data financial advisor would charge. 379 00:17:34,040 --> 00:17:36,639 Speaker 3: But to be more specific because we like stats and 380 00:17:36,720 --> 00:17:40,399 Speaker 3: data on this podcast. In twenty nineteen, the Financial Planning 381 00:17:40,440 --> 00:17:44,560 Speaker 3: Association of Australia conducted the Core Data FPA member research 382 00:17:44,840 --> 00:17:48,600 Speaker 3: which found that on average FPA members, So there's two 383 00:17:48,800 --> 00:17:51,840 Speaker 3: just to like step back again, there's two industry bodies. 384 00:17:51,880 --> 00:17:54,639 Speaker 3: There's the FPA and the AFA. I am a member 385 00:17:54,680 --> 00:17:57,240 Speaker 3: of the AFA. The FPA is just a different one. 386 00:17:57,359 --> 00:18:00,359 Speaker 3: Nothing wrong with them, different horses for different courses. Like 387 00:18:00,960 --> 00:18:04,120 Speaker 3: they just did some research, but they found that FPA 388 00:18:04,359 --> 00:18:08,159 Speaker 3: members charged two six hundred and seventy one dollars to 389 00:18:08,200 --> 00:18:12,439 Speaker 3: prepare a statement of advice for new clients and three thousand, 390 00:18:12,560 --> 00:18:15,720 Speaker 3: seven hundred and fifty seven dollars per year for ongoing 391 00:18:15,760 --> 00:18:18,840 Speaker 3: advice clients, which sounds like a lot of money, but 392 00:18:18,960 --> 00:18:22,920 Speaker 3: that's actually pretty standard when it comes to financial advice 393 00:18:23,080 --> 00:18:26,280 Speaker 3: cays and that initial hurdle of twenty six hundred dollars 394 00:18:26,280 --> 00:18:29,440 Speaker 3: they said for your advice. That amount is payable at 395 00:18:29,440 --> 00:18:32,000 Speaker 3: the start, so just to like recap because they feel like, 396 00:18:32,040 --> 00:18:34,120 Speaker 3: I want to give you as much information as possible. 397 00:18:34,400 --> 00:18:35,720 Speaker 3: If g you were like I want to see a 398 00:18:35,760 --> 00:18:39,479 Speaker 3: financial advisor, you'd find someone. You would then go and 399 00:18:39,600 --> 00:18:42,040 Speaker 3: have like maybe a fifteen minute call with them on 400 00:18:42,080 --> 00:18:43,879 Speaker 3: the phone, workout if you actually want to go have 401 00:18:43,920 --> 00:18:46,080 Speaker 3: a meeting with them, or maybe you already know, so 402 00:18:46,119 --> 00:18:48,200 Speaker 3: you book in the meeting and you go to what's 403 00:18:48,240 --> 00:18:51,480 Speaker 3: called a fact find meeting, and that's like a discovery 404 00:18:51,560 --> 00:18:55,200 Speaker 3: session between you and the financial advisor. It's to learn 405 00:18:55,200 --> 00:18:57,280 Speaker 3: all the facts and stats about you. You'll have a 406 00:18:57,320 --> 00:18:59,400 Speaker 3: really big document that you fill out and a risk 407 00:18:59,480 --> 00:19:01,919 Speaker 3: profile that you will fill out, but also for you 408 00:19:01,960 --> 00:19:03,320 Speaker 3: to get a sense of who they are and whether 409 00:19:03,359 --> 00:19:05,320 Speaker 3: you want to work with them, because a financial advice 410 00:19:05,359 --> 00:19:07,600 Speaker 3: relationship is for the long term, So if you don't 411 00:19:07,600 --> 00:19:09,880 Speaker 3: feel comfortable with them, like how are you gonna ask 412 00:19:09,920 --> 00:19:12,200 Speaker 3: the money questions? When you feel a little bit fickle, 413 00:19:12,320 --> 00:19:14,640 Speaker 3: like you need to remember it's both ways, like you're 414 00:19:14,640 --> 00:19:17,440 Speaker 3: feeling them out, but also they're feeling you out to 415 00:19:17,480 --> 00:19:20,119 Speaker 3: work out if you're a good client fit for whatever 416 00:19:20,160 --> 00:19:22,240 Speaker 3: they do, which is why it's important to find somebody 417 00:19:22,240 --> 00:19:25,560 Speaker 3: who is specialist for your area, because then you'd be 418 00:19:25,600 --> 00:19:27,920 Speaker 3: pretty disheartened if you went to this fact find meeting 419 00:19:28,480 --> 00:19:31,840 Speaker 3: paid for it, which most financial advisors do charge for 420 00:19:31,920 --> 00:19:34,520 Speaker 3: fact find meetings now, and the reason they do that 421 00:19:34,600 --> 00:19:36,800 Speaker 3: is because often people want to go to this fact 422 00:19:36,800 --> 00:19:39,840 Speaker 3: find meeting to learn a lot about the process, but 423 00:19:39,880 --> 00:19:42,399 Speaker 3: then actually don't go through with it, so they're just 424 00:19:42,440 --> 00:19:44,520 Speaker 3: covering their own butts so that they're not wasting a 425 00:19:44,520 --> 00:19:46,919 Speaker 3: whole heap of time with essentially like people who are 426 00:19:46,960 --> 00:19:52,520 Speaker 3: kicking tires. So often that fee for your fact find 427 00:19:52,600 --> 00:19:56,399 Speaker 3: meeting could be anywhere between two hundred to six hundred 428 00:19:56,400 --> 00:20:00,520 Speaker 3: dollars I've seen. Don't be afraid of that though, because 429 00:20:00,560 --> 00:20:03,840 Speaker 3: that's usually I'm just speaking for what my experience is 430 00:20:03,880 --> 00:20:07,320 Speaker 3: and how I charge in my business. That's redeemable on 431 00:20:07,560 --> 00:20:10,080 Speaker 3: the advice in the future, So say your advice was 432 00:20:10,080 --> 00:20:12,080 Speaker 3: then twenty six hundred dollars and you paid six hundred 433 00:20:12,080 --> 00:20:13,640 Speaker 3: dollars for a fact fine you'd only pay the two 434 00:20:13,680 --> 00:20:17,240 Speaker 3: thousand dollars. So that's nice to know that, you know, 435 00:20:17,520 --> 00:20:19,639 Speaker 3: quote not a waste, but it does make you have 436 00:20:19,640 --> 00:20:21,919 Speaker 3: a really good think about it before you actually engage 437 00:20:21,960 --> 00:20:24,280 Speaker 3: a financial advisor, because they obviously want to make sure 438 00:20:24,320 --> 00:20:27,480 Speaker 3: that you're serious, but also you want to be sure 439 00:20:27,520 --> 00:20:29,560 Speaker 3: that that's what you want to do, and that's why 440 00:20:29,560 --> 00:20:31,960 Speaker 3: you need to do your research, understand what they do, 441 00:20:32,240 --> 00:20:34,800 Speaker 3: what area they specialize in, and you know what you 442 00:20:34,840 --> 00:20:36,920 Speaker 3: actually want to get out of it. And that's why 443 00:20:37,040 --> 00:20:39,080 Speaker 3: I sometimes suggest like just jumping on the phone and 444 00:20:39,119 --> 00:20:42,080 Speaker 3: calling their office having a really quick fifteen minute chat 445 00:20:42,119 --> 00:20:43,680 Speaker 3: with them before just to work out like do I 446 00:20:43,680 --> 00:20:45,919 Speaker 3: actually want to go through this process with them, or 447 00:20:45,960 --> 00:20:48,040 Speaker 3: like reading online about them or getting a word of 448 00:20:48,119 --> 00:20:50,320 Speaker 3: mouth referral. But yeah, there's a lot to it, but 449 00:20:50,440 --> 00:20:51,840 Speaker 3: that's usually the process. 450 00:20:52,320 --> 00:20:56,560 Speaker 2: So once you've had your initial consultation V yes, and 451 00:20:56,720 --> 00:21:00,320 Speaker 2: you're like yeap, ready to go, let's set up this strategy. Yes, 452 00:21:00,480 --> 00:21:03,560 Speaker 2: what does the financial advisor then do beyond that point? 453 00:21:03,600 --> 00:21:05,680 Speaker 2: Are they checking in with you each week. 454 00:21:05,680 --> 00:21:09,320 Speaker 3: To see on what your expectations are or what have 455 00:21:09,440 --> 00:21:12,439 Speaker 3: been set with you. Okay, so what would happen you 456 00:21:12,480 --> 00:21:15,399 Speaker 3: go to this factify meeting financial advice is like, great, 457 00:21:15,520 --> 00:21:18,600 Speaker 3: I've learned so much about you, your goals and what 458 00:21:18,680 --> 00:21:21,159 Speaker 3: you want to achieve. I'm going to go away and 459 00:21:21,200 --> 00:21:24,160 Speaker 3: write a statement of advice. And that's the I want 460 00:21:24,200 --> 00:21:26,640 Speaker 3: to say it's the expensive part. It's not. But that 461 00:21:26,720 --> 00:21:31,119 Speaker 3: document's massive. Like my statement of advice document for Zella 462 00:21:31,440 --> 00:21:35,480 Speaker 3: is like sixty six pages long usually, but I've seen 463 00:21:35,520 --> 00:21:37,440 Speaker 3: them up to like one hundred and fifty pages long. 464 00:21:37,480 --> 00:21:39,680 Speaker 3: Like it depends on the compliance and how much additional 465 00:21:39,680 --> 00:21:42,200 Speaker 3: information they want to put in it. But that document, 466 00:21:42,680 --> 00:21:46,399 Speaker 3: she's thick. Yeah. And the reason it is is because 467 00:21:46,920 --> 00:21:50,200 Speaker 3: that document outlines not only heigi I think this is 468 00:21:50,240 --> 00:21:53,520 Speaker 3: a good strategy, it explains why that strategy is the 469 00:21:53,560 --> 00:21:56,959 Speaker 3: best strategy for you, comparing it to other strategies that 470 00:21:57,000 --> 00:22:01,479 Speaker 3: they researched, and other projections and like what's going on 471 00:22:01,560 --> 00:22:03,719 Speaker 3: in the future. So we'll go okay, cool, these are 472 00:22:03,760 --> 00:22:06,000 Speaker 3: the projections. This is what's going to happen, what life 473 00:22:06,040 --> 00:22:07,840 Speaker 3: events are going to happen. What do we think that's 474 00:22:07,880 --> 00:22:11,080 Speaker 3: gonna you know, cost it. It includes everything in all 475 00:22:11,119 --> 00:22:14,320 Speaker 3: the comparisons, so it's not just hey, g put your 476 00:22:14,359 --> 00:22:18,080 Speaker 3: super inex fund. It'll be like, hey, we've done all 477 00:22:18,080 --> 00:22:21,160 Speaker 3: the analysis. Here are the top three super funds. Here's 478 00:22:21,160 --> 00:22:24,679 Speaker 3: our recommendation, like our favorite one. Here is exactly why, 479 00:22:24,840 --> 00:22:28,720 Speaker 3: here's our justification. Here is all the research. You need 480 00:22:28,960 --> 00:22:30,880 Speaker 3: to make sure that you are always in the best 481 00:22:30,880 --> 00:22:34,000 Speaker 3: possible position. And that's what that document is for, to 482 00:22:34,160 --> 00:22:39,160 Speaker 3: make sure that your financial advisor is taking everything into consideration. 483 00:22:39,640 --> 00:22:41,119 Speaker 3: And it has to be done at the start of 484 00:22:41,160 --> 00:22:43,719 Speaker 3: that relationship because you can't just go I want to invest. 485 00:22:43,840 --> 00:22:45,520 Speaker 3: They'll be like, cool, but I'm not just going to 486 00:22:45,560 --> 00:22:49,439 Speaker 3: put your money somewhere without fully understanding you. 487 00:22:49,600 --> 00:22:53,040 Speaker 2: Right, So will they then check in like six monthly 488 00:22:53,160 --> 00:22:54,919 Speaker 2: with you or I mean you said before that it 489 00:22:54,960 --> 00:22:56,000 Speaker 2: does depend on. 490 00:22:56,240 --> 00:22:59,679 Speaker 3: Yeah, So legally they need to have a check in 491 00:22:59,720 --> 00:23:02,440 Speaker 3: with you every year. If you're a fee paying client, yep. 492 00:23:02,640 --> 00:23:05,280 Speaker 3: But if you've spoken to your financial advisor about having 493 00:23:05,320 --> 00:23:08,640 Speaker 3: monthly meetings, then that's fine. True, but they will set 494 00:23:08,680 --> 00:23:12,080 Speaker 3: that expectation with you. They might say something like I say, 495 00:23:12,359 --> 00:23:14,480 Speaker 3: which is you know, if you're a full on client 496 00:23:14,520 --> 00:23:16,639 Speaker 3: that's investing a lot every month. Of course you'll hear 497 00:23:16,680 --> 00:23:19,439 Speaker 3: from me very regularly. But if I'm only setting up 498 00:23:19,440 --> 00:23:22,600 Speaker 3: your super and your insurances and you're not investing a 499 00:23:22,640 --> 00:23:24,760 Speaker 3: whole heap right now, like you actually don't need to 500 00:23:24,800 --> 00:23:27,639 Speaker 3: hear from me on a monthly basis. So it's just 501 00:23:27,680 --> 00:23:30,960 Speaker 3: about having your expectations set and they might identify that 502 00:23:31,000 --> 00:23:33,560 Speaker 3: you actually need some money coaching, and your financial advisor 503 00:23:33,640 --> 00:23:36,240 Speaker 3: might be able to help there or not. But yeah, 504 00:23:36,280 --> 00:23:39,160 Speaker 3: it's going to be different for everybody. But legally they're 505 00:23:39,200 --> 00:23:41,120 Speaker 3: going to have to do a review and make sure 506 00:23:41,160 --> 00:23:43,600 Speaker 3: that you're in tip top shape. They're never going to 507 00:23:43,760 --> 00:23:47,440 Speaker 3: just drop you because legally you're not allowed to do that. 508 00:23:47,440 --> 00:23:50,320 Speaker 2: That's good to know. I feel like it sounds like 509 00:23:50,359 --> 00:23:53,400 Speaker 2: a good option for someone like me, who I would 510 00:23:53,440 --> 00:23:57,000 Speaker 2: say is lazy, ah when it comes to money. It 511 00:23:57,320 --> 00:24:00,840 Speaker 2: seems like a good idea to just give the responsibility 512 00:24:00,840 --> 00:24:03,240 Speaker 2: to someone else. And that's why I have a guaranteed return. 513 00:24:03,480 --> 00:24:05,919 Speaker 3: That's exactly what it is, and that is one of 514 00:24:05,960 --> 00:24:08,840 Speaker 3: the reasons why you pay monthly fees. So you've got 515 00:24:08,880 --> 00:24:11,040 Speaker 3: that fee at the start for your statement of advice. 516 00:24:11,560 --> 00:24:14,520 Speaker 3: Usually that's for the advice document and all of the 517 00:24:14,640 --> 00:24:18,399 Speaker 3: strategy and research, But then it's also for the implementation 518 00:24:18,600 --> 00:24:21,840 Speaker 3: of that advice, so for that financial advisor to do 519 00:24:21,880 --> 00:24:24,000 Speaker 3: the work to set you up to get all of 520 00:24:24,000 --> 00:24:26,720 Speaker 3: those insurances in your name, for you to roll all 521 00:24:26,720 --> 00:24:28,879 Speaker 3: your super together and set up new accounts and do 522 00:24:28,920 --> 00:24:31,440 Speaker 3: whatever you want there, to set up your investment accounts 523 00:24:31,480 --> 00:24:35,080 Speaker 3: and organize all of that. So usually that's included. But 524 00:24:35,119 --> 00:24:37,120 Speaker 3: a good question to ask if you do go through 525 00:24:37,119 --> 00:24:40,119 Speaker 3: that process to your financial advisor is cool, does the 526 00:24:40,160 --> 00:24:44,840 Speaker 3: statement of advice fee include implementation or not? Like you're 527 00:24:44,880 --> 00:24:46,520 Speaker 3: just giving me the strategy and then I have to 528 00:24:46,560 --> 00:24:49,240 Speaker 3: pay more to get it done. Because some financial advisors 529 00:24:49,280 --> 00:24:51,280 Speaker 3: might go, oh, this statement of advice is one thousand 530 00:24:51,320 --> 00:24:54,440 Speaker 3: dollars and then implementations two thousand dollars, so advice is 531 00:24:54,480 --> 00:24:59,000 Speaker 3: three grand. Or someone might say, oh, well, actually the 532 00:24:59,040 --> 00:25:01,720 Speaker 3: statement of advice and implementation, like it's all included and 533 00:25:01,760 --> 00:25:03,679 Speaker 3: it's three grand. So they're not trying to take you 534 00:25:03,720 --> 00:25:06,640 Speaker 3: for a ride. They just have different ways of charging. 535 00:25:07,400 --> 00:25:11,600 Speaker 3: And some financial advisors will do that with clients that 536 00:25:11,680 --> 00:25:13,879 Speaker 3: want the device and want the statement of advice but 537 00:25:13,880 --> 00:25:15,760 Speaker 3: maybe don't want to do it right now. Sure they're 538 00:25:15,800 --> 00:25:20,360 Speaker 3: trying not to charge you for implementation, different horses, different courses. 539 00:25:20,640 --> 00:25:23,000 Speaker 3: So that is why you have monthly fees. So you 540 00:25:23,040 --> 00:25:25,040 Speaker 3: don't just have monthly fees so that you can check in. 541 00:25:25,240 --> 00:25:28,400 Speaker 3: It's so that your financial advisor takes on that responsibility 542 00:25:28,480 --> 00:25:31,320 Speaker 3: of you to make sure that you are invested well 543 00:25:31,320 --> 00:25:33,280 Speaker 3: and that your assets are performing, and that you're always 544 00:25:33,320 --> 00:25:37,000 Speaker 3: well diversified and that everything's ticking along properly and carry 545 00:25:37,040 --> 00:25:40,480 Speaker 3: out reviews and carry out meetings with you because obviously 546 00:25:41,000 --> 00:25:43,600 Speaker 3: their time is worth money and they need to be 547 00:25:43,680 --> 00:25:47,400 Speaker 3: remunerated for the work that they're doing. So monthly fees. 548 00:25:47,520 --> 00:25:49,520 Speaker 3: I think people get up in arms about it. They're like, oh, 549 00:25:49,560 --> 00:25:51,880 Speaker 3: my gosh, it's so expensive. It's like, well, not really 550 00:25:52,200 --> 00:25:55,240 Speaker 3: when it comes down to you actually being in a 551 00:25:55,240 --> 00:25:59,679 Speaker 3: better financial position forever. Yeah, to have a fee for that, 552 00:26:00,200 --> 00:26:03,119 Speaker 3: and often it can come out of your superannuation. You 553 00:26:03,160 --> 00:26:06,480 Speaker 3: can structure fee paying in different ways, so you could 554 00:26:06,520 --> 00:26:08,679 Speaker 3: pay for it in cash, like out of your bank account, 555 00:26:09,000 --> 00:26:10,840 Speaker 3: or you could go, oh, look, it's a lot, like 556 00:26:10,920 --> 00:26:13,840 Speaker 3: how do you structure payment? Sometimes they do what's called 557 00:26:13,840 --> 00:26:16,120 Speaker 3: a partial payment, which is some of the money might 558 00:26:16,119 --> 00:26:18,280 Speaker 3: come from super, like they might take two thousand dollars 559 00:26:18,320 --> 00:26:20,119 Speaker 3: from your super and you pay a thousand dollars in cash. 560 00:26:20,359 --> 00:26:23,200 Speaker 3: If it's Super advice, maybe they take everything from your 561 00:26:23,200 --> 00:26:24,919 Speaker 3: super fund and your ow't actually have to pay them, 562 00:26:24,960 --> 00:26:29,200 Speaker 3: but you have paid them from Super, and sometimes advisors 563 00:26:29,359 --> 00:26:32,440 Speaker 3: might not be comfortable with that, just depending on the situation. 564 00:26:32,560 --> 00:26:35,560 Speaker 3: So definitely ask them like what's your face structure, like 565 00:26:35,560 --> 00:26:37,119 Speaker 3: like how much money am I going to have to 566 00:26:37,160 --> 00:26:39,800 Speaker 3: cough up now? Or can I use my super money 567 00:26:39,880 --> 00:26:41,720 Speaker 3: to pay that? Because you actually can and not many 568 00:26:41,760 --> 00:26:42,399 Speaker 3: people know that. 569 00:26:42,600 --> 00:26:45,200 Speaker 2: Is that okay though, because we usually don't recommend touching 570 00:26:45,240 --> 00:26:45,679 Speaker 2: super ruh. 571 00:26:45,920 --> 00:26:50,360 Speaker 3: Yes, absolutely, and most financial advisors will take that into consideration. 572 00:26:50,800 --> 00:26:54,679 Speaker 3: So for someone like me, I hardly ever take money 573 00:26:54,680 --> 00:26:56,639 Speaker 3: from super from clients because I just don't want to 574 00:26:56,680 --> 00:27:00,720 Speaker 3: impact it. Yeah. But then for some people, having it 575 00:27:00,920 --> 00:27:03,480 Speaker 3: paid for with their super money puts them in the 576 00:27:03,520 --> 00:27:07,080 Speaker 3: long term in a significantly better financial position and is 577 00:27:07,160 --> 00:27:10,159 Speaker 3: actually an investment in future. Yeah. So as much as 578 00:27:10,200 --> 00:27:11,680 Speaker 3: you're like, I don't want to spend my super money, 579 00:27:11,720 --> 00:27:13,520 Speaker 3: it's like, well, we're going to put you in a 580 00:27:13,680 --> 00:27:16,919 Speaker 3: significantly better financial position, and you have a way of 581 00:27:16,920 --> 00:27:19,679 Speaker 3: paying for it without having it come out of your 582 00:27:19,680 --> 00:27:22,520 Speaker 3: banking smart So yeah, I think you need to. Obviously, 583 00:27:22,560 --> 00:27:24,480 Speaker 3: we're not going to just pull money out by car 584 00:27:24,600 --> 00:27:26,879 Speaker 3: or pull money out and spend it in a silly way. 585 00:27:27,320 --> 00:27:31,439 Speaker 3: We're actually paying for that asset to grow in a 586 00:27:31,440 --> 00:27:34,040 Speaker 3: better way than it was before. Yeah that makes sense. Yeah, No, 587 00:27:34,080 --> 00:27:37,240 Speaker 3: that does like one step backwards for like fifty forwards. 588 00:27:37,400 --> 00:27:40,239 Speaker 2: Uh huh okay, well said, I think we'll leave it 589 00:27:40,240 --> 00:27:42,479 Speaker 2: there for now, v before we head to the break. 590 00:27:42,600 --> 00:27:45,679 Speaker 2: But don't go anywhere, guys, because we will be breaking 591 00:27:45,760 --> 00:27:49,000 Speaker 2: down how to find a good financial advisor. On the 592 00:27:49,040 --> 00:28:01,160 Speaker 2: other side, how do we go about finding a financial advisor? 593 00:28:01,320 --> 00:28:05,239 Speaker 3: Day? All the deep questions into it. So there are 594 00:28:05,280 --> 00:28:09,040 Speaker 3: lots of ways to find a financial advisor. My favorite 595 00:28:09,240 --> 00:28:11,760 Speaker 3: is word of mouth, having a friend that's seen someone, 596 00:28:11,800 --> 00:28:14,479 Speaker 3: because usually you can get a really good recommendation about 597 00:28:14,680 --> 00:28:17,800 Speaker 3: their experience and how personable they found them and what 598 00:28:17,840 --> 00:28:21,080 Speaker 3: their advice was like. And just understanding that. That's my 599 00:28:21,160 --> 00:28:24,160 Speaker 3: favorite way. And you should go to the ACIK website 600 00:28:24,160 --> 00:28:26,600 Speaker 3: and make sure that your financial advisors are credited and 601 00:28:26,640 --> 00:28:30,040 Speaker 3: authorized and it will actually tell you in that document 602 00:28:30,400 --> 00:28:32,720 Speaker 3: that you can find online very easily, like you can 603 00:28:32,720 --> 00:28:34,520 Speaker 3: go and look me up now, like I'm probably a 604 00:28:34,520 --> 00:28:37,840 Speaker 3: good example, go to the ASSEIC Financial Advisor Register. Just 605 00:28:37,960 --> 00:28:42,600 Speaker 3: google Financial Advisor Register, click into that type Victoria Divine, 606 00:28:42,680 --> 00:28:45,880 Speaker 3: and you will see that I'm an authorized financial advisor. 607 00:28:45,960 --> 00:28:49,200 Speaker 3: You'll see my degrees. You will see where I'm authorized, 608 00:28:49,240 --> 00:28:52,520 Speaker 3: where I've been authorized before, and what I'm accredited to 609 00:28:52,560 --> 00:28:55,640 Speaker 3: give advice on. And I think that that's really important 610 00:28:55,680 --> 00:28:57,480 Speaker 3: because if you have a self managed super fund and 611 00:28:57,520 --> 00:29:01,080 Speaker 3: then you get this really great recommendation advisor but needs 612 00:29:01,080 --> 00:29:04,200 Speaker 3: specific advice and they can't provide advice on SMSF, yeah, 613 00:29:04,280 --> 00:29:06,680 Speaker 3: don't waste your time going and seeing them because they 614 00:29:06,760 --> 00:29:10,360 Speaker 3: can't help you. But also, g there is a website 615 00:29:10,400 --> 00:29:12,520 Speaker 3: that I'm going to recommend, but I need to do 616 00:29:12,680 --> 00:29:16,000 Speaker 3: a disclaimer beforehand, not not like a scary one. I'm 617 00:29:16,000 --> 00:29:19,760 Speaker 3: not affiliated with this platform at all. It's a really 618 00:29:20,040 --> 00:29:24,800 Speaker 3: smart tool that essentially takes advisor information from that ASCIC 619 00:29:24,840 --> 00:29:28,240 Speaker 3: register and creates them a profile on this website and 620 00:29:28,280 --> 00:29:32,040 Speaker 3: then it allows people to leave reviews and like research 621 00:29:32,120 --> 00:29:34,600 Speaker 3: people in the area in their specialist areas and see it. 622 00:29:34,640 --> 00:29:37,160 Speaker 3: Which sounds great in theory, right, but a lot of 623 00:29:37,200 --> 00:29:40,280 Speaker 3: financial advisors don't use it. So, for example, I have 624 00:29:40,360 --> 00:29:42,960 Speaker 3: a profile on there because their website has pulled my 625 00:29:43,000 --> 00:29:46,800 Speaker 3: information from the ACCIC register and automatically created me a profile, 626 00:29:47,040 --> 00:29:49,760 Speaker 3: but I don't use it, and it actually forces financial 627 00:29:49,760 --> 00:29:52,280 Speaker 3: advisors to like sign up and maintain their register and 628 00:29:52,360 --> 00:29:54,720 Speaker 3: like ask for reviews and like, I'm pretty sure there's 629 00:29:54,720 --> 00:29:56,480 Speaker 3: ways to pay them on the back end as well. 630 00:29:56,520 --> 00:29:59,040 Speaker 3: And I'm not saying it's bad because the reviews are 631 00:29:59,120 --> 00:30:03,080 Speaker 3: authentic and the advice specialist areas are really helpful, but 632 00:30:03,120 --> 00:30:04,960 Speaker 3: I think it's important to disclaim it because you're going 633 00:30:05,000 --> 00:30:06,640 Speaker 3: to go to this website, you'll look me up and 634 00:30:06,640 --> 00:30:08,960 Speaker 3: I have no reviews and I have no information. I 635 00:30:08,960 --> 00:30:11,160 Speaker 3: haven't uploaded a profile picture, I haven't done anything because 636 00:30:11,160 --> 00:30:13,320 Speaker 3: I just don't want to be on that website. So 637 00:30:13,400 --> 00:30:15,440 Speaker 3: it's important to know that while you might find an 638 00:30:15,520 --> 00:30:18,000 Speaker 3: advisor on there, it's not the b all end all like, 639 00:30:18,000 --> 00:30:20,800 Speaker 3: if they don't have any ratings, then they maybe just 640 00:30:20,840 --> 00:30:23,280 Speaker 3: don't use it. Yeah, obviously, if they have bad ratings, 641 00:30:23,400 --> 00:30:25,600 Speaker 3: that's a different story. But if they just have an 642 00:30:25,640 --> 00:30:28,800 Speaker 3: empty profile like I do, it doesn't mean that they're 643 00:30:28,800 --> 00:30:31,120 Speaker 3: a bad advisor or don't have clients, or don't have 644 00:30:31,200 --> 00:30:33,680 Speaker 3: a business or you know, don't work for someone. It 645 00:30:33,800 --> 00:30:37,440 Speaker 3: just means they haven't accessed that platform. So the website 646 00:30:37,520 --> 00:30:40,239 Speaker 3: is called Advisorratings dot com dot au and we will 647 00:30:40,320 --> 00:30:42,800 Speaker 3: link it in the show notes. But essentially, I think 648 00:30:42,840 --> 00:30:44,800 Speaker 3: this is a really cool tool for you guys to 649 00:30:44,920 --> 00:30:47,840 Speaker 3: use because you can find advisors near you. You can 650 00:30:47,880 --> 00:30:49,680 Speaker 3: search them by name if you want to look them 651 00:30:49,720 --> 00:30:51,400 Speaker 3: up and see if they have a profile. Again, you 652 00:30:51,400 --> 00:30:53,040 Speaker 3: can use me as an example and you'll just get 653 00:30:53,040 --> 00:30:55,640 Speaker 3: the plane profile. But if you go onto this website, 654 00:30:55,680 --> 00:30:58,960 Speaker 3: you can actually filter what you're looking for. So they 655 00:30:58,960 --> 00:31:02,680 Speaker 3: have updated their website recently, really aesthetic. I'm just letting 656 00:31:02,680 --> 00:31:05,000 Speaker 3: you know, maybe I should put a profile on here, 657 00:31:05,000 --> 00:31:08,120 Speaker 3: because like it's just a cool look and website. But 658 00:31:08,240 --> 00:31:10,880 Speaker 3: you can search by different advisor categories, So if you're 659 00:31:10,920 --> 00:31:13,480 Speaker 3: looking for aged care or you're looking for budgeting, you 660 00:31:13,520 --> 00:31:16,680 Speaker 3: can click those variables and like filter based on who 661 00:31:16,720 --> 00:31:19,160 Speaker 3: does what, which I think is really cool. You can 662 00:31:19,200 --> 00:31:22,480 Speaker 3: filter by how much experience they have, and for some 663 00:31:22,760 --> 00:31:25,720 Speaker 3: people this is important. You can filter by gender, so 664 00:31:25,840 --> 00:31:28,880 Speaker 3: if you're looking for a female advisor who specializes in 665 00:31:29,000 --> 00:31:34,080 Speaker 3: female investing or specializes in just women's finance, you can 666 00:31:34,080 --> 00:31:36,920 Speaker 3: actually filter that and find somebody who specializes in that 667 00:31:37,640 --> 00:31:40,520 Speaker 3: in saying that, just because they've said they specialize in 668 00:31:40,560 --> 00:31:42,360 Speaker 3: it again, they would have had to go to the 669 00:31:42,400 --> 00:31:45,440 Speaker 3: profile to like fill in their details. I haven't done that. 670 00:31:45,480 --> 00:31:47,680 Speaker 3: So if you're looking for me and just searched like 671 00:31:47,920 --> 00:31:51,400 Speaker 3: Melbourne three thousand, I want an investment specialist, I'm not 672 00:31:51,440 --> 00:31:53,040 Speaker 3: going to come up because I didn't go through and 673 00:31:53,080 --> 00:31:56,160 Speaker 3: do the categories and find that. So essentially the website 674 00:31:56,200 --> 00:32:00,160 Speaker 3: exists to collect data on advisors and users and like it. 675 00:32:00,160 --> 00:32:01,800 Speaker 3: It's not a bad thing, but I think it's just 676 00:32:01,880 --> 00:32:05,880 Speaker 3: important to understand that it's not got absolutely everybody in 677 00:32:05,920 --> 00:32:09,320 Speaker 3: Australia on it with all their actual true ratings and reviews. 678 00:32:09,400 --> 00:32:11,440 Speaker 3: Yeah does that make sense? Yeah, Like, I just want 679 00:32:11,440 --> 00:32:13,240 Speaker 3: to be safe about it and let you know why 680 00:32:13,280 --> 00:32:16,000 Speaker 3: it exists and that if somebody has no reviews, it 681 00:32:16,000 --> 00:32:18,960 Speaker 3: doesn't mean they're a bad advisor. Like I literally own 682 00:32:19,080 --> 00:32:22,800 Speaker 3: an advice practice and have no profile on there, yet 683 00:32:23,080 --> 00:32:25,320 Speaker 3: have clients and yeah yeah yeah. So it's just a 684 00:32:25,320 --> 00:32:28,200 Speaker 3: good place to start. Yeah, but it's also just so 685 00:32:28,280 --> 00:32:30,160 Speaker 3: helpful because so many people like well, I don't even 686 00:32:30,200 --> 00:32:32,120 Speaker 3: know where to start, but it comes to financial advice 687 00:32:32,160 --> 00:32:33,440 Speaker 3: and you can look it up and be like, oh, 688 00:32:33,480 --> 00:32:37,120 Speaker 3: this guy Jayden, great, fantastic, like he's in Melbourne, So 689 00:32:37,280 --> 00:32:38,720 Speaker 3: that is how I would do it. 690 00:32:40,000 --> 00:32:40,200 Speaker 1: Now. 691 00:32:40,880 --> 00:32:43,240 Speaker 2: Is it ever too early or too late to. 692 00:32:43,240 --> 00:32:46,280 Speaker 3: Make the decision to see a financial advisor, No, sir, okay. 693 00:32:46,520 --> 00:32:49,560 Speaker 3: I mean, if you're like thirteen years old in grade seven, 694 00:32:49,720 --> 00:32:52,720 Speaker 3: like it's passionate cash, probably not the time to see 695 00:32:52,720 --> 00:32:56,280 Speaker 3: a financial advisor. But if again going back to what 696 00:32:56,280 --> 00:32:58,200 Speaker 3: I said at the start of the podcast, if you 697 00:32:58,520 --> 00:33:01,600 Speaker 3: want to make an investment in a financial advisor because 698 00:33:01,640 --> 00:33:05,560 Speaker 3: it is expensive, then there's no bad time to seek advice. 699 00:33:06,000 --> 00:33:08,960 Speaker 3: In saying that when you said is it too late, 700 00:33:09,320 --> 00:33:12,880 Speaker 3: absolutely not. Like there are financial advisors who specialize in 701 00:33:13,120 --> 00:33:16,080 Speaker 3: pensions and making sure that you can retire properly and 702 00:33:16,240 --> 00:33:19,760 Speaker 3: actually service demographics that might not be able to afford 703 00:33:19,840 --> 00:33:23,000 Speaker 3: that three or four thousand dollars upfront fee. You just 704 00:33:23,080 --> 00:33:25,520 Speaker 3: need to search for them and they might just charge 705 00:33:25,560 --> 00:33:27,640 Speaker 3: through super and work out your pension and make sure 706 00:33:27,640 --> 00:33:31,160 Speaker 3: you're in a better financial position. Advisors are not for 707 00:33:31,320 --> 00:33:34,240 Speaker 3: wealthy people. They are for all people. They are for 708 00:33:34,400 --> 00:33:38,560 Speaker 3: people who just want financial advice to set themselves up 709 00:33:38,600 --> 00:33:41,600 Speaker 3: for the long term, whether you are twenty six or 710 00:33:41,680 --> 00:33:44,200 Speaker 3: sixty six, like you can see an advisor, and I 711 00:33:44,240 --> 00:33:47,600 Speaker 3: think that that's really important. It's not just wealth creation. 712 00:33:48,200 --> 00:33:50,680 Speaker 3: And I mean, I try to be holistic when I 713 00:33:50,720 --> 00:33:53,520 Speaker 3: talk about that, but I'm obviously going to lean more 714 00:33:53,560 --> 00:33:56,600 Speaker 3: towards the investment side of things because that's what I'm 715 00:33:56,640 --> 00:33:59,840 Speaker 3: passionate about, that's what I personally do in my business. 716 00:34:00,160 --> 00:34:03,800 Speaker 3: But also that's the demographic of you guys, Like that's 717 00:34:03,840 --> 00:34:06,000 Speaker 3: she's on the money, Like we're so young, Like that's 718 00:34:06,040 --> 00:34:09,359 Speaker 3: what we talk about. Whereas back to that sixty six 719 00:34:09,440 --> 00:34:12,640 Speaker 3: year old example, you're probably not going to be investing 720 00:34:12,880 --> 00:34:15,320 Speaker 3: to get a compound interest in the next thirty years. 721 00:34:15,719 --> 00:34:19,040 Speaker 3: Like we're not thinking about super contributions in the same 722 00:34:19,160 --> 00:34:22,200 Speaker 3: way that you would be thinking about a super contribution 723 00:34:22,320 --> 00:34:26,000 Speaker 3: today at your age, Georgia, Like we're actually working out Okay, cool, 724 00:34:26,200 --> 00:34:28,919 Speaker 3: maybe we've only got two hundred thousand dollars in superannuation 725 00:34:29,280 --> 00:34:32,439 Speaker 3: and you own your family home outright, like cool, We're 726 00:34:32,480 --> 00:34:36,080 Speaker 3: probably looking at what level of pension you can rely 727 00:34:36,200 --> 00:34:37,879 Speaker 3: on and what that looks like and how we can 728 00:34:37,920 --> 00:34:40,719 Speaker 3: top that up. Like there are strategies for everybody. And 729 00:34:40,800 --> 00:34:43,040 Speaker 3: I get a little bit heated about this because I 730 00:34:43,080 --> 00:34:45,640 Speaker 3: don't want people to think that it's too late and 731 00:34:45,680 --> 00:34:48,759 Speaker 3: don't worry, like financial advice is. They're cool people. They 732 00:34:48,760 --> 00:34:50,879 Speaker 3: will put you in a better position. They will make 733 00:34:50,920 --> 00:34:53,440 Speaker 3: you feel confident. And the amount of people that I've 734 00:34:53,480 --> 00:34:55,960 Speaker 3: spoken to who are approaching sixty and like, oh I 735 00:34:56,000 --> 00:34:58,879 Speaker 3: don't think I can afford to retire, or I'm really 736 00:34:58,920 --> 00:35:01,439 Speaker 3: stressed about money, and they just aren't willing to speak 737 00:35:01,480 --> 00:35:04,080 Speaker 3: to somebody because they think they're going to be judged. No, 738 00:35:04,400 --> 00:35:07,800 Speaker 3: Like we do what we do because we adore putting 739 00:35:07,800 --> 00:35:11,279 Speaker 3: people in better financial situations, Like why do you think 740 00:35:11,320 --> 00:35:13,880 Speaker 3: we have this job? So I think it's important to 741 00:35:13,880 --> 00:35:17,319 Speaker 3: remember like never too early, never too late. But just 742 00:35:17,480 --> 00:35:19,280 Speaker 3: it's not just for wealth creation. 743 00:35:19,960 --> 00:35:22,040 Speaker 2: I reckon you would have sold a lot of people 744 00:35:22,040 --> 00:35:23,960 Speaker 2: on the idea today. V. Not that that's what you're 745 00:35:23,960 --> 00:35:27,560 Speaker 2: trying to do, but you can definitely see the benefits. 746 00:35:28,040 --> 00:35:30,640 Speaker 2: So for anyone who is feeling that way but just 747 00:35:30,800 --> 00:35:33,319 Speaker 2: cannot afford it, what do they do? 748 00:35:33,719 --> 00:35:36,040 Speaker 3: Look, I think that's them Where you get to get 749 00:35:36,080 --> 00:35:38,120 Speaker 3: involved with things like she's on the money yep. You 750 00:35:38,160 --> 00:35:41,319 Speaker 3: get to jump on Instagram and join the debt free community, 751 00:35:41,480 --> 00:35:45,040 Speaker 3: like there are so many free resources nowadays. There's the 752 00:35:45,080 --> 00:35:48,040 Speaker 3: Money Smart website where you can learn to budget and invest. 753 00:35:48,239 --> 00:35:50,880 Speaker 3: There are YouTube videos, there are podcasts, There are you 754 00:35:50,920 --> 00:35:54,720 Speaker 3: know these Instagram and Facebook pages like books, self led learning. 755 00:35:54,880 --> 00:35:58,080 Speaker 3: Like I feel like so many people think that they're 756 00:35:58,120 --> 00:36:01,000 Speaker 3: just not smart enough, and no, I just I don't know. 757 00:36:01,520 --> 00:36:03,880 Speaker 3: Of course you don't know because you've never done it before. 758 00:36:03,880 --> 00:36:06,880 Speaker 3: But like, we are smart people. We all are, like 759 00:36:06,960 --> 00:36:09,239 Speaker 3: we have the ability to comprehend these things. And if 760 00:36:09,280 --> 00:36:11,400 Speaker 3: you want to go down the route of understanding it 761 00:36:11,480 --> 00:36:15,400 Speaker 3: your self, DIY fantastic. If you're in a pickle and 762 00:36:15,400 --> 00:36:17,640 Speaker 3: you're in a fair bit of debt, set it on 763 00:36:17,680 --> 00:36:22,440 Speaker 3: the podcast, probably approximately like one point six million times. 764 00:36:22,880 --> 00:36:26,880 Speaker 3: The National Debt Helpline always super helpful, and again we 765 00:36:26,920 --> 00:36:29,000 Speaker 3: will link them in the show notes if you need them, 766 00:36:29,200 --> 00:36:32,719 Speaker 3: but they do free financial counseling and they will help 767 00:36:32,760 --> 00:36:35,000 Speaker 3: you out of debt or if you're struggling with money, 768 00:36:35,040 --> 00:36:38,239 Speaker 3: give them a call. They are fantastic. But genuinely, I 769 00:36:38,239 --> 00:36:40,880 Speaker 3: think there's a lot of power in self education and 770 00:36:41,040 --> 00:36:45,560 Speaker 3: just not relying on one source of information. Like I'm biased. 771 00:36:45,719 --> 00:36:48,280 Speaker 3: I wrote a book. I think that it's really powerful, 772 00:36:48,719 --> 00:36:50,879 Speaker 3: but I by no means think it's the only book 773 00:36:50,880 --> 00:36:53,920 Speaker 3: you should ever read, like, go and read other books, 774 00:36:54,000 --> 00:36:57,239 Speaker 3: Go and absorb as much information as you can so 775 00:36:57,280 --> 00:36:59,600 Speaker 3: that you make the decision that's right for you. And 776 00:36:59,640 --> 00:37:02,160 Speaker 3: that if you then find yourself in a position where 777 00:37:02,160 --> 00:37:03,080 Speaker 3: you're like, you know what I do want to go 778 00:37:03,120 --> 00:37:05,440 Speaker 3: see a financial advisor. I am going to invest You 779 00:37:05,680 --> 00:37:08,600 Speaker 3: kind of know already the baseline. You're going to be 780 00:37:08,600 --> 00:37:11,400 Speaker 3: a dream client. Just let you know. Yeah, but also 781 00:37:11,880 --> 00:37:14,640 Speaker 3: you want to understand the baseline of investing and what 782 00:37:14,800 --> 00:37:17,359 Speaker 3: works for you, and what your values and ethics are 783 00:37:17,440 --> 00:37:19,400 Speaker 3: and what you want to see your super do. And 784 00:37:19,680 --> 00:37:23,400 Speaker 3: you actually understand super and you understand investment, you know 785 00:37:23,440 --> 00:37:25,279 Speaker 3: where you need help, and you also know where you 786 00:37:25,320 --> 00:37:27,680 Speaker 3: can just stand up on your own, which is really powerful. 787 00:37:27,960 --> 00:37:29,800 Speaker 2: Did you see in our group the other day, I 788 00:37:29,840 --> 00:37:32,600 Speaker 2: think her name was Hannah she mentioned she'd been to 789 00:37:32,600 --> 00:37:35,360 Speaker 2: a financial advisor or maybe a mortgage broker, and she 790 00:37:35,520 --> 00:37:37,440 Speaker 2: was saying that she knew all of the terms that 791 00:37:37,480 --> 00:37:40,240 Speaker 2: this professional person was saying, because if she's on the money. 792 00:37:40,239 --> 00:37:43,040 Speaker 3: I was like, I see, like they're not hard concepts, 793 00:37:43,080 --> 00:37:46,360 Speaker 3: Like we're not talking about needing to be as educated 794 00:37:46,400 --> 00:37:50,319 Speaker 3: as a financial advisor, but to understand the basics of 795 00:37:50,400 --> 00:37:55,359 Speaker 3: financial literacy is very different to understanding financial advice. And 796 00:37:55,400 --> 00:37:58,320 Speaker 3: financial literacy I believe is a given, like you should 797 00:37:58,400 --> 00:38:01,080 Speaker 3: have access to that and that is free and it 798 00:38:01,120 --> 00:38:04,160 Speaker 3: can be free. But financial advice that's when we want 799 00:38:04,200 --> 00:38:06,600 Speaker 3: to get serious about it and get strategy. But I 800 00:38:06,680 --> 00:38:08,640 Speaker 3: just think that people are really powerful on their own 801 00:38:08,680 --> 00:38:10,799 Speaker 3: as well, and they really underestimate what they can learn 802 00:38:10,840 --> 00:38:12,200 Speaker 3: or what they can teach themselves. 803 00:38:12,600 --> 00:38:15,000 Speaker 2: You've got this, guys, r V I reckon that is 804 00:38:15,040 --> 00:38:16,480 Speaker 2: the perfect place to leave it. 805 00:38:16,560 --> 00:38:18,880 Speaker 3: Well, I would agree. I feel like that's been hopefully 806 00:38:18,880 --> 00:38:21,800 Speaker 3: a really helpful podcast for some people. But just before 807 00:38:21,800 --> 00:38:24,200 Speaker 3: we head off, we'd like to acknowledge and pay respect 808 00:38:24,200 --> 00:38:27,600 Speaker 3: to Australia's Aboriginal and torrest Raight Islander peoples. They're the 809 00:38:27,640 --> 00:38:31,080 Speaker 3: traditional customdians of the lands, the waterways and the skies 810 00:38:31,200 --> 00:38:34,080 Speaker 3: all across Australia. We thank you for sharing and for 811 00:38:34,160 --> 00:38:36,400 Speaker 3: caring for the land on which we are able to learn. 812 00:38:36,760 --> 00:38:39,120 Speaker 3: We pay our respects to elders past and present, and 813 00:38:39,120 --> 00:38:41,040 Speaker 3: we share our friendship and our kindness. 814 00:38:41,440 --> 00:38:43,719 Speaker 2: And remember, guys that the advice shared on She's on 815 00:38:43,760 --> 00:38:46,120 Speaker 2: the Money is general in nature and does not consider 816 00:38:46,239 --> 00:38:49,960 Speaker 2: your individual circumstances. She's on the money, exists purely for 817 00:38:50,080 --> 00:38:52,759 Speaker 2: educational purposes and should not be relied upon to make 818 00:38:52,800 --> 00:38:56,840 Speaker 2: an investment or a financial decision. And we promise Victoria 819 00:38:56,840 --> 00:39:00,640 Speaker 2: Divine is an authorized representative of Australia Pacific Fie Management 820 00:39:00,840 --> 00:39:04,080 Speaker 2: Proprietory Limited ABN three four one three two four six 821 00:39:04,160 --> 00:39:07,720 Speaker 2: three two five seven AFSL three three nine one five one. 822 00:39:07,960 --> 00:39:10,160 Speaker 3: And we don't do it as often as we used to. 823 00:39:10,280 --> 00:39:13,560 Speaker 3: Get a real shout out to miss Tony Lodge. He 824 00:39:13,800 --> 00:39:17,680 Speaker 3: Lodge whips together our podcast each and every single week, 825 00:39:17,920 --> 00:39:20,960 Speaker 3: like she argues, like tone does. Nobody listens to the 826 00:39:21,000 --> 00:39:22,719 Speaker 3: podcast as much as Tony does. 827 00:39:22,920 --> 00:39:25,640 Speaker 2: Yeah, that's true. Actually that's mainly what we're shouting out. 828 00:39:26,239 --> 00:39:28,879 Speaker 2: Poor anyway, and she gets the rough edit. 829 00:39:28,960 --> 00:39:31,880 Speaker 3: Yeah, true, she gets the dirty stuff alright. 830 00:39:32,000 --> 00:39:36,400 Speaker 2: Have a good week, guy, guys,