1 00:00:00,680 --> 00:00:04,920 Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr 2 00:00:04,960 --> 00:00:08,680 Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before 3 00:00:08,680 --> 00:00:11,160 Speaker 1: we get started on She's on the Money podcast, I 4 00:00:11,160 --> 00:00:14,319 Speaker 1: would like to acknowledge the traditional custodians of the land 5 00:00:14,400 --> 00:00:17,680 Speaker 1: of which this podcast is recorded on a wondery country, 6 00:00:18,120 --> 00:00:22,560 Speaker 1: acknowledging the elders, the ancestors and the next generation coming through. 7 00:00:23,079 --> 00:00:27,159 Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and 8 00:00:27,240 --> 00:00:30,560 Speaker 1: the storytelling of you to make a difference for today 9 00:00:31,040 --> 00:00:32,640 Speaker 1: and lasting impact for tomorrow. 10 00:00:33,320 --> 00:00:34,120 Speaker 2: Let's get into it. 11 00:00:34,800 --> 00:00:54,080 Speaker 3: She's on the Money, She's on the Money. 12 00:00:58,080 --> 00:01:01,200 Speaker 2: Hello, and welcome to She's on the Money, the podcast 13 00:01:01,240 --> 00:01:05,120 Speaker 2: for millennials who want financial freedom. This week, I have 14 00:01:05,240 --> 00:01:08,000 Speaker 2: a very special guest. She's not only a friend of mine, 15 00:01:08,000 --> 00:01:11,479 Speaker 2: but she is one of the financial advisors at Everest Wealth. 16 00:01:11,680 --> 00:01:13,920 Speaker 2: Daisy Major, Welcome to the show. 17 00:01:14,360 --> 00:01:16,400 Speaker 4: Thanks so much for having me. I'm very excited. 18 00:01:16,760 --> 00:01:19,840 Speaker 2: I am so excited about this. Obviously, as an ex 19 00:01:19,880 --> 00:01:23,080 Speaker 2: financial advisor and you're a financial advisor. I think we 20 00:01:23,080 --> 00:01:26,319 Speaker 2: could talk all day, and we often honestly do. For 21 00:01:26,400 --> 00:01:28,080 Speaker 2: those of you playing along at home who might not 22 00:01:28,160 --> 00:01:30,039 Speaker 2: have heard of everest Wealth. They are one of my 23 00:01:30,120 --> 00:01:33,000 Speaker 2: like she's on the money Partners, Like our community go 24 00:01:33,120 --> 00:01:35,800 Speaker 2: to you guys all the time. They rave about you 25 00:01:35,920 --> 00:01:37,640 Speaker 2: and see. When I was thinking, oh, what would be 26 00:01:37,680 --> 00:01:40,840 Speaker 2: a cool episode, I was like, actually, I want to 27 00:01:40,880 --> 00:01:43,480 Speaker 2: talk about what to expect when talking to a financial advisor, 28 00:01:43,480 --> 00:01:46,600 Speaker 2: but like, let's drag a current financial advisor on the show. 29 00:01:46,920 --> 00:01:50,560 Speaker 2: And you obviously were the first person I thought of. So, Daisy, 30 00:01:50,640 --> 00:01:53,640 Speaker 2: we've been getting heaps of questions recently from the community. 31 00:01:53,920 --> 00:01:56,560 Speaker 2: Everyone's kind of like getting their financial life together, going 32 00:01:56,600 --> 00:01:59,559 Speaker 2: should I see an advisor? Shouldn't I see an advisor? 33 00:02:00,040 --> 00:02:02,640 Speaker 2: And I thought it would be a really cool episode 34 00:02:02,720 --> 00:02:04,480 Speaker 2: to go, all right, well, this is what you can 35 00:02:04,520 --> 00:02:08,240 Speaker 2: actually expect when you book in with a financial advisor, 36 00:02:08,840 --> 00:02:11,240 Speaker 2: or even just having a chat about what it's like 37 00:02:11,360 --> 00:02:13,919 Speaker 2: to talk to an advisor. And so I think it's 38 00:02:14,040 --> 00:02:16,520 Speaker 2: one of those things that can be really daunting, but 39 00:02:17,000 --> 00:02:19,760 Speaker 2: advisors are people like you and I, Daisy, and we're 40 00:02:19,800 --> 00:02:22,360 Speaker 2: not that scary. So can you tell me a little 41 00:02:22,400 --> 00:02:25,240 Speaker 2: bit about yourself first before we dive into this not 42 00:02:25,320 --> 00:02:28,720 Speaker 2: so overwhelming conversation about what it's like to talk to 43 00:02:28,760 --> 00:02:29,880 Speaker 2: a financial advisor? 44 00:02:30,240 --> 00:02:34,160 Speaker 4: Yeah. Absolutely. So, I'm Daisy. I'm the operating officer here 45 00:02:34,200 --> 00:02:37,399 Speaker 4: at Everestwelth, but I'm also one of the financial advisors here. 46 00:02:37,639 --> 00:02:40,200 Speaker 2: You big dog. Yeah okay, yes, well you. 47 00:02:40,200 --> 00:02:40,720 Speaker 4: Could say that. 48 00:02:42,000 --> 00:02:42,200 Speaker 1: Yeah. 49 00:02:42,240 --> 00:02:45,160 Speaker 4: So I've been with Everestwelth for three years now, but 50 00:02:45,280 --> 00:02:47,840 Speaker 4: I've been in the financial planning industry for most a 51 00:02:47,919 --> 00:02:51,040 Speaker 4: decade now, So yeah, I just love dealing with people 52 00:02:51,280 --> 00:02:54,080 Speaker 4: that are reaching out for advice for the first time 53 00:02:54,320 --> 00:02:57,240 Speaker 4: and trying to make the conversations a lot less daunting 54 00:02:57,400 --> 00:03:01,320 Speaker 4: because there is that stigma around that. Yeah, financial advice 55 00:03:01,440 --> 00:03:03,520 Speaker 4: is really daunting, especially when you're looking at it for 56 00:03:03,560 --> 00:03:04,120 Speaker 4: the first time. 57 00:03:04,360 --> 00:03:07,280 Speaker 2: It can be really overwhelming. So let's just dive straight 58 00:03:07,320 --> 00:03:10,440 Speaker 2: into it. Daisy, when do you think people should actually 59 00:03:10,560 --> 00:03:12,359 Speaker 2: chat to a financial advisor. 60 00:03:12,800 --> 00:03:15,960 Speaker 4: I think there's a really big misconception that people need 61 00:03:16,000 --> 00:03:18,839 Speaker 4: to wait until they're older or they have a large 62 00:03:18,840 --> 00:03:22,000 Speaker 4: amount of assets behind them when they go to see 63 00:03:22,000 --> 00:03:24,880 Speaker 4: a financial advisor for the first time, Whereas I don't 64 00:03:24,880 --> 00:03:27,200 Speaker 4: really believe in that. I believe that kind of setting 65 00:03:27,240 --> 00:03:30,760 Speaker 4: yourself up younger, going to see a financial advisor before 66 00:03:30,840 --> 00:03:34,120 Speaker 4: you make any big life decisions like buying a property, 67 00:03:34,360 --> 00:03:37,560 Speaker 4: upgrading your property, planning to start a family where you 68 00:03:37,640 --> 00:03:39,840 Speaker 4: might be going down to kind of one income for 69 00:03:39,920 --> 00:03:42,760 Speaker 4: a period of time, or we see a big amount 70 00:03:42,760 --> 00:03:44,400 Speaker 4: of people that wanting to make us switch in their 71 00:03:44,480 --> 00:03:46,640 Speaker 4: career and just wanting to make sure that they're setting 72 00:03:46,640 --> 00:03:48,880 Speaker 4: themselves up for the first time. So yeah, there's a 73 00:03:48,880 --> 00:03:51,520 Speaker 4: big misconception about when you should see a financial advisor, 74 00:03:51,560 --> 00:03:53,320 Speaker 4: but I believe kind of the younger the better. 75 00:03:53,760 --> 00:03:55,920 Speaker 2: I agree. It's actually why I started Cheese on the 76 00:03:55,960 --> 00:03:59,320 Speaker 2: Money because all of my clients were much older, and 77 00:03:59,680 --> 00:04:02,160 Speaker 2: I just to remember thinking like this information is so 78 00:04:02,360 --> 00:04:06,040 Speaker 2: much more powerful for younger people because obviously confound interest 79 00:04:06,200 --> 00:04:08,560 Speaker 2: comes into the equation, and the more time you have 80 00:04:08,680 --> 00:04:11,120 Speaker 2: on your side, the better. And then on top of 81 00:04:11,160 --> 00:04:14,000 Speaker 2: that you're talking about big life events. I think even 82 00:04:14,040 --> 00:04:16,000 Speaker 2: just getting a job for the first time is a 83 00:04:16,000 --> 00:04:18,760 Speaker 2: really good trigger point to actually set your insurances up 84 00:04:18,800 --> 00:04:21,359 Speaker 2: and you know, start talking about a budget and cash 85 00:04:21,360 --> 00:04:25,120 Speaker 2: flow plan, because this isn't stuff that we automatically learned 86 00:04:25,160 --> 00:04:27,640 Speaker 2: at school to put ourselves in the best possible position. 87 00:04:28,120 --> 00:04:30,080 Speaker 2: And I think it's one of the I guess first 88 00:04:30,120 --> 00:04:34,320 Speaker 2: problems in our community, even just Australia, that people assume 89 00:04:34,360 --> 00:04:36,560 Speaker 2: you need to be like a multi millionaire to talk 90 00:04:36,600 --> 00:04:40,560 Speaker 2: to a financial advisor. And let's be blunt here too. 91 00:04:41,040 --> 00:04:43,159 Speaker 2: We're not trying to say, oh, it's super cheap, just 92 00:04:43,200 --> 00:04:45,240 Speaker 2: go when you get your first job, Like it can 93 00:04:45,320 --> 00:04:49,520 Speaker 2: be pricey, but it's an investment and you don't need 94 00:04:49,560 --> 00:04:52,640 Speaker 2: to be a millionaire to seek advice. Daisy, what is 95 00:04:52,680 --> 00:04:56,080 Speaker 2: the demographic of clients that you see coming through Everest Wealth? 96 00:04:56,080 --> 00:04:58,839 Speaker 2: And I guess what do you see as their main needs? 97 00:04:58,880 --> 00:05:00,120 Speaker 2: Like what are they asking you? 98 00:05:00,240 --> 00:05:03,360 Speaker 4: Yeah, so we're probably different to what I would say 99 00:05:03,440 --> 00:05:06,680 Speaker 4: is just stereotypical financial advice for herm in Australia. 100 00:05:06,760 --> 00:05:08,159 Speaker 2: That's why we work together, Daisy. 101 00:05:08,520 --> 00:05:12,280 Speaker 4: Yeah, we deal with mainly kind of gen z gen 102 00:05:12,440 --> 00:05:16,760 Speaker 4: y millennial clients. Probably about three quarters of our clients 103 00:05:16,760 --> 00:05:19,960 Speaker 4: are actual single females because they seem to kind of 104 00:05:19,960 --> 00:05:21,960 Speaker 4: be more in touch with their finances. Say, I'm making 105 00:05:22,000 --> 00:05:22,400 Speaker 4: a bit of a. 106 00:05:22,839 --> 00:05:26,159 Speaker 2: Sweeping statement, but it's true, and I mean, like, let's 107 00:05:26,160 --> 00:05:28,960 Speaker 2: be honest. I talk about you guys all the time. 108 00:05:29,040 --> 00:05:31,479 Speaker 2: Anytime anyone dms me and says, hey do you know 109 00:05:31,520 --> 00:05:34,320 Speaker 2: a financial advisor, I'm like, so have you met Daisy? 110 00:05:35,120 --> 00:05:37,680 Speaker 2: Have you spoken to Everest Wealth? Like their team are 111 00:05:37,720 --> 00:05:40,039 Speaker 2: really good, so I'm not surprised to hear that. 112 00:05:40,600 --> 00:05:43,360 Speaker 4: Yeah, a lot of them are young professional females as 113 00:05:43,400 --> 00:05:46,680 Speaker 4: you said, like kind of either left study or in 114 00:05:46,720 --> 00:05:49,800 Speaker 4: their first full time job and it just really wanting 115 00:05:49,839 --> 00:05:53,160 Speaker 4: to set themselves up. So majority of the advice we 116 00:05:53,279 --> 00:05:57,520 Speaker 4: provide is what we call full holistic advice. So people 117 00:05:57,560 --> 00:05:59,360 Speaker 4: come to us and they don't just really want to 118 00:05:59,360 --> 00:06:02,160 Speaker 4: help in one area. They kind of want help and 119 00:06:02,360 --> 00:06:06,360 Speaker 4: a health check over their whole financial situation. There may 120 00:06:06,480 --> 00:06:09,080 Speaker 4: needs and normally what to do with their money, whether 121 00:06:09,120 --> 00:06:11,960 Speaker 4: it's starting a small investment. A lot of people want 122 00:06:11,960 --> 00:06:14,440 Speaker 4: to know whether they should put more money into super 123 00:06:15,080 --> 00:06:16,960 Speaker 4: how much they're going to need for a house deposit, 124 00:06:17,400 --> 00:06:20,240 Speaker 4: things like that. So they probably fall into kind of 125 00:06:20,320 --> 00:06:23,159 Speaker 4: three categories when they come to see us, and it's 126 00:06:23,240 --> 00:06:26,080 Speaker 4: either they have no idea where to start and it's 127 00:06:26,120 --> 00:06:29,200 Speaker 4: just super overwhelming, or they've started and they know that 128 00:06:29,200 --> 00:06:32,719 Speaker 4: they just need some improvements with a few things. Or 129 00:06:32,839 --> 00:06:34,839 Speaker 4: we have a few clients that come to us and 130 00:06:35,600 --> 00:06:37,800 Speaker 4: they've kind of set themselves up really well and they 131 00:06:38,000 --> 00:06:41,240 Speaker 4: just want someone to double check what they've done. So, yeah, 132 00:06:41,279 --> 00:06:44,040 Speaker 4: there's kind of three key clients that we normally see. 133 00:06:44,200 --> 00:06:46,640 Speaker 2: I'm glad that you pointed out that you're holistic and 134 00:06:46,680 --> 00:06:48,520 Speaker 2: not to talk about another brand. This isn't like a 135 00:06:48,560 --> 00:06:51,680 Speaker 2: sponsored podcast. Just if anyone's wondering, this is literally me 136 00:06:51,760 --> 00:06:54,040 Speaker 2: being like, I love Daisy, she should come on my show. 137 00:06:54,440 --> 00:06:57,280 Speaker 2: We recently had Phil Thompson on the show, who is 138 00:06:57,400 --> 00:07:01,520 Speaker 2: the director and CEO of Sky Wealth, and Idore feel 139 00:07:01,560 --> 00:07:03,600 Speaker 2: I know you guys know phel because like, at the 140 00:07:03,680 --> 00:07:07,080 Speaker 2: end of the day, the financial advice industry with our 141 00:07:07,120 --> 00:07:10,520 Speaker 2: demographic is very niche I feel like I know every 142 00:07:10,560 --> 00:07:13,880 Speaker 2: advisor my age. You would too, and it kind of 143 00:07:13,880 --> 00:07:16,880 Speaker 2: becomes not competition because I think a lot of us 144 00:07:16,880 --> 00:07:19,360 Speaker 2: look at it and go wow, like eighty percent of 145 00:07:19,400 --> 00:07:21,960 Speaker 2: Australians do not get advice, you know. And this is 146 00:07:22,000 --> 00:07:25,640 Speaker 2: just me speaking completely like roguely. I suppose a lot 147 00:07:25,640 --> 00:07:27,560 Speaker 2: of the time when I used to get new clients, 148 00:07:27,560 --> 00:07:30,400 Speaker 2: and I'm assuming that you guys are the same. We're 149 00:07:30,440 --> 00:07:32,880 Speaker 2: not talking to people who are leaving their advisor. We're 150 00:07:32,880 --> 00:07:36,000 Speaker 2: actually just talking to people who have never had advice before. 151 00:07:36,360 --> 00:07:38,360 Speaker 2: So when you talk to other advisors, it's not like 152 00:07:38,560 --> 00:07:41,000 Speaker 2: competition per se. You're kind of like, oh you do 153 00:07:41,120 --> 00:07:43,800 Speaker 2: you I'll do me. And one thing that I used 154 00:07:43,840 --> 00:07:46,600 Speaker 2: to say in my business was I know I can't 155 00:07:46,600 --> 00:07:50,160 Speaker 2: be everything to everybody, and I knew that by trying 156 00:07:50,200 --> 00:07:52,760 Speaker 2: to be, it would dilute my value. And I was 157 00:07:52,800 --> 00:07:55,800 Speaker 2: the same as you. I was a holistic financial adviser, 158 00:07:55,800 --> 00:07:57,120 Speaker 2: and I'd be like, well, if you come to me 159 00:07:57,120 --> 00:07:59,320 Speaker 2: and you just say you want insurances, like, I'm not 160 00:07:59,400 --> 00:08:02,640 Speaker 2: that keen because I'm really obsessed with wealth creation and 161 00:08:02,640 --> 00:08:05,360 Speaker 2: budgeting and cash flow and making sure like your big 162 00:08:05,400 --> 00:08:09,680 Speaker 2: picture is sorted out, Whereas you guys are holistic and 163 00:08:09,720 --> 00:08:11,360 Speaker 2: you would say no to a client that was like 164 00:08:11,440 --> 00:08:13,080 Speaker 2: I just want to do insurance or I just want 165 00:08:13,120 --> 00:08:15,800 Speaker 2: this like top tip or whatever it is, whereas Phil 166 00:08:15,840 --> 00:08:18,360 Speaker 2: he just does insurances. And I think it's important to 167 00:08:18,440 --> 00:08:20,960 Speaker 2: point that out because some people might be thinking do 168 00:08:21,080 --> 00:08:23,640 Speaker 2: they have an advisor on the show recently, and it's like, well, yes, 169 00:08:23,760 --> 00:08:26,760 Speaker 2: but we're all for different things. And I think that's 170 00:08:26,800 --> 00:08:30,400 Speaker 2: where you need to understand as an individual, well what 171 00:08:30,440 --> 00:08:33,440 Speaker 2: am I looking for and sitting down before seeing an 172 00:08:33,480 --> 00:08:35,960 Speaker 2: advisor and thinking well, if I go see an advisor, 173 00:08:36,720 --> 00:08:38,520 Speaker 2: what's my bucket list? Because I think a lot of 174 00:08:38,520 --> 00:08:41,240 Speaker 2: people immediately go oh, I might actually really want a 175 00:08:41,240 --> 00:08:44,000 Speaker 2: female advisor, or they might say, you know, I really 176 00:08:44,080 --> 00:08:46,360 Speaker 2: want to just feel more confident. But we actually have 177 00:08:46,400 --> 00:08:48,160 Speaker 2: to think about, like do you want to go see 178 00:08:48,160 --> 00:08:51,359 Speaker 2: an advisor who's going to look at your entire situation 179 00:08:52,040 --> 00:08:53,640 Speaker 2: or are you just at a point in time where 180 00:08:53,640 --> 00:08:55,840 Speaker 2: you're like, just sort out my insurances, please don't try 181 00:08:55,840 --> 00:08:58,160 Speaker 2: and talk to me about everything else, Like I don't 182 00:08:58,200 --> 00:09:00,640 Speaker 2: have that interest. So I think it's good that you're 183 00:09:00,640 --> 00:09:04,319 Speaker 2: pointing that out, because when I tell people about you, 184 00:09:04,400 --> 00:09:06,199 Speaker 2: before I tell them about you, I'm always like, what 185 00:09:06,280 --> 00:09:09,200 Speaker 2: are you looking for? Like how can I align this properly? 186 00:09:09,600 --> 00:09:12,520 Speaker 2: Because it's a waste of the client's time, Like you 187 00:09:12,559 --> 00:09:15,120 Speaker 2: could fall in love with Daisy, but then also go 188 00:09:15,200 --> 00:09:17,880 Speaker 2: all right, well, I actually only wanted one thing from her, 189 00:09:17,960 --> 00:09:21,040 Speaker 2: and it's not gonna work, Like it's a working relationship. 190 00:09:21,200 --> 00:09:24,280 Speaker 2: And when you get a new advisor, you're getting one 191 00:09:24,559 --> 00:09:27,400 Speaker 2: I would hope for life, Like you're getting one that's 192 00:09:27,440 --> 00:09:29,440 Speaker 2: gonna hold your hand now and set everything up. You 193 00:09:29,480 --> 00:09:31,640 Speaker 2: gonna check in with them and like, you know, go 194 00:09:31,679 --> 00:09:34,040 Speaker 2: on the journey. Like that was my favorite part. Daisy. 195 00:09:34,080 --> 00:09:35,640 Speaker 2: I don't know if you love this too, but like 196 00:09:36,000 --> 00:09:38,400 Speaker 2: I would get so excited when clients would come to 197 00:09:38,440 --> 00:09:40,280 Speaker 2: me and be like, so we just got engaged, and 198 00:09:40,280 --> 00:09:42,280 Speaker 2: I'd be like, I feel part of this because I 199 00:09:42,400 --> 00:09:44,480 Speaker 2: knew that your partner was saving on the side, or 200 00:09:44,720 --> 00:09:46,520 Speaker 2: oh my god, you're having a baby, or you. 201 00:09:46,559 --> 00:09:47,040 Speaker 5: Know what I mean. 202 00:09:47,120 --> 00:09:49,040 Speaker 2: It's like, you get to go on this beautiful journey 203 00:09:49,080 --> 00:09:51,320 Speaker 2: with your client. So I'm obsessed with it. But I 204 00:09:51,400 --> 00:09:55,360 Speaker 2: do think that there is I guess, a very big 205 00:09:55,400 --> 00:09:58,400 Speaker 2: stereotype that you need to fit into one certain mold. 206 00:09:58,480 --> 00:10:00,920 Speaker 2: But as I'm saying, it's not the case. They're actually 207 00:10:01,120 --> 00:10:03,160 Speaker 2: different types of people, and there are also different types 208 00:10:03,200 --> 00:10:06,840 Speaker 2: of advisors. Another common question we seem to get is 209 00:10:06,880 --> 00:10:10,600 Speaker 2: like what is the actual structure advice? Like can people 210 00:10:10,760 --> 00:10:13,000 Speaker 2: just go in and see you one time, daisy to 211 00:10:13,040 --> 00:10:14,880 Speaker 2: get set up and run away, or do I have 212 00:10:14,920 --> 00:10:16,840 Speaker 2: to pay for this every single month for the rest 213 00:10:16,840 --> 00:10:20,040 Speaker 2: of my life? Like what does that usually look like 214 00:10:20,160 --> 00:10:20,400 Speaker 2: for you? 215 00:10:20,760 --> 00:10:23,559 Speaker 4: Yeah, again, it's a very very common question that we 216 00:10:23,600 --> 00:10:26,320 Speaker 4: get as well. So again we're probably a little bit 217 00:10:26,360 --> 00:10:30,000 Speaker 4: different to your normal stereotypical advice firm where it's not 218 00:10:30,080 --> 00:10:34,000 Speaker 4: compulsory that you're an ongoing, fee paying client with us. 219 00:10:34,400 --> 00:10:36,240 Speaker 4: So what that means is that a large number of 220 00:10:36,280 --> 00:10:38,760 Speaker 4: our clients come to see us. They'll pay us for 221 00:10:38,840 --> 00:10:41,600 Speaker 4: the initial advice, which is normally a two to three 222 00:10:41,679 --> 00:10:45,000 Speaker 4: month process, and then they're happy to take the reins 223 00:10:45,040 --> 00:10:49,199 Speaker 4: because they're educated. They understand why we've done certain things, 224 00:10:49,600 --> 00:10:52,000 Speaker 4: the changes that we've made, and they're happy to handle 225 00:10:52,040 --> 00:10:54,800 Speaker 4: it themselves for the next few years. And then, as 226 00:10:54,800 --> 00:10:57,360 Speaker 4: you said, most of them come back when yeah, they're 227 00:10:57,360 --> 00:11:00,560 Speaker 4: either fall and pregnant, about to get married, read or 228 00:11:00,559 --> 00:11:03,960 Speaker 4: they've got this other awesome significant life event that they're 229 00:11:04,000 --> 00:11:06,320 Speaker 4: about to conquer, and they just want to check in 230 00:11:06,360 --> 00:11:09,480 Speaker 4: again and say, all right, now this has changed slightly. 231 00:11:09,640 --> 00:11:11,760 Speaker 4: Can we just have a bit of a refresh. Yeah. 232 00:11:11,760 --> 00:11:15,839 Speaker 2: It's such an old school mentality to go all right, well, 233 00:11:15,880 --> 00:11:17,520 Speaker 2: you have to get advice from me, but I can 234 00:11:17,559 --> 00:11:19,920 Speaker 2: only give you advice if you sign this contract and 235 00:11:20,000 --> 00:11:22,480 Speaker 2: you're an ongoing client and you have to spend you know, 236 00:11:22,559 --> 00:11:25,240 Speaker 2: five thousand dollars a year with me, Like it just 237 00:11:25,440 --> 00:11:27,679 Speaker 2: doesn't work for twenty twenty four. And I think that's 238 00:11:27,679 --> 00:11:29,400 Speaker 2: one of the things I really like about you guys. 239 00:11:29,440 --> 00:11:31,839 Speaker 2: You're like a bit more realistic about you know, a 240 00:11:31,840 --> 00:11:33,600 Speaker 2: lot of people in our community come to you they 241 00:11:33,600 --> 00:11:35,840 Speaker 2: get their advice, they go away. You're right, they'll come 242 00:11:35,880 --> 00:11:37,920 Speaker 2: back in a couple of years. But you don't have 243 00:11:37,960 --> 00:11:41,520 Speaker 2: to lose that relationship either. Like I don't forget this 244 00:11:41,600 --> 00:11:43,640 Speaker 2: statement of advice that took me hours and hours and 245 00:11:43,640 --> 00:11:46,800 Speaker 2: hours to do. I don't forget about that relationship with fostered. 246 00:11:46,880 --> 00:11:48,679 Speaker 2: So when you do check back in, I'm like, oh 247 00:11:48,679 --> 00:11:51,319 Speaker 2: my gosh, yes, how are you? Like, how's life? It's 248 00:11:51,360 --> 00:11:54,560 Speaker 2: still with that boyfriend, Like it can still be that 249 00:11:54,679 --> 00:11:58,520 Speaker 2: quote ongoing relationship, but without any level of financial commitment. 250 00:11:58,920 --> 00:12:01,720 Speaker 4: Yeah, And we just feel like the demographic of clients 251 00:12:01,760 --> 00:12:04,720 Speaker 4: that we deal with, you're not going to gain too 252 00:12:04,840 --> 00:12:07,520 Speaker 4: much by being an ongoing client. I mean, we certainly 253 00:12:07,559 --> 00:12:10,560 Speaker 4: do have ongoing clients, and they usually have a bit 254 00:12:10,640 --> 00:12:12,880 Speaker 4: more of a complex structure or things like that, or 255 00:12:12,880 --> 00:12:15,240 Speaker 4: they do want their handheld, which is fine and we 256 00:12:15,280 --> 00:12:19,119 Speaker 4: definitely do offer that service, But majority of our clients 257 00:12:19,360 --> 00:12:23,400 Speaker 4: they're happy just to take the reins come back. 258 00:12:23,559 --> 00:12:23,719 Speaker 1: Yeah. 259 00:12:23,760 --> 00:12:26,560 Speaker 2: I feel like it's realistic. And one thing that I 260 00:12:26,679 --> 00:12:29,600 Speaker 2: used to see in my old business going back on 261 00:12:29,640 --> 00:12:33,560 Speaker 2: it again, apologies, is I would sometimes if I was 262 00:12:33,600 --> 00:12:37,760 Speaker 2: ever seeing somebody who already had an advisor one I'd 263 00:12:37,800 --> 00:12:39,920 Speaker 2: be like, what has gone wrong here, because it's not 264 00:12:40,160 --> 00:12:43,080 Speaker 2: common for people to leave their advisors once they're comfortable, 265 00:12:43,120 --> 00:12:45,240 Speaker 2: like you're not going to pay for advice from somebody 266 00:12:45,280 --> 00:12:47,000 Speaker 2: that you're like, oh, I don't know if for like Daisy, 267 00:12:47,240 --> 00:12:50,240 Speaker 2: but when they did come, it was often a problem 268 00:12:50,360 --> 00:12:52,640 Speaker 2: about ongoing fees and them not feeling like they got 269 00:12:52,720 --> 00:12:55,120 Speaker 2: value or they're check in and they weren't getting the 270 00:12:55,280 --> 00:12:58,760 Speaker 2: service that they expected and would come to go is 271 00:12:58,800 --> 00:13:00,920 Speaker 2: this right? Is this not right? Like I kind of 272 00:13:01,120 --> 00:13:04,080 Speaker 2: want to not pay five grand a year or whatever 273 00:13:04,120 --> 00:13:06,319 Speaker 2: it was they were paying per year, because it feels 274 00:13:06,360 --> 00:13:08,400 Speaker 2: like a waste, like you could definitely be investing that. 275 00:13:08,480 --> 00:13:10,440 Speaker 2: And I think that that's where it's kind of powerful. 276 00:13:10,880 --> 00:13:12,679 Speaker 2: You guys go all right, well we'll do one sort 277 00:13:12,679 --> 00:13:15,880 Speaker 2: of advice. Please don't pay us thousands of dollars a year. 278 00:13:16,040 --> 00:13:18,679 Speaker 2: Go invest that, and at some point you might end 279 00:13:18,760 --> 00:13:20,840 Speaker 2: up coming back and being an ongoing client when you 280 00:13:20,920 --> 00:13:23,040 Speaker 2: are a bit bigger. So I feel like it's such 281 00:13:23,360 --> 00:13:26,640 Speaker 2: a more flexible and to be honest kind process, Like 282 00:13:26,679 --> 00:13:29,280 Speaker 2: there's no bullshit, Daisy. It just makes sense. 283 00:13:29,200 --> 00:13:31,760 Speaker 4: Absolutely, And like I always like to say, like you're 284 00:13:31,760 --> 00:13:34,720 Speaker 4: not locked in to Everest Wealth. So like a lot 285 00:13:34,760 --> 00:13:36,840 Speaker 4: of people also have the misconception that we're going to 286 00:13:36,840 --> 00:13:40,040 Speaker 4: put you in Everest Wealth products, which absolutely isn't the case. 287 00:13:40,160 --> 00:13:41,760 Speaker 2: It's not a thing anymore, is it. 288 00:13:41,840 --> 00:13:45,000 Speaker 4: But people still have that misconception that I'm going to 289 00:13:45,120 --> 00:13:46,920 Speaker 4: have to see Everest for the rest of my life, 290 00:13:47,000 --> 00:13:48,280 Speaker 4: which we hope you do. 291 00:13:48,200 --> 00:13:50,679 Speaker 2: But yeah, because you're cool, but like, it's not because 292 00:13:50,679 --> 00:13:53,880 Speaker 2: we locked you in. In fact, I really shied away 293 00:13:53,920 --> 00:13:57,040 Speaker 2: from having any Zella products when I was working as 294 00:13:57,080 --> 00:13:59,959 Speaker 2: an advisor because I wanted that clarity to be able 295 00:14:00,120 --> 00:14:02,240 Speaker 2: to say to clients, by the way, if you decide 296 00:14:02,280 --> 00:14:04,760 Speaker 2: you don't want to work with me, like you just don't. 297 00:14:04,960 --> 00:14:06,680 Speaker 2: You don't have to sell down your assets, you don't 298 00:14:06,679 --> 00:14:10,000 Speaker 2: have to change anything, Like there's no lock and key, 299 00:14:10,080 --> 00:14:12,600 Speaker 2: Like it's a choice that you have. And I think 300 00:14:12,600 --> 00:14:15,160 Speaker 2: that a lot of my clients really appreciated that. They'd 301 00:14:15,200 --> 00:14:17,400 Speaker 2: be like, oh, I actually didn't realize that that might 302 00:14:17,440 --> 00:14:19,320 Speaker 2: be a thing, and I'd be like, yep, like if 303 00:14:19,320 --> 00:14:21,920 Speaker 2: you go with some other advisors, like just make sure 304 00:14:22,000 --> 00:14:24,920 Speaker 2: that you're not being locked into one of their specific products. 305 00:14:25,320 --> 00:14:27,360 Speaker 2: But it's now twenty twenty four, guys like that does 306 00:14:27,440 --> 00:14:30,480 Speaker 2: not happen that often. But if you consult your dad 307 00:14:30,520 --> 00:14:32,600 Speaker 2: before you go see a financial advisor, he might warn 308 00:14:32,600 --> 00:14:35,120 Speaker 2: you and be like, ooh, they might sell your trees, Daisy. 309 00:14:36,440 --> 00:14:39,000 Speaker 2: So let's go to a really quick break, because I 310 00:14:39,000 --> 00:14:40,680 Speaker 2: feel like that is actually a lot to take in, 311 00:14:40,760 --> 00:14:42,880 Speaker 2: especially if this is the first time that you've heard 312 00:14:42,960 --> 00:14:45,640 Speaker 2: about the advice process. And when we come back, we're 313 00:14:45,640 --> 00:14:48,560 Speaker 2: going to have a chat about what financial advice actually 314 00:14:48,560 --> 00:14:55,040 Speaker 2: looks like. So stick around, all right, team, We are 315 00:14:55,200 --> 00:14:57,720 Speaker 2: back with Daisy from Everest Wealth and we've been chatting 316 00:14:57,760 --> 00:15:00,480 Speaker 2: a bit about how financial advice looks different for us everybody, 317 00:15:00,640 --> 00:15:03,280 Speaker 2: and guidance on where people should think about getting advice. 318 00:15:03,440 --> 00:15:05,640 Speaker 2: But let's get stuck into a little bit more of 319 00:15:05,680 --> 00:15:09,120 Speaker 2: the nitty gritty. Let's say someone from our community books 320 00:15:09,120 --> 00:15:11,880 Speaker 2: in with you for the very first time. What does 321 00:15:11,880 --> 00:15:13,640 Speaker 2: that phone call look like? So they've booked a time 322 00:15:13,640 --> 00:15:15,840 Speaker 2: online and in their calendar there is Daisy from every 323 00:15:15,920 --> 00:15:17,880 Speaker 2: is Wealthy is going to call me to eleven am. 324 00:15:17,920 --> 00:15:18,760 Speaker 2: What then happens? 325 00:15:18,880 --> 00:15:22,240 Speaker 4: Yeah, so we do these initial ten minute intrue calls, 326 00:15:22,240 --> 00:15:24,160 Speaker 4: but they normally end up being a lot longer than that, 327 00:15:24,440 --> 00:15:27,520 Speaker 4: just to kind of check in. See exactly why you're 328 00:15:27,560 --> 00:15:31,200 Speaker 4: reaching out for advice, so what's prompted it, as well 329 00:15:31,240 --> 00:15:34,640 Speaker 4: as a little bit more about your financial situation, so 330 00:15:34,760 --> 00:15:38,120 Speaker 4: we'll discuss what assets you have, if you have any 331 00:15:38,280 --> 00:15:42,160 Speaker 4: credit cards after pay, any other liabilities, So we'll kind 332 00:15:42,160 --> 00:15:45,080 Speaker 4: of get a bit more information about exactly what your 333 00:15:45,120 --> 00:15:47,720 Speaker 4: situation looks like, just to make sure that we definitely 334 00:15:47,760 --> 00:15:49,800 Speaker 4: can help you, because if we don't want to book 335 00:15:49,840 --> 00:15:51,960 Speaker 4: you in for an initial meeting, you have that meeting 336 00:15:51,960 --> 00:15:53,480 Speaker 4: and realize that we can't help you. 337 00:15:54,200 --> 00:15:57,320 Speaker 2: Yeah, And I feel like that's important because sometimes people 338 00:15:57,360 --> 00:16:00,000 Speaker 2: think they need an advisor and what they actually need 339 00:16:00,240 --> 00:16:02,280 Speaker 2: is something quite different. And it's nice to be able 340 00:16:02,280 --> 00:16:04,560 Speaker 2: to just say to someone, hey, I know that you 341 00:16:04,600 --> 00:16:06,640 Speaker 2: thought an advisor might be it, and I can totally 342 00:16:06,680 --> 00:16:08,800 Speaker 2: still progress this if this is what you really want, 343 00:16:08,880 --> 00:16:12,479 Speaker 2: but I think you'd be better off seeing expert ABC 344 00:16:12,760 --> 00:16:15,200 Speaker 2: or D. And honestly, that can be quite liberating because 345 00:16:15,200 --> 00:16:16,960 Speaker 2: then the client's like, oh, thank you for the clarity, 346 00:16:17,040 --> 00:16:19,800 Speaker 2: Like I actually had no idea what my next steps were. Yeah. 347 00:16:19,840 --> 00:16:21,960 Speaker 4: So big one that we see is that they maybe 348 00:16:22,040 --> 00:16:24,320 Speaker 4: need an accountant or will go see a mortgage broker, 349 00:16:24,640 --> 00:16:26,240 Speaker 4: and they kind of think that we can help in 350 00:16:26,280 --> 00:16:29,680 Speaker 4: those areas. So yeah, as you said, people really like 351 00:16:29,760 --> 00:16:32,160 Speaker 4: the honesty. They like that we can say, look, we 352 00:16:32,240 --> 00:16:35,040 Speaker 4: definitely can help you, but for why you've reached out, 353 00:16:35,120 --> 00:16:37,640 Speaker 4: maybe you need to go see XYZ instead. 354 00:16:37,800 --> 00:16:39,600 Speaker 2: Yeah, and then once you've sorted that out, you can 355 00:16:39,600 --> 00:16:41,760 Speaker 2: come back if you want financial advice. I'd love to 356 00:16:41,800 --> 00:16:44,240 Speaker 2: talk to you, Like sometimes I used to get the 357 00:16:44,280 --> 00:16:46,920 Speaker 2: same thing when I didn't offer mortgage broking. So I 358 00:16:47,000 --> 00:16:49,440 Speaker 2: now have my own mortgage broking practice, which is fun, 359 00:16:49,800 --> 00:16:51,520 Speaker 2: But when I didn't have it, people be like, yeah, 360 00:16:51,520 --> 00:16:53,120 Speaker 2: I really want to buy my first home, like I've 361 00:16:53,120 --> 00:16:54,760 Speaker 2: got the deposit, I've got this, I've got that, And 362 00:16:54,800 --> 00:16:57,840 Speaker 2: I'd be like, that's fantastic, and I'm so proud of you. 363 00:16:58,280 --> 00:17:00,480 Speaker 2: But I don't want to give you financial advice until 364 00:17:00,480 --> 00:17:01,960 Speaker 2: we know what that looks like, because you've said you're 365 00:17:01,960 --> 00:17:04,320 Speaker 2: locked and loaded on buying that house, and I'm going 366 00:17:04,359 --> 00:17:07,399 Speaker 2: to be more constructive for you once you have that 367 00:17:07,440 --> 00:17:09,239 Speaker 2: asset lined up and we know if you've spent five 368 00:17:09,359 --> 00:17:11,600 Speaker 2: hundred thousand or six hundred thousand dollars, because it's going 369 00:17:11,640 --> 00:17:15,399 Speaker 2: to change your entire financial position, and I would like 370 00:17:15,440 --> 00:17:17,000 Speaker 2: to work it out after and they always like, thank 371 00:17:17,040 --> 00:17:19,480 Speaker 2: you so much for not wasting my time, and you 372 00:17:19,520 --> 00:17:21,879 Speaker 2: don't want to because you end up with a client 373 00:17:21,880 --> 00:17:24,200 Speaker 2: who won't come back or doesn't trust you, and that's 374 00:17:24,240 --> 00:17:25,200 Speaker 2: not what we're looking for. 375 00:17:26,080 --> 00:17:29,920 Speaker 4: Yeah. Absolutely, So we kind of in that initial phone 376 00:17:29,960 --> 00:17:32,520 Speaker 4: call just make sure that we definitely can help, and 377 00:17:32,560 --> 00:17:36,000 Speaker 4: then answer any initial questions that people may have about 378 00:17:36,160 --> 00:17:39,960 Speaker 4: Everest or financial planning in general, because again, some of 379 00:17:40,000 --> 00:17:42,760 Speaker 4: these questions that we've been through are ones that do 380 00:17:42,920 --> 00:17:46,240 Speaker 4: come up quite regularly. And then we kind of briefly 381 00:17:46,280 --> 00:17:48,560 Speaker 4: take you through our process if you did want to 382 00:17:48,600 --> 00:17:51,359 Speaker 4: book in an initial meeting from there, just so that 383 00:17:51,400 --> 00:17:53,840 Speaker 4: you do know what to expect, what to bring to 384 00:17:53,920 --> 00:17:56,960 Speaker 4: meetings and things like that, and then yeah, if you're 385 00:17:57,040 --> 00:17:59,080 Speaker 4: happy with everything, then we'll book you in with it 386 00:17:59,119 --> 00:18:01,040 Speaker 4: for an initial meeting on that call as well. 387 00:18:01,400 --> 00:18:03,320 Speaker 2: So what happens, Like, let's say I get to the 388 00:18:03,400 --> 00:18:05,240 Speaker 2: end and I'm like, yep, days is my girl. I 389 00:18:05,280 --> 00:18:08,080 Speaker 2: want to go and get advice from her. What does 390 00:18:08,119 --> 00:18:09,120 Speaker 2: it look like from there? 391 00:18:09,520 --> 00:18:12,040 Speaker 4: Yeah, so I suppose every financial planning practice is a 392 00:18:12,040 --> 00:18:15,520 Speaker 4: little bit different. So this is just how Everest Wealth works. 393 00:18:15,720 --> 00:18:18,440 Speaker 4: So we'll book you in for an obligation free and 394 00:18:18,640 --> 00:18:22,280 Speaker 4: cost free initial meeting, which is normally about an hour, 395 00:18:22,440 --> 00:18:25,800 Speaker 4: hour and a half of your time. In this meeting, 396 00:18:25,960 --> 00:18:29,120 Speaker 4: we run you through all the areas of financial advice 397 00:18:29,200 --> 00:18:31,800 Speaker 4: where we believe we can help you, take you through 398 00:18:31,840 --> 00:18:34,560 Speaker 4: the steps that we look at when we're analyzing each 399 00:18:34,640 --> 00:18:38,400 Speaker 4: area of advice, take you through our process from there, 400 00:18:38,640 --> 00:18:40,399 Speaker 4: and our fees at the end of that meeting. 401 00:18:40,560 --> 00:18:41,000 Speaker 2: Yeah. 402 00:18:41,040 --> 00:18:44,320 Speaker 4: So at the end of that meeting, you walk out knowing, Okay, 403 00:18:44,600 --> 00:18:47,240 Speaker 4: Daisy can help me with my insurance, she can help 404 00:18:47,240 --> 00:18:49,040 Speaker 4: me with my cash flow, she can help me with 405 00:18:49,119 --> 00:18:51,840 Speaker 4: my investment, and it's going to cost me this much. 406 00:18:52,200 --> 00:18:54,879 Speaker 2: Yeah, because it's different for everybody. I think sometimes people 407 00:18:54,920 --> 00:18:57,240 Speaker 2: ask the question of like what does advice cost, and 408 00:18:57,280 --> 00:18:59,080 Speaker 2: you're like, well, how long's a piece of string? Like 409 00:18:59,160 --> 00:19:01,440 Speaker 2: it can be really simple, it could be more complex, 410 00:19:01,520 --> 00:19:03,920 Speaker 2: like I don't know what your situation is. I want 411 00:19:03,920 --> 00:19:06,199 Speaker 2: to flip back for a hot second, though, because you 412 00:19:06,280 --> 00:19:09,479 Speaker 2: said yours is obligation free, which is really nice, Like 413 00:19:09,520 --> 00:19:13,600 Speaker 2: it's a free conversation because obviously you've got an expectation 414 00:19:13,680 --> 00:19:15,480 Speaker 2: that the client's probably going to be pretty happy at 415 00:19:15,480 --> 00:19:17,879 Speaker 2: that point because you've already done an initial meeting, but 416 00:19:18,040 --> 00:19:20,200 Speaker 2: I want to address it here because some people would 417 00:19:20,200 --> 00:19:22,760 Speaker 2: have inquired with just another financial advisor, which is fine 418 00:19:22,800 --> 00:19:24,000 Speaker 2: because at the end of the day, I think we 419 00:19:24,080 --> 00:19:26,400 Speaker 2: all believe in this industry. I actually don't care who 420 00:19:26,440 --> 00:19:29,160 Speaker 2: you go to, like as long as you're getting advice 421 00:19:29,200 --> 00:19:32,080 Speaker 2: and setting yourself up for financial success, like that's what 422 00:19:32,119 --> 00:19:34,960 Speaker 2: we want, Like I just want people to be financially free. 423 00:19:35,359 --> 00:19:38,200 Speaker 2: But some people might find that that session is actually 424 00:19:38,240 --> 00:19:41,440 Speaker 2: a paid session, So yours is free. But Daisy, why 425 00:19:41,480 --> 00:19:43,919 Speaker 2: are some people charge and some people don't? And is 426 00:19:43,920 --> 00:19:44,640 Speaker 2: that a scam? 427 00:19:44,760 --> 00:19:47,240 Speaker 4: I definitely wouldn't say it's a scam. I mean, it 428 00:19:47,440 --> 00:19:49,680 Speaker 4: still is time out about a day that we need 429 00:19:49,720 --> 00:19:52,320 Speaker 4: to sit down and explain to you. So obviously, yeah, 430 00:19:52,320 --> 00:19:55,520 Speaker 4: we're a business. We do somewhat need to make money, 431 00:19:55,560 --> 00:19:59,880 Speaker 4: but the reason that we provide are free of cost 432 00:20:00,119 --> 00:20:04,359 Speaker 4: obligation frame meeting is really around educating you. As you said, 433 00:20:04,880 --> 00:20:06,240 Speaker 4: at the end of the day, we would love for 434 00:20:06,280 --> 00:20:08,639 Speaker 4: you to be a client of ours, but we just 435 00:20:08,720 --> 00:20:12,240 Speaker 4: want younger people to be seeking advice. So a lot 436 00:20:12,280 --> 00:20:14,760 Speaker 4: of that session is a very big education session and 437 00:20:14,880 --> 00:20:18,600 Speaker 4: really opens up people's eyes to wow. Okay, there's so 438 00:20:18,640 --> 00:20:20,720 Speaker 4: many areas where I do need a little bit of 439 00:20:20,760 --> 00:20:24,640 Speaker 4: help and okay, Everest can do this for me as well. 440 00:20:24,760 --> 00:20:27,919 Speaker 4: So yeah, although it's cost free, majority of the clients 441 00:20:27,960 --> 00:20:30,359 Speaker 4: once they have that meeting, do you go ahead as well? 442 00:20:30,560 --> 00:20:32,680 Speaker 2: Yeah, I wanted to touch on that because I've seen 443 00:20:32,720 --> 00:20:34,880 Speaker 2: that question come up a few times in our Facebook 444 00:20:34,880 --> 00:20:36,760 Speaker 2: group actually of people being like is that a scam 445 00:20:36,800 --> 00:20:39,880 Speaker 2: because like some people charge, some people don't, and being 446 00:20:39,880 --> 00:20:42,159 Speaker 2: really transparent. It can also be really dependent on the 447 00:20:42,200 --> 00:20:44,560 Speaker 2: size of the business, like some businesses just don't have 448 00:20:44,600 --> 00:20:47,680 Speaker 2: the capacity to do a whole heap of initial meetings 449 00:20:47,720 --> 00:20:51,040 Speaker 2: if they're not going to convert, because with small businesses, right, 450 00:20:51,119 --> 00:20:53,639 Speaker 2: and Daisy, your team is a lot bigger than what 451 00:20:53,720 --> 00:20:56,640 Speaker 2: my Zella team ever was, so you have the ability. 452 00:20:56,840 --> 00:20:59,439 Speaker 2: But I actually, towards the end of my career as 453 00:20:59,480 --> 00:21:03,160 Speaker 2: a financial advisor, was charging for meetings and I had 454 00:21:03,200 --> 00:21:05,960 Speaker 2: to for a couple of reasons, but the main reason 455 00:21:06,080 --> 00:21:08,720 Speaker 2: was because I only had a handful of advisers, but 456 00:21:08,760 --> 00:21:10,639 Speaker 2: we had a lot of demand. And this is not 457 00:21:10,680 --> 00:21:13,439 Speaker 2: me gloating by any stretch of the imagination, but I 458 00:21:13,480 --> 00:21:15,720 Speaker 2: really wanted to make sure that those people coming for 459 00:21:15,760 --> 00:21:17,840 Speaker 2: initial meetings were there for the right reasons, not just 460 00:21:17,880 --> 00:21:20,040 Speaker 2: because they'd seen it on the podcast or not just 461 00:21:20,080 --> 00:21:21,960 Speaker 2: because they wanted to have a good chat and kind 462 00:21:22,000 --> 00:21:24,200 Speaker 2: of like get a whole heap of information and then 463 00:21:24,240 --> 00:21:27,720 Speaker 2: not work with us. So implementing that paid session, and 464 00:21:27,720 --> 00:21:29,720 Speaker 2: I think our sessions were only like three hundred dollars 465 00:21:29,840 --> 00:21:32,520 Speaker 2: or something, and it was claimable back on your initial advice. 466 00:21:32,600 --> 00:21:35,360 Speaker 2: So ultimately, if you became a client, didn't cost you anything. 467 00:21:35,840 --> 00:21:38,359 Speaker 2: But it was for me about making sure that the 468 00:21:38,359 --> 00:21:41,280 Speaker 2: clients were really serious, because I was really serious as 469 00:21:41,320 --> 00:21:43,720 Speaker 2: an advisor about the demographic that I wanted to work 470 00:21:43,760 --> 00:21:46,399 Speaker 2: with and how that worked. So is it a scam. 471 00:21:46,640 --> 00:21:49,760 Speaker 2: Absolutely not. Some people charge, some people don't. It doesn't 472 00:21:49,800 --> 00:21:53,119 Speaker 2: make the advice better or worse. It's just important to, 473 00:21:53,400 --> 00:21:56,640 Speaker 2: I guess, set the expectation that you know what you're 474 00:21:56,680 --> 00:22:00,359 Speaker 2: in for. So for me, it's just set up that 475 00:22:00,480 --> 00:22:03,960 Speaker 2: clear guidance of going yep, so it'll be free with Daisy. 476 00:22:04,000 --> 00:22:05,760 Speaker 2: But you know, if you'd come to Victoria that might 477 00:22:05,800 --> 00:22:07,879 Speaker 2: have been paid. But like it all comes out in 478 00:22:07,880 --> 00:22:10,320 Speaker 2: the wash if you are actually getting advice. And I 479 00:22:10,359 --> 00:22:14,040 Speaker 2: feel honestly a little bit triggered about this conversation be like, oh, yeah, 480 00:22:14,040 --> 00:22:16,680 Speaker 2: that's what it was like far out, Like I feel 481 00:22:16,680 --> 00:22:20,520 Speaker 2: like so many times I had people, you know, complaining 482 00:22:20,560 --> 00:22:22,400 Speaker 2: about the price. And yes, at the end of the day, 483 00:22:22,440 --> 00:22:26,400 Speaker 2: I truly believe financial education should be more accessible. Hence 484 00:22:26,440 --> 00:22:28,720 Speaker 2: me giving you guys an entire free podcast and six 485 00:22:28,760 --> 00:22:31,919 Speaker 2: billion online free resources to download and all of the 486 00:22:32,000 --> 00:22:34,280 Speaker 2: other work that we do. But at the end of 487 00:22:34,320 --> 00:22:37,280 Speaker 2: the day, Daisy, you know better than anyone right now 488 00:22:37,320 --> 00:22:39,359 Speaker 2: that there is a lot of time and energy and 489 00:22:39,560 --> 00:22:43,320 Speaker 2: effort that goes into creating financial advice. Can you tell 490 00:22:43,320 --> 00:22:45,520 Speaker 2: me a bit about the back end. I feel like 491 00:22:45,600 --> 00:22:47,800 Speaker 2: sometimes it's really shining because you just see the client 492 00:22:47,920 --> 00:22:49,720 Speaker 2: side and they're like, oh, I had this initial meeting 493 00:22:49,760 --> 00:22:52,159 Speaker 2: and then I had you know, this other deep meeting, 494 00:22:52,200 --> 00:22:54,480 Speaker 2: and then you know, a few chats along the way, 495 00:22:54,480 --> 00:22:56,679 Speaker 2: and then I got presented this like ninety page statement 496 00:22:56,720 --> 00:22:59,840 Speaker 2: of advice. Wow, tell me about the back end. 497 00:23:00,600 --> 00:23:03,680 Speaker 4: Yeah. I mean there's a lot of compliance in our industry, 498 00:23:03,800 --> 00:23:06,919 Speaker 4: which is good and bad. So yeah, people kind of 499 00:23:07,160 --> 00:23:09,800 Speaker 4: see how much financial advice costs and they don't really 500 00:23:09,920 --> 00:23:12,920 Speaker 4: understand what they're getting for that. So that's what we 501 00:23:13,160 --> 00:23:16,200 Speaker 4: try to present to clients. So the amount of work 502 00:23:16,200 --> 00:23:18,959 Speaker 4: that grows in. I mean even little things like calling 503 00:23:19,000 --> 00:23:21,760 Speaker 4: your super fund on your behalf just to gather exactly 504 00:23:22,200 --> 00:23:25,160 Speaker 4: how much you're paying in fees that all takes time. 505 00:23:25,280 --> 00:23:27,439 Speaker 4: Super funds can be difficult to deal with. 506 00:23:27,640 --> 00:23:28,879 Speaker 2: I don't know if I want to talk about this 507 00:23:28,920 --> 00:23:31,480 Speaker 2: on the podcast Daisy, because like I'm triggered for a 508 00:23:31,520 --> 00:23:34,720 Speaker 2: financial advisor to talk to a super fund on your behalf, 509 00:23:34,760 --> 00:23:37,920 Speaker 2: we have to have a signed document that we then 510 00:23:38,000 --> 00:23:40,600 Speaker 2: submit to the super fund a minimum of like twenty 511 00:23:40,640 --> 00:23:42,480 Speaker 2: four hours before we call them so that it can 512 00:23:42,480 --> 00:23:44,879 Speaker 2: go through compliance and whatnot. Well that's what it was 513 00:23:44,920 --> 00:23:45,840 Speaker 2: when I was there. 514 00:23:46,000 --> 00:23:48,960 Speaker 4: And it also has to be wet signed, so they're 515 00:23:48,960 --> 00:23:52,520 Speaker 4: still living the dark ages where nothing can be electronically signed. 516 00:23:52,720 --> 00:23:54,600 Speaker 4: So that's always fun as well. 517 00:23:54,760 --> 00:23:57,000 Speaker 2: Isn't that wild? Like you would think in twenty twenty 518 00:23:57,000 --> 00:24:01,000 Speaker 2: four that this process is different. But this is why 519 00:24:01,040 --> 00:24:02,680 Speaker 2: I was like, let's get Daisy on the show, because 520 00:24:02,760 --> 00:24:05,480 Speaker 2: like sometimes you just go, well, wouldn't you just like 521 00:24:05,560 --> 00:24:07,000 Speaker 2: docu sign it to me? And I'd be like, yeah, 522 00:24:07,000 --> 00:24:09,200 Speaker 2: well to me, that makes more sense, but I actually 523 00:24:09,280 --> 00:24:11,040 Speaker 2: need you to put pen on paper here and then 524 00:24:11,080 --> 00:24:12,880 Speaker 2: we have to send it to them, and like it's 525 00:24:12,960 --> 00:24:17,200 Speaker 2: actually a complete circus sometimes, and I know they're doing 526 00:24:17,280 --> 00:24:19,680 Speaker 2: it on purpose to make it as hard as possible 527 00:24:19,720 --> 00:24:23,480 Speaker 2: for financial advisors, Like there's literally no reason why they 528 00:24:23,520 --> 00:24:25,960 Speaker 2: wouldn't implement DOCU sign like, let's be honest, to make 529 00:24:26,000 --> 00:24:29,680 Speaker 2: their internal processes so much cleaner and easier. But they're 530 00:24:29,680 --> 00:24:32,640 Speaker 2: out here living in the dark ages, aren't they Absolutely? 531 00:24:32,840 --> 00:24:35,320 Speaker 4: And I mean, like a big part of what we 532 00:24:35,359 --> 00:24:37,920 Speaker 4: do is cash flow for clients, and that does take 533 00:24:37,920 --> 00:24:40,720 Speaker 4: a lot of time. So for all of our clients, 534 00:24:40,920 --> 00:24:44,239 Speaker 4: we will gather your last twelve months of transactions and 535 00:24:44,480 --> 00:24:48,680 Speaker 4: categorize them for you. So that is a really big process. 536 00:24:48,880 --> 00:24:51,640 Speaker 4: Sounds like a very daunting process for majority of our clients, 537 00:24:51,720 --> 00:24:54,480 Speaker 4: but it's really valuable at the end of the day, 538 00:24:54,720 --> 00:24:57,680 Speaker 4: and people are not really going to do that themselves 539 00:24:57,800 --> 00:25:00,480 Speaker 4: on their weekends go through page by page their bank 540 00:25:00,520 --> 00:25:03,560 Speaker 4: statement as such. So the energy and time that goes 541 00:25:03,600 --> 00:25:06,720 Speaker 4: into doing that to give you a nice concise cash 542 00:25:06,720 --> 00:25:08,960 Speaker 4: flow plane at the end of the day, that's kind 543 00:25:09,000 --> 00:25:11,440 Speaker 4: of where a lot of our time does go into, 544 00:25:11,720 --> 00:25:15,600 Speaker 4: as well as producing a large statement of advice financial 545 00:25:15,600 --> 00:25:17,760 Speaker 4: planning document that we do need to present to you 546 00:25:17,800 --> 00:25:19,240 Speaker 4: at the end of the process as well. 547 00:25:19,440 --> 00:25:21,960 Speaker 2: What you've forgotten is the thing I hated the most. 548 00:25:22,160 --> 00:25:24,760 Speaker 2: And now this maybe is just me bitching about the industry. 549 00:25:24,840 --> 00:25:27,560 Speaker 2: So I do apologize that My friend is file notes, 550 00:25:28,160 --> 00:25:31,520 Speaker 2: So every single time you talk to a client, you 551 00:25:31,600 --> 00:25:34,960 Speaker 2: have to write a physical file note and put it 552 00:25:35,000 --> 00:25:37,960 Speaker 2: on file against the client, even if it was like 553 00:25:38,040 --> 00:25:40,119 Speaker 2: a quick phone call of meeting, Like, hey, Daisy, I 554 00:25:40,119 --> 00:25:43,159 Speaker 2: completely forgot what did you say about XYZ? Like I 555 00:25:43,200 --> 00:25:44,720 Speaker 2: was just talking to my husband and I was just 556 00:25:45,200 --> 00:25:48,639 Speaker 2: going to check file note. Like it's actually insane how 557 00:25:48,720 --> 00:25:51,679 Speaker 2: much compliance goes into the back end, and I'm not 558 00:25:51,840 --> 00:25:53,720 Speaker 2: grumpy about it. I wouldn't want that to go away 559 00:25:53,760 --> 00:25:56,320 Speaker 2: because I think that that's what's keeping the industry like 560 00:25:56,400 --> 00:25:58,439 Speaker 2: straight and arrow, and you know that you're getting the 561 00:25:58,440 --> 00:26:01,119 Speaker 2: best outcome when you do see in it. But I 562 00:26:01,240 --> 00:26:04,320 Speaker 2: also want to highlight how much work goes into financial 563 00:26:04,359 --> 00:26:07,040 Speaker 2: advice because a lot of people will flippanently be like, oh, 564 00:26:07,080 --> 00:26:08,919 Speaker 2: it's not worth it, it's not this, it's not that, and 565 00:26:08,960 --> 00:26:12,440 Speaker 2: you just go there's so much power in financial advice 566 00:26:12,440 --> 00:26:14,920 Speaker 2: and putting you first, and like Daisy would not sit 567 00:26:14,960 --> 00:26:17,000 Speaker 2: down and do twelve months worth of cash flow and 568 00:26:17,040 --> 00:26:19,119 Speaker 2: going through your bank statements if it wasn't worth it, 569 00:26:19,160 --> 00:26:22,480 Speaker 2: I promise you. But Daisy, amongst the hard work and 570 00:26:22,520 --> 00:26:25,840 Speaker 2: how crazy and intense it can be, why do you 571 00:26:25,880 --> 00:26:28,240 Speaker 2: do it? Like, let's get a little bit personal. Why 572 00:26:28,280 --> 00:26:29,640 Speaker 2: do you do it? Why do you love advice? 573 00:26:29,800 --> 00:26:29,879 Speaker 1: Like? 574 00:26:29,960 --> 00:26:30,840 Speaker 2: And why are you still here? 575 00:26:31,760 --> 00:26:34,720 Speaker 4: Yeah? Very good question. I love it. So a bit 576 00:26:34,760 --> 00:26:37,119 Speaker 4: of a backstory. I left school not really knowing what 577 00:26:37,200 --> 00:26:40,159 Speaker 4: I wanted to do. I really wanted to help people. 578 00:26:40,280 --> 00:26:42,760 Speaker 4: I really wanted to work in that caring space where 579 00:26:43,080 --> 00:26:45,640 Speaker 4: I can make people's lives better, but I didn't want 580 00:26:45,640 --> 00:26:48,159 Speaker 4: to go down any of the medical occupations. So a 581 00:26:48,200 --> 00:26:51,360 Speaker 4: big part of me thought that helping people with their 582 00:26:51,400 --> 00:26:53,399 Speaker 4: finances will make their lives better. 583 00:26:53,520 --> 00:26:54,119 Speaker 2: And it does. 584 00:26:54,359 --> 00:26:57,600 Speaker 4: You're not wrong, as you said earlier. People come back 585 00:26:57,640 --> 00:26:59,639 Speaker 4: to you and they say, oh, you just got engaged. 586 00:26:59,680 --> 00:27:02,439 Speaker 4: And knowing that that was coming, and the excitement for 587 00:27:02,520 --> 00:27:06,240 Speaker 4: people and knowing that they are reaching their milestones, it's 588 00:27:06,320 --> 00:27:08,200 Speaker 4: just awesome. Like it brings me a lot of joy 589 00:27:08,200 --> 00:27:10,720 Speaker 4: in my job each day to see people reaching those 590 00:27:10,720 --> 00:27:13,119 Speaker 4: goals in their life. So it is great. It is 591 00:27:13,160 --> 00:27:15,560 Speaker 4: hard work. There are a lot of hoops that you 592 00:27:15,640 --> 00:27:18,760 Speaker 4: have to jump through to be a financial advisor and 593 00:27:19,000 --> 00:27:21,280 Speaker 4: to present financial advice to people. But at the end 594 00:27:21,320 --> 00:27:23,920 Speaker 4: of the day, it is a super rewarding career as well. 595 00:27:24,119 --> 00:27:26,280 Speaker 2: I couldn't agree more and I would still be if 596 00:27:26,280 --> 00:27:28,359 Speaker 2: I didn't have She's on the Money and had to 597 00:27:28,400 --> 00:27:31,080 Speaker 2: make a decision. I don't miss the file notes if 598 00:27:31,080 --> 00:27:33,439 Speaker 2: we're being brutally honest, but I miss my clients. I 599 00:27:33,520 --> 00:27:36,120 Speaker 2: miss that one on one connection that you get with 600 00:27:36,200 --> 00:27:39,359 Speaker 2: people to be on their journey. And I remember when 601 00:27:39,400 --> 00:27:42,240 Speaker 2: I was making the decision to leave, I knew that 602 00:27:42,320 --> 00:27:44,040 Speaker 2: I had so many plates in the air, like I 603 00:27:44,040 --> 00:27:46,320 Speaker 2: had Sheese on the money. I was starting this mortgage 604 00:27:46,320 --> 00:27:49,919 Speaker 2: broking business on the side of Zella I've got, you know, 605 00:27:50,119 --> 00:27:52,399 Speaker 2: Zella Wealth, and I was just like, for She's on 606 00:27:52,440 --> 00:27:54,480 Speaker 2: the money to go to the next level and really 607 00:27:54,520 --> 00:27:56,920 Speaker 2: give our community what they deserve, Like something has got 608 00:27:56,960 --> 00:27:59,919 Speaker 2: to give, Like I can either keep going on with 609 00:28:00,119 --> 00:28:02,720 Speaker 2: Zella Wealth, but I didn't have the capacity to take 610 00:28:02,760 --> 00:28:05,400 Speaker 2: on new clients. And that's where I would always be like, oh, 611 00:28:05,600 --> 00:28:07,399 Speaker 2: talk to Daisy, you know, and the team it ever 612 00:28:07,440 --> 00:28:09,520 Speaker 2: as well, because I'm not taking on clients at the moment, 613 00:28:09,520 --> 00:28:12,800 Speaker 2: And that's really where our relationship started. And I remember 614 00:28:13,200 --> 00:28:14,960 Speaker 2: making the decision to be like gin know what I 615 00:28:14,960 --> 00:28:17,320 Speaker 2: think for the greater good, not being a financial advisor 616 00:28:17,440 --> 00:28:21,560 Speaker 2: is actually what works for me, and I miss it 617 00:28:21,680 --> 00:28:24,560 Speaker 2: like I loved it. I adored advice, and I always 618 00:28:24,560 --> 00:28:26,680 Speaker 2: say you've probably heard me talk on the podcast about 619 00:28:26,720 --> 00:28:29,879 Speaker 2: being an advisor. I genuinely see it as one of 620 00:28:29,920 --> 00:28:33,360 Speaker 2: the most intimate relationships you can have with somebody, because 621 00:28:33,720 --> 00:28:35,119 Speaker 2: you know, you go to the doctor, they might know 622 00:28:35,160 --> 00:28:37,280 Speaker 2: all of your health issues. You go to you know, 623 00:28:37,359 --> 00:28:39,480 Speaker 2: your accountant, and they just look at your bank. But 624 00:28:39,760 --> 00:28:43,000 Speaker 2: being a financial advisor, you get all of that, Like 625 00:28:43,120 --> 00:28:46,440 Speaker 2: you have to have a completely holistic picture of your 626 00:28:46,440 --> 00:28:49,040 Speaker 2: client if you're a holistic advisor, And so it does 627 00:28:49,120 --> 00:28:51,480 Speaker 2: mean asking hard questions. It does mean going through your 628 00:28:51,600 --> 00:28:53,920 Speaker 2: entire medical history so I can make sure your insurances 629 00:28:53,920 --> 00:28:56,080 Speaker 2: are perfect. It does mean going through your bank statements 630 00:28:56,120 --> 00:28:58,720 Speaker 2: and being like, ah, I see you really like ubrits, 631 00:28:59,280 --> 00:29:03,120 Speaker 2: I can see literally everything. So it's this very trusted 632 00:29:03,320 --> 00:29:06,560 Speaker 2: role and I loved being that person for people where 633 00:29:06,600 --> 00:29:09,360 Speaker 2: they did trust me. And that's why I think picking 634 00:29:09,360 --> 00:29:11,480 Speaker 2: a financial advisor is such a hard thing to do 635 00:29:12,080 --> 00:29:14,880 Speaker 2: because it is a big decision and you do want 636 00:29:14,920 --> 00:29:17,000 Speaker 2: somebody where you know you can pick up the phone 637 00:29:17,080 --> 00:29:19,640 Speaker 2: as a client and feel like, well, Daisy does care 638 00:29:19,680 --> 00:29:22,680 Speaker 2: about my personal situation, Like if something bad's going on, 639 00:29:22,720 --> 00:29:24,400 Speaker 2: I can ask her about it because she'll have the 640 00:29:24,480 --> 00:29:27,600 Speaker 2: right advice. And so to me, I really miss that, 641 00:29:27,960 --> 00:29:30,760 Speaker 2: Like I wouldn't be surprised if one day podcasting's not 642 00:29:30,800 --> 00:29:32,880 Speaker 2: a thing and then you see Victoria back being an 643 00:29:32,920 --> 00:29:36,160 Speaker 2: advisor because I adored it. But I think that's probably 644 00:29:36,200 --> 00:29:38,600 Speaker 2: a really great place to leave at. Daisy, thank you 645 00:29:38,720 --> 00:29:41,240 Speaker 2: so much for joining me. It's obviously been a lot 646 00:29:41,240 --> 00:29:42,880 Speaker 2: of fun. We'll probably get you back on the show 647 00:29:43,000 --> 00:29:46,000 Speaker 2: very soon because I've got lots more questions about like 648 00:29:46,080 --> 00:29:48,280 Speaker 2: what does a statement of advice actually look like? What 649 00:29:48,320 --> 00:29:51,280 Speaker 2: should we be reading through? How does that work? But 650 00:29:52,160 --> 00:29:54,440 Speaker 2: how do we find you? How do I keep in touch? 651 00:29:54,560 --> 00:29:57,040 Speaker 2: Like if I want to go and talk to every's wealth, 652 00:29:57,080 --> 00:29:59,080 Speaker 2: like this is the bit where I give you a 653 00:29:59,120 --> 00:30:01,640 Speaker 2: shout out even though you haven't asked for it. How 654 00:30:01,680 --> 00:30:02,640 Speaker 2: do I get in contact? 655 00:30:02,880 --> 00:30:05,800 Speaker 4: If you just jump on our everest towealthgroup dot com 656 00:30:05,800 --> 00:30:08,760 Speaker 4: dot a you can book in that initial call with 657 00:30:08,880 --> 00:30:11,280 Speaker 4: us and then yeah, one of the team will kind 658 00:30:11,280 --> 00:30:13,680 Speaker 4: of touch base for that call and then we can 659 00:30:13,840 --> 00:30:16,400 Speaker 4: get the ball rolling, and yeah, we love dealing with 660 00:30:16,400 --> 00:30:18,960 Speaker 4: the Shoes on the Money community. All of our clients 661 00:30:18,960 --> 00:30:21,400 Speaker 4: from Shoes on the Money have been so great, and 662 00:30:21,640 --> 00:30:24,200 Speaker 4: we hope that, yeah, we can keep kind of servicing 663 00:30:24,240 --> 00:30:26,800 Speaker 4: the community and making sure that they are seeking advice 664 00:30:26,880 --> 00:30:30,400 Speaker 4: and do benefit from the education that we hopefully provide. 665 00:30:30,520 --> 00:30:34,040 Speaker 2: Actually on that to be fully transparent as well. You 666 00:30:34,040 --> 00:30:35,680 Speaker 2: know how I said earlier, I was like, you know, 667 00:30:35,760 --> 00:30:37,520 Speaker 2: if I couldn't take on a client and send them 668 00:30:37,520 --> 00:30:40,720 Speaker 2: to Everest Wealth when I stepped out of financial advice, 669 00:30:40,840 --> 00:30:44,760 Speaker 2: you guys got most of my clients. So I was like, oh, actually, 670 00:30:44,760 --> 00:30:46,640 Speaker 2: so if I leave, can I hand these guys over 671 00:30:46,680 --> 00:30:48,320 Speaker 2: to you, because I know they'll be in safe hands. 672 00:30:48,440 --> 00:30:50,480 Speaker 2: I'm not saying that as a sales pitch. I'm saying 673 00:30:50,560 --> 00:30:52,880 Speaker 2: that because I think people genuinely deserve to know that. 674 00:30:53,200 --> 00:30:54,880 Speaker 2: I'm not going to name names. We're not going to 675 00:30:54,880 --> 00:30:57,640 Speaker 2: go through my client list. That's how much I like Daisy. 676 00:30:57,920 --> 00:31:00,600 Speaker 2: So there you go. Anyway, days, it has been a 677 00:31:00,600 --> 00:31:03,120 Speaker 2: privilege having a chat with you. I really really appreciate it, 678 00:31:03,120 --> 00:31:05,120 Speaker 2: and I know the community is going to be like, oh, 679 00:31:05,200 --> 00:31:07,760 Speaker 2: that's how it goes, and that's exactly what we wanted 680 00:31:07,800 --> 00:31:08,800 Speaker 2: them to get out of today. 681 00:31:09,040 --> 00:31:10,320 Speaker 4: Thank you so much for having me on. 682 00:31:10,520 --> 00:31:19,920 Speaker 5: Of course, the advice shared on She's on the Money 683 00:31:20,000 --> 00:31:23,760 Speaker 5: is general in nature and does not consider your individual circumstances. 684 00:31:24,120 --> 00:31:27,520 Speaker 5: She's on the Money exists purely for educational purposes and 685 00:31:27,560 --> 00:31:30,000 Speaker 5: should not be relied upon to make an investment or 686 00:31:30,080 --> 00:31:31,080 Speaker 5: financial decision. 687 00:31:31,480 --> 00:31:33,640 Speaker 2: If you do choose to buy a financial. 688 00:31:33,280 --> 00:31:37,280 Speaker 5: Product, read the PDS TMD and obtain appropriate financial. 689 00:31:36,880 --> 00:31:38,640 Speaker 2: Advice tailored towards your needs. 690 00:31:39,000 --> 00:31:42,960 Speaker 5: Victoria Divine and She's on the Money are authorized representatives 691 00:31:43,000 --> 00:31:46,880 Speaker 5: of money. Sheirper Pty Ltd ABN three two one is 692 00:31:46,920 --> 00:31:50,800 Speaker 5: six four nine two seven seven zero eight AFSL four 693 00:31:50,880 --> 00:32:02,040 Speaker 5: five one two eight nine. You will be there