Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
Speaker 1: the storytelling of you to make a difference for today
Speaker 1: and lasting impact for tomorrow.
Speaker 2: Let's get into it.
Speaker 3: She's on the Money, She's on the Money.
Speaker 2: Hello, and welcome to She's on the Money, the podcast
Speaker 2: for millennials who want financial freedom. This week, I have
Speaker 2: a very special guest. She's not only a friend of mine,
Speaker 2: but she is one of the financial advisors at Everest Wealth.
Speaker 2: Daisy Major, Welcome to the show.
Speaker 4: Thanks so much for having me. I'm very excited.
Speaker 2: I am so excited about this. Obviously, as an ex
Speaker 2: financial advisor and you're a financial advisor. I think we
Speaker 2: could talk all day, and we often honestly do. For
Speaker 2: those of you playing along at home who might not
Speaker 2: have heard of everest Wealth. They are one of my
Speaker 2: like she's on the money Partners, Like our community go
Speaker 2: to you guys all the time. They rave about you
Speaker 2: and see. When I was thinking, oh, what would be
Speaker 2: a cool episode, I was like, actually, I want to
Speaker 2: talk about what to expect when talking to a financial advisor,
Speaker 2: but like, let's drag a current financial advisor on the show.
Speaker 2: And you obviously were the first person I thought of. So, Daisy,
Speaker 2: we've been getting heaps of questions recently from the community.
Speaker 2: Everyone's kind of like getting their financial life together, going
Speaker 2: should I see an advisor? Shouldn't I see an advisor?
Speaker 2: And I thought it would be a really cool episode
Speaker 2: to go, all right, well, this is what you can
Speaker 2: actually expect when you book in with a financial advisor,
Speaker 2: or even just having a chat about what it's like
Speaker 2: to talk to an advisor. And so I think it's
Speaker 2: one of those things that can be really daunting, but
Speaker 2: advisors are people like you and I, Daisy, and we're
Speaker 2: not that scary. So can you tell me a little
Speaker 2: bit about yourself first before we dive into this not
Speaker 2: so overwhelming conversation about what it's like to talk to
Speaker 2: a financial advisor?
Speaker 4: Yeah. Absolutely. So, I'm Daisy. I'm the operating officer here
Speaker 4: at Everestwelth, but I'm also one of the financial advisors here.
Speaker 2: You big dog. Yeah okay, yes, well you.
Speaker 4: Could say that.
Speaker 1: Yeah.
Speaker 4: So I've been with Everestwelth for three years now, but
Speaker 4: I've been in the financial planning industry for most a
Speaker 4: decade now, So yeah, I just love dealing with people
Speaker 4: that are reaching out for advice for the first time
Speaker 4: and trying to make the conversations a lot less daunting
Speaker 4: because there is that stigma around that. Yeah, financial advice
Speaker 4: is really daunting, especially when you're looking at it for
Speaker 4: the first time.
Speaker 2: It can be really overwhelming. So let's just dive straight
Speaker 2: into it. Daisy, when do you think people should actually
Speaker 2: chat to a financial advisor.
Speaker 4: I think there's a really big misconception that people need
Speaker 4: to wait until they're older or they have a large
Speaker 4: amount of assets behind them when they go to see
Speaker 4: a financial advisor for the first time, Whereas I don't
Speaker 4: really believe in that. I believe that kind of setting
Speaker 4: yourself up younger, going to see a financial advisor before
Speaker 4: you make any big life decisions like buying a property,
Speaker 4: upgrading your property, planning to start a family where you
Speaker 4: might be going down to kind of one income for
Speaker 4: a period of time, or we see a big amount
Speaker 4: of people that wanting to make us switch in their
Speaker 4: career and just wanting to make sure that they're setting
Speaker 4: themselves up for the first time. So yeah, there's a
Speaker 4: big misconception about when you should see a financial advisor,
Speaker 4: but I believe kind of the younger the better.
Speaker 2: I agree. It's actually why I started Cheese on the
Speaker 2: Money because all of my clients were much older, and
Speaker 2: I just to remember thinking like this information is so
Speaker 2: much more powerful for younger people because obviously confound interest
Speaker 2: comes into the equation, and the more time you have
Speaker 2: on your side, the better. And then on top of
Speaker 2: that you're talking about big life events. I think even
Speaker 2: just getting a job for the first time is a
Speaker 2: really good trigger point to actually set your insurances up
Speaker 2: and you know, start talking about a budget and cash
Speaker 2: flow plan, because this isn't stuff that we automatically learned
Speaker 2: at school to put ourselves in the best possible position.
Speaker 2: And I think it's one of the I guess first
Speaker 2: problems in our community, even just Australia, that people assume
Speaker 2: you need to be like a multi millionaire to talk
Speaker 2: to a financial advisor. And let's be blunt here too.
Speaker 2: We're not trying to say, oh, it's super cheap, just
Speaker 2: go when you get your first job, Like it can
Speaker 2: be pricey, but it's an investment and you don't need
Speaker 2: to be a millionaire to seek advice. Daisy, what is
Speaker 2: the demographic of clients that you see coming through Everest Wealth?
Speaker 2: And I guess what do you see as their main needs?
Speaker 2: Like what are they asking you?
Speaker 4: Yeah, so we're probably different to what I would say
Speaker 4: is just stereotypical financial advice for herm in Australia.
Speaker 2: That's why we work together, Daisy.
Speaker 4: Yeah, we deal with mainly kind of gen z gen
Speaker 4: y millennial clients. Probably about three quarters of our clients
Speaker 4: are actual single females because they seem to kind of
Speaker 4: be more in touch with their finances. Say, I'm making
Speaker 4: a bit of a.
Speaker 2: Sweeping statement, but it's true, and I mean, like, let's
Speaker 2: be honest. I talk about you guys all the time.
Speaker 2: Anytime anyone dms me and says, hey do you know
Speaker 2: a financial advisor, I'm like, so have you met Daisy?
Speaker 2: Have you spoken to Everest Wealth? Like their team are
Speaker 2: really good, so I'm not surprised to hear that.
Speaker 4: Yeah, a lot of them are young professional females as
Speaker 4: you said, like kind of either left study or in
Speaker 4: their first full time job and it just really wanting
Speaker 4: to set themselves up. So majority of the advice we
Speaker 4: provide is what we call full holistic advice. So people
Speaker 4: come to us and they don't just really want to
Speaker 4: help in one area. They kind of want help and
Speaker 4: a health check over their whole financial situation. There may
Speaker 4: needs and normally what to do with their money, whether
Speaker 4: it's starting a small investment. A lot of people want
Speaker 4: to know whether they should put more money into super
Speaker 4: how much they're going to need for a house deposit,
Speaker 4: things like that. So they probably fall into kind of
Speaker 4: three categories when they come to see us, and it's
Speaker 4: either they have no idea where to start and it's
Speaker 4: just super overwhelming, or they've started and they know that
Speaker 4: they just need some improvements with a few things. Or
Speaker 4: we have a few clients that come to us and
Speaker 4: they've kind of set themselves up really well and they
Speaker 4: just want someone to double check what they've done. So, yeah,
Speaker 4: there's kind of three key clients that we normally see.
Speaker 2: I'm glad that you pointed out that you're holistic and
Speaker 2: not to talk about another brand. This isn't like a
Speaker 2: sponsored podcast. Just if anyone's wondering, this is literally me
Speaker 2: being like, I love Daisy, she should come on my show.
Speaker 2: We recently had Phil Thompson on the show, who is
Speaker 2: the director and CEO of Sky Wealth, and Idore feel
Speaker 2: I know you guys know phel because like, at the
Speaker 2: end of the day, the financial advice industry with our
Speaker 2: demographic is very niche I feel like I know every
Speaker 2: advisor my age. You would too, and it kind of
Speaker 2: becomes not competition because I think a lot of us
Speaker 2: look at it and go wow, like eighty percent of
Speaker 2: Australians do not get advice, you know. And this is
Speaker 2: just me speaking completely like roguely. I suppose a lot
Speaker 2: of the time when I used to get new clients,
Speaker 2: and I'm assuming that you guys are the same. We're
Speaker 2: not talking to people who are leaving their advisor. We're
Speaker 2: actually just talking to people who have never had advice before.
Speaker 2: So when you talk to other advisors, it's not like
Speaker 2: competition per se. You're kind of like, oh you do
Speaker 2: you I'll do me. And one thing that I used
Speaker 2: to say in my business was I know I can't
Speaker 2: be everything to everybody, and I knew that by trying
Speaker 2: to be, it would dilute my value. And I was
Speaker 2: the same as you. I was a holistic financial adviser,
Speaker 2: and I'd be like, well, if you come to me
Speaker 2: and you just say you want insurances, like, I'm not
Speaker 2: that keen because I'm really obsessed with wealth creation and
Speaker 2: budgeting and cash flow and making sure like your big
Speaker 2: picture is sorted out, Whereas you guys are holistic and
Speaker 2: you would say no to a client that was like
Speaker 2: I just want to do insurance or I just want
Speaker 2: this like top tip or whatever it is, whereas Phil
Speaker 2: he just does insurances. And I think it's important to
Speaker 2: point that out because some people might be thinking do
Speaker 2: they have an advisor on the show recently, and it's like, well, yes,
Speaker 2: but we're all for different things. And I think that's
Speaker 2: where you need to understand as an individual, well what
Speaker 2: am I looking for and sitting down before seeing an
Speaker 2: advisor and thinking well, if I go see an advisor,
Speaker 2: what's my bucket list? Because I think a lot of
Speaker 2: people immediately go oh, I might actually really want a
Speaker 2: female advisor, or they might say, you know, I really
Speaker 2: want to just feel more confident. But we actually have
Speaker 2: to think about, like do you want to go see
Speaker 2: an advisor who's going to look at your entire situation
Speaker 2: or are you just at a point in time where
Speaker 2: you're like, just sort out my insurances, please don't try
Speaker 2: and talk to me about everything else, Like I don't
Speaker 2: have that interest. So I think it's good that you're
Speaker 2: pointing that out, because when I tell people about you,
Speaker 2: before I tell them about you, I'm always like, what
Speaker 2: are you looking for? Like how can I align this properly?
Speaker 2: Because it's a waste of the client's time, Like you
Speaker 2: could fall in love with Daisy, but then also go
Speaker 2: all right, well, I actually only wanted one thing from her,
Speaker 2: and it's not gonna work, Like it's a working relationship.
Speaker 2: And when you get a new advisor, you're getting one
Speaker 2: I would hope for life, Like you're getting one that's
Speaker 2: gonna hold your hand now and set everything up. You
Speaker 2: gonna check in with them and like, you know, go
Speaker 2: on the journey. Like that was my favorite part. Daisy.
Speaker 2: I don't know if you love this too, but like
Speaker 2: I would get so excited when clients would come to
Speaker 2: me and be like, so we just got engaged, and
Speaker 2: I'd be like, I feel part of this because I
Speaker 2: knew that your partner was saving on the side, or
Speaker 2: oh my god, you're having a baby, or you know
Speaker 2: what I mean. It's like, you get to go on
Speaker 2: this beautiful journey with your client. So I'm obsessed with it.
Speaker 2: But I do think that there is I guess, a
Speaker 2: very big stereotype that you need to fit into one
Speaker 2: certain mold. But as I'm saying, it's not the case.
Speaker 2: They're actually different types of people, and there are also
Speaker 2: different types of advisors. Another common question we seem to
Speaker 2: get is like what is the actual structure advice? Like
Speaker 2: can people just go in and see you one time,
Speaker 2: daisy to get set up and run away, or do
Speaker 2: I have to pay for this every single month for
Speaker 2: the rest of my life? Like what does that usually
Speaker 2: look like for you?
Speaker 4: Yeah, again, it's a very very common question that we
Speaker 4: get as well. So again we're probably a little bit
Speaker 4: different to your normal stereotypical advice firm where it's not
Speaker 4: compulsory that you're an ongoing, fee paying client with us.
Speaker 4: So what that means is that a large number of
Speaker 4: our clients come to see us. They'll pay us for
Speaker 4: the initial advice, which is normally a two to three
Speaker 4: month process, and then they're happy to take the reins
Speaker 4: because they're educated. They understand why we've done certain things,
Speaker 4: the changes that we've made, and they're happy to handle
Speaker 4: it themselves for the next few years. And then, as
Speaker 4: you said, most of them come back when yeah, they're
Speaker 4: either fall and pregnant, about to get married, read or
Speaker 4: they've got this other awesome significant life event that they're
Speaker 4: about to conquer, and they just want to check in
Speaker 4: again and say, all right, now this has changed slightly.
Speaker 4: Can we just have a bit of a refresh.
Speaker 2: Yeah. It's such an old school mentality to go all right, well,
Speaker 2: you have to get advice from me, but I can
Speaker 2: only give you advice if you sign this contract and
Speaker 2: you're an ongoing client and you have to spend you know,
Speaker 2: five thousand dollars a year with me, Like it just
Speaker 2: doesn't work for twenty twenty four. And I think that's
Speaker 2: one of the things I really like about you guys.
Speaker 2: You're like a bit more realistic about you know, a
Speaker 2: lot of people in our community come to you they
Speaker 2: get their advice, they go away. You're right, they'll come
Speaker 2: back in a couple of years. But you don't have
Speaker 2: to lose that relationship either. Like I don't forget this
Speaker 2: statement of advice that took me hours and hours and
Speaker 2: hours to do. I don't forget about that relationship with fostered.
Speaker 2: So when you do check back in, I'm like, oh
Speaker 2: my gosh, yes, how are you? Like, how's life? It's
Speaker 2: still with that boyfriend, Like it can still be that
Speaker 2: quote ongoing relationship, but without any level of financial commitment.
Speaker 4: Yeah, And we just feel like the demographic of clients
Speaker 4: that we deal with, you're not going to gain too
Speaker 4: much by being an ongoing client. I mean, we certainly
Speaker 4: do have ongoing clients, and they usually have a bit
Speaker 4: more of a complex structure or things like that, or
Speaker 4: they do want their handheld, which is fine and we
Speaker 4: definitely do offer that service, But majority of our clients
Speaker 4: they're happy just to take the reins come back.
Speaker 1: Yeah.
Speaker 2: I feel like it's realistic. And one thing that I
Speaker 2: used to see in my old business going back on
Speaker 2: it again, apologies, is I would sometimes if I was
Speaker 2: ever seeing somebody who already had an advisor one I'd
Speaker 2: be like, what has gone wrong here, because it's not
Speaker 2: common for people to leave their advisors once they're comfortable,
Speaker 2: like you're not going to pay for advice from somebody
Speaker 2: that you're like, oh, I don't know if for like Daisy,
Speaker 2: but when they did come, it was often a problem
Speaker 2: about ongoing fees and them not feeling like they got
Speaker 2: value or they're check in and they weren't getting the
Speaker 2: service that they expected and would come to go is
Speaker 2: this right? Is this not right? Like I kind of
Speaker 2: want to not pay five grand a year or whatever
Speaker 2: it was they were paying per year, because it feels
Speaker 2: like a waste, like you could definitely be investing that.
Speaker 2: And I think that that's where it's kind of powerful.
Speaker 2: You guys go all right, well we'll do one sort
Speaker 2: of advice. Please don't pay us thousands of dollars a year.
Speaker 2: Go invest that, and at some point you might end
Speaker 2: up coming back and being an ongoing client when you
Speaker 2: are a bit bigger. So I feel like it's such
Speaker 2: a more flexible and to be honest kind process, Like
Speaker 2: there's no bullshit, Daisy. It just makes sense.
Speaker 4: Absolutely, And like I always like to say, like you're
Speaker 4: not locked in to Everest Wealth. So like a lot
Speaker 4: of people also have the misconception that we're going to
Speaker 4: put you in Everest Wealth products, which absolutely isn't the case.
Speaker 2: It's not a thing anymore, is it.
Speaker 4: But people still have that misconception that I'm going to
Speaker 4: have to see Everest for the rest of my life,
Speaker 4: which we hope you do.
Speaker 2: But yeah, because you're cool, but like, it's not because
Speaker 2: we locked you in. In fact, I really shied away
Speaker 2: from having any Zella products when I was working as
Speaker 2: an advisor because I wanted that clarity to be able
Speaker 2: to say to clients, by the way, if you decide
Speaker 2: you don't want to work with me, like you just don't.
Speaker 2: You don't have to sell down your assets, you don't
Speaker 2: have to change anything, Like there's no lock and key,
Speaker 2: Like it's a choice that you have. And I think
Speaker 2: that a lot of my clients really appreciated that. They'd
Speaker 2: be like, oh, I actually didn't realize that that might
Speaker 2: be a thing, and I'd be like, yep, like if
Speaker 2: you go with some other advisors, like just make sure
Speaker 2: that you're not being locked into one of their specific products.
Speaker 2: But it's now twenty twenty four, guys like that does
Speaker 2: not happen that often. But if you consult your dad
Speaker 2: before you go see a financial advisor, he might warn
Speaker 2: you and be like, ooh, they might sell your trees, Daisy.
Speaker 2: So let's go to a really quick break, because I
Speaker 2: feel like that is actually a lot to take in,
Speaker 2: especially if this is the first time that you've heard
Speaker 2: about the advice process. And when we come back, we're
Speaker 2: going to have a chat about what financial advice actually
Speaker 2: looks like. So stick around, all right, team, We are
Speaker 2: back with Daisy from Everest Wealth and we've been chatting
Speaker 2: a bit about how financial advice looks different for us everybody,
Speaker 2: and guidance on where people should think about getting advice.
Speaker 2: But let's get stuck into a little bit more of
Speaker 2: the nitty gritty. Let's say someone from our community books
Speaker 2: in with you for the very first time. What does
Speaker 2: that phone call look like? So they've booked a time
Speaker 2: online and in their calendar there is Daisy from every
Speaker 2: is Wealthy is going to call me to eleven am.
Speaker 2: What then happens?
Speaker 4: Yeah, so we do these initial ten minute intrue calls,
Speaker 4: but they normally end up being a lot longer than that,
Speaker 4: just to kind of check in. See exactly why you're
Speaker 4: reaching out for advice, so what's prompted it, as well
Speaker 4: as a little bit more about your financial situation. So
Speaker 4: we'll discuss what assets you have, if you have any
Speaker 4: credit cards after pay, any other liabilities, So we'll kind
Speaker 4: of get a bit more information about exactly what your
Speaker 4: situation looks like, just to make sure that we definitely
Speaker 4: can help you, because we don't want to book you
Speaker 4: in for an initial meeting. You have that meeting and
Speaker 4: realize that we can't help you.
Speaker 2: Yeah, And I feel like that's important because sometimes people
Speaker 2: think they need an advisor and what they actually need
Speaker 2: is something quite different. And it's nice to be able
Speaker 2: to just say to someone, hey, I know that you
Speaker 2: thought an advisor might be it, and I can totally
Speaker 2: still progress this if this is what you really want,
Speaker 2: but I think you'd be better off seeing expert ABC
Speaker 2: or D. And honestly, that can be quite liberating because
Speaker 2: then the client's like, oh, thank you for the clarity,
Speaker 2: Like I actually had no idea what my next steps were. Yeah.
Speaker 4: So big one that we see is that they maybe
Speaker 4: need an accountant or will go see a mortgage broker,
Speaker 4: and they kind of think that we can help in
Speaker 4: those areas. So yeah, as you said, people really like
Speaker 4: the honesty. They like that we can say, look, we
Speaker 4: definitely can help you, but for why you've reached out,
Speaker 4: maybe you need to go see XYZ instead.
Speaker 2: Yeah, and then once you've sorted that out, you can
Speaker 2: come back if you want financial advice. I'd love to
Speaker 2: talk to you, Like sometimes I used to get the
Speaker 2: same thing when I didn't offer mortgage broking. So I
Speaker 2: now have my own mortgage broking practice, which is fun,
Speaker 2: But when I didn't have it, people be like, yeah,
Speaker 2: I really want to buy my first home, like I've
Speaker 2: got the deposit, I've got this, I've got that, And
Speaker 2: I'd be like, that's fantastic, and I'm so proud of you.
Speaker 2: But I don't want to give you financial advice until
Speaker 2: we know what that looks like, because you've said you're
Speaker 2: locked and loaded on buying that house, and I'm going
Speaker 2: to be more constructive for you once you have that
Speaker 2: asset lined up and we know if you've spent five
Speaker 2: hundred thousand or six hundred thousand dollars, because it's going
Speaker 2: to change your entire financial position, and I would like
Speaker 2: to work it out after and they always like, thank
Speaker 2: you so much for not wasting my time, and you
Speaker 2: don't want to because you end up with a client
Speaker 2: who won't come back or doesn't trust you, and that's
Speaker 2: not what we're looking for.
Speaker 4: Yeah. Absolutely, So we kind of in that initial phone
Speaker 4: call just make sure that we definitely can help, and
Speaker 4: then answer any initial questions that people may have about
Speaker 4: Everest or financial planning in general, because again, some of
Speaker 4: these questions that we've been through are ones that do
Speaker 4: come up quite regularly. And then we kind of briefly
Speaker 4: take you through our process if you did want to
Speaker 4: book in an initial meeting from there, just so that
Speaker 4: you do know what to expect, what to bring to
Speaker 4: meetings and things like that, and then yeah, if you're
Speaker 4: happy with everything, then we'll book you in with it
Speaker 4: for an initial meeting on that call as well.
Speaker 2: So what happens, Like, let's say I get to the
Speaker 2: end and I'm like, yep, days is my girl. I
Speaker 2: want to go and get advice from her. What does
Speaker 2: it look like from there?
Speaker 4: Yeah, so I suppose every financial planning practice is a
Speaker 4: little bit different. So this is just how Everest Wealth works.
Speaker 4: So we'll book you in for an obligation free and
Speaker 4: cost free initial meeting, which is normally about an hour,
Speaker 4: hour and a half of your time. In this meeting,
Speaker 4: we run you through all the areas of financial advice
Speaker 4: where we believe we can help you, take you through
Speaker 4: the steps that we look at when we're analyzing each
Speaker 4: area of advice, take you through our process from there,
Speaker 4: and our fees at the end of that meeting. Yeah,
Speaker 4: So at the end of that meeting, you walk out knowing, Okay,
Speaker 4: Daisy can help me with my insurance, she can help
Speaker 4: me with my cash flow, she can help me with
Speaker 4: my investment, and it's going to cost me this much.
Speaker 2: Yeah, because it's different for everybody. I think sometimes people
Speaker 2: ask the question of like what does advice cost, and
Speaker 2: you're like, well, how long's a piece of string? Like
Speaker 2: it can be really simple, it could be more complex,
Speaker 2: like I don't know what your situation is. I want
Speaker 2: to flip back for a hot second, though, because you
Speaker 2: said yours is obligation free, which is really nice, Like
Speaker 2: it's a free conversation because obviously you've got an expectation
Speaker 2: that the client's probably going to be pretty happy at
Speaker 2: that point because you've already done an initial meeting. But
Speaker 2: I want to address it here because some people would
Speaker 2: have inquired with just another financial advisor, which is fine
Speaker 2: because at the end of the day, I think we
Speaker 2: all believe in this industry. I actually don't care who
Speaker 2: you go to, like as long as you're getting advice
Speaker 2: and setting yourself up for financial success, like that's what
Speaker 2: we want, Like, I just want people to be financially free.
Speaker 2: But some people might find that that session is actually
Speaker 2: a paid session, So yours is free. But Daisy, why
Speaker 2: are some people charge and some people don't? And is
Speaker 2: that a scam?
Speaker 4: I definitely wouldn't say it's a scam. I mean, it
Speaker 4: still is time out about day that we need to
Speaker 4: sit down and explain to you. So obviously, yeah, we're
Speaker 4: a business. We do somewhat need to make money. But
Speaker 4: the reason that we provide are free of cost obligation
Speaker 4: frame meeting is really around educating you. As you said,
Speaker 4: at the end of the day, we would love for
Speaker 4: you to be a client of ours, but we just
Speaker 4: want younger people to be seeking advice. So a lot
Speaker 4: of that session is a very big education session and
Speaker 4: really opens up people's eyes to wow. Okay, there's so
Speaker 4: many areas where I do need a little bit of
Speaker 4: help and okay, Everest can do this for me as well.
Speaker 4: So yeah, although it's cost free, majority of the clients
Speaker 4: once they have that meeting, do you go ahead as well?
Speaker 2: Yeah, I wanted to touch on that because I've seen
Speaker 2: that question come up a few times in our Facebook
Speaker 2: group actually of people being like is that a scam?
Speaker 2: Because like some people charge, some people don't, and being
Speaker 2: really transparent. It can also be really dependent on the
Speaker 2: size of the business, like some businesses just don't have
Speaker 2: the capacity to do a whole heap of initial meetings
Speaker 2: if they're not going to convert. Because with small businesses, right,
Speaker 2: and Daisy, your team is a lot bigger than what
Speaker 2: my Zella team ever was, so you have the ability.
Speaker 2: But I actually, towards the end of my career as
Speaker 2: a financial advisor, was charging for meetings and I had
Speaker 2: to for a couple of reasons, but the main reason
Speaker 2: was because I only had a handful of advisers, but
Speaker 2: we had a lot of demand. And this is not
Speaker 2: me gloating by any stretch of the imagination, but I
Speaker 2: really wanted to make sure that those people coming for
Speaker 2: initial meetings were there for the right reasons, not just
Speaker 2: because they'd seen it on the podcast or not just
Speaker 2: because they wanted to have a good chat and kind
Speaker 2: of like get a whole heap of information and then
Speaker 2: not work with us. So implementing that paid session, and
Speaker 2: I think our sessions were only like three hundred dollars
Speaker 2: or something, and it was claimable back on your initial advice,
Speaker 2: So ultimately, if you became a client, didn't cost you anything.
Speaker 2: But it was for me about making sure that the
Speaker 2: clients were really serious because I was really serious as
Speaker 2: an advisor about the demographic that I wanted to work
Speaker 2: with and how that worked. So is it a scam.
Speaker 2: Absolutely not. Some people charge, some people don't. It doesn't
Speaker 2: make the advice better or worse. It's just important to,
Speaker 2: I guess, set the expectation that you know what you're
Speaker 2: in for. So for me, it's just set up that
Speaker 2: clear guidance of going yep. So it'll be free with Daisy.
Speaker 2: But you know, if you'd come to Victoria, that might
Speaker 2: have been paid. But like it all comes out in
Speaker 2: the wash if you are actually getting advice. And I
Speaker 2: feel honestly a little bit triggered about this conversation, like
Speaker 2: oh yeah, That's what it was like far out, Like
Speaker 2: I feel like so many times I had people, you know,
Speaker 2: complaining about the price. And yes, at the end of
Speaker 2: the day, I truly believe financial education should be more accessible.
Speaker 2: Hence me giving you guys an entire free podcast and
Speaker 2: six billion online free resources to download and all of
Speaker 2: the other work that we do. But at the end
Speaker 2: of the day, Daisy, you know better than anyone right
Speaker 2: now that there is a lot of time and energy
Speaker 2: and effort that goes into creating financial advice. Can you
Speaker 2: tell me a bit about the back end. I feel
Speaker 2: like sometimes it's really shining because you just see the
Speaker 2: client side and they're like, oh, I had this initial meeting,
Speaker 2: and then I had you know, this other deep meeting,
Speaker 2: and then you know, a few chats along the way,
Speaker 2: and then I got presented this like ninety page statement
Speaker 2: of advice. Wow, tell me about the back end.
Speaker 4: Yeah, I mean there's a lot of compliance in our industry,
Speaker 4: which is good and bad. So yeah, people kind of
Speaker 4: see how much financial advice costs and they don't really
Speaker 4: understand what they're getting for that. So that's what we
Speaker 4: try to present to clients. So the amount of work
Speaker 4: that grows in. I mean even little things like calling
Speaker 4: your super fund on your behalf just to gather exactly
Speaker 4: how much you're paying in fees that all takes time.
Speaker 4: Super funds can be difficult to deal with.
Speaker 2: I don't know if I want to talk about this
Speaker 2: on the podcast Daisy, because like I'm triggered for a
Speaker 2: financial advisor to talk to a super fund on your behalf,
Speaker 2: we have to have a signed document that we then
Speaker 2: submit to the super fund a minimum of like twenty
Speaker 2: four hours before we call them so that it can
Speaker 2: go through compliance and whatnot. Well that's what it was
Speaker 2: when I was there.
Speaker 4: And it also has to be wet signed, so they're
Speaker 4: still living the dark ages where nothing can be electronically signed.
Speaker 4: So that's always fun as well.
Speaker 2: Isn't that wild? Like you would think in twenty twenty
Speaker 2: four that this process is different. But this is why
Speaker 2: I was like, let's get Daisy on the show, because
Speaker 2: like sometimes you just go, well, wouldn't you just like
Speaker 2: docu sign it to me? And I'd be like, yeah,
Speaker 2: well to me, that makes more sense, but I actually
Speaker 2: need you to put pen on paper here and then
Speaker 2: we have to send it to them, and like it's
Speaker 2: actually a complete circus sometimes, and I know they're doing
Speaker 2: it on purpose to make it as hard as possible
Speaker 2: for financial advisors, Like there's literally no reason why they
Speaker 2: wouldn't implement DOCU sign, like, let's be honest, to make
Speaker 2: their internal processes so much cleaner and easier. But they're
Speaker 2: out here living in the dark ages, aren't they Absolutely?
Speaker 4: And I mean, like a big part of what we
Speaker 4: do is cash flow for clients, and that does take
Speaker 4: a lot of time. So for all of our clients,
Speaker 4: we will gather your last twelve months of transactions and
Speaker 4: categorize them for you. So that is a really big process.
Speaker 4: Sounds like a very daunting process for majority of our clients,
Speaker 4: but it's really valuable at the end of the day,
Speaker 4: and people are not really going to do that themselves
Speaker 4: on their weekends go through page by page their bank
Speaker 4: statement as such. So the energy and time that goes
Speaker 4: into doing that to give you a nice concise cash
Speaker 4: flow plane at the end of the day, that's kind
Speaker 4: of where a lot of our time does go into,
Speaker 4: as well as producing a large statement of advice financial
Speaker 4: planning document that we do need to present to you
Speaker 4: at the end of the process. As well, what.
Speaker 2: You've forgotten is the thing I hated the most. And
Speaker 2: now this maybe is just me bitching about the industry.
Speaker 2: So I do apologize that. My friend is file notes,
Speaker 2: So every single time you talk to a client, you
Speaker 2: have to write a physical file note and put it
Speaker 2: on file against the client, even if it was like
Speaker 2: a quick phone call of meeting, Like, hey, Daisy, I
Speaker 2: completely forgot what did you say about XYZ? Like I
Speaker 2: was just talking to my husband and I was just
Speaker 2: going to check file note. Like it's actually insane how
Speaker 2: much compliance goes into the back end, and I'm not
Speaker 2: grumpy about it. I wouldn't want that to go away
Speaker 2: because I think that that's what's keeping the industry like
Speaker 2: straight and arrow, and you know that you're getting the
Speaker 2: best outcome when you do see in it. But I
Speaker 2: also want to highlight how much work goes into financial
Speaker 2: advice because a lot of people will flippanently be like, oh,
Speaker 2: it's not worth it, it's not this, it's not that, and
Speaker 2: you just go there's so much power in financial advice
Speaker 2: and putting you first, and like Daisy would not sit
Speaker 2: down and do twelve months worth of cash flow and
Speaker 2: going through your bank statements if it wasn't worth it,
Speaker 2: I promise you. But Daisy, amongst the hard work and
Speaker 2: how crazy and intense it can be, why do you
Speaker 2: do it? Like, let's get a little bit personal. Why
Speaker 2: do you do it? Why do you love advice?
Speaker 1: Like?
Speaker 2: And why are you still here?
Speaker 4: Yeah? Very good question. I love it. So a bit
Speaker 4: of a backstory. I left school not really knowing what
Speaker 4: I wanted to do. I really wanted to help people.
Speaker 4: I really wanted to work in that caring space where
Speaker 4: I can make people's lives better, but I didn't want
Speaker 4: to go down any of the medical occupations. So a
Speaker 4: big part of me thought that helping people with their
Speaker 4: finances will make their lives better.
Speaker 2: And it does.
Speaker 4: You're not wrong, as you said earlier. People come back
Speaker 4: to you and they say, oh, you just got engaged.
Speaker 4: And knowing that that was coming, and the excitement for
Speaker 4: people and knowing that they are reaching their milestones, it's
Speaker 4: just awesome. Like it brings me a lot of joy
Speaker 4: in my job each day to see people reaching those
Speaker 4: goals in their life. So it is great. It is
Speaker 4: hard work. There are a lot of hoops that you
Speaker 4: have to jump through to be a financial advisor and
Speaker 4: to present financial advice to people. But at the end
Speaker 4: of the day, it is a super rewarding career as well.
Speaker 2: I couldn't agree more and I would still be if
Speaker 2: I didn't have She's on the Money and had to
Speaker 2: make a decision. I don't miss the file notes if
Speaker 2: we're being brutally honest, but I miss my clients. I
Speaker 2: miss that one on one connection that you get with
Speaker 2: people to be on their journey. And I remember when
Speaker 2: I was making the decision to leave, I knew that
Speaker 2: I had so many plates in the air, like I
Speaker 2: had Sheese on the money. I was starting this mortgage
Speaker 2: broking business on the side of Zella I've got, you know,
Speaker 2: Zella Wealth, and I was just like, for She's on
Speaker 2: the money to go to the next level and really
Speaker 2: give our community what they deserve, Like something has got
Speaker 2: to give, Like I can either keep going on with
Speaker 2: Zella Wealth, but I didn't have the capacity to take
Speaker 2: on new clients. And that's where I would always be like, oh,
Speaker 2: talk to Daisy, you know, and the team it ever
Speaker 2: as well, because I'm not taking on clients at the moment,
Speaker 2: And that's really where our relationship started. And I remember
Speaker 2: making the decision to be like gin know what, I
Speaker 2: think for the greater good, not being a financial advisor
Speaker 2: is actually what works for me, and I miss it
Speaker 2: like I loved it. I adored advice, and I always
Speaker 2: say you've probably heard me talk on the podcast about
Speaker 2: being an advisor. I genuinely see it as one of
Speaker 2: the most intimate relationships you can have with somebody, because
Speaker 2: you know, you go to the doctor, they might know
Speaker 2: all of your health issues. You go to your accountant
Speaker 2: and they just look at your bank. But being a
Speaker 2: financial advisor, you get all of that, Like you have
Speaker 2: to have a completely holistic picture of your client if
Speaker 2: you're a holistic advisor, and so it does mean asking
Speaker 2: hard questions. It does mean going through your entire medical
Speaker 2: history so I can make sure your insurances are perfect.
Speaker 2: It does mean going through your bank statements and being like, ah,
Speaker 2: I see you really like ubrits, I can see literally everything.
Speaker 2: So it's this very trusted role and I loved being
Speaker 2: that person for people where they did trust me. And
Speaker 2: that's why I think picking a financial advisor is such
Speaker 2: a hard thing to do because it is a big
Speaker 2: decision and you do want somebody where you know you
Speaker 2: can pick up the phone as a client and feel like, well,
Speaker 2: Daisy does care about my personal situation, Like if something
Speaker 2: bad's going on, I can ask her about it because
Speaker 2: she'll have the right advice. And so to me, I
Speaker 2: really miss that, Like I wouldn't be surprised if one
Speaker 2: day podcasting's not a thing and then you see Victoria
Speaker 2: back being an advisor because I adored it. But I
Speaker 2: think that's probably a really great place to leave at. Daisy,
Speaker 2: thank you so much for joining me. It's obviously been
Speaker 2: a lot of fun. We'll probably get you back on
Speaker 2: the show very soon because I've got lots more questions
Speaker 2: about like what does a statement of advice actually look like?
Speaker 2: What should we be reading through? How does that work?
Speaker 2: But how do we find you? How do I keep
Speaker 2: in touch? Like if I want to go and talk
Speaker 2: to every's wealth, like this is the bit where I
Speaker 2: give you a shout out even though you haven't asked
Speaker 2: for it. How do I get in contact?
Speaker 4: If you just jump on our everest towealthgroup dot com
Speaker 4: dot a you can book in that initial call with
Speaker 4: us and then yeah, one of the team will kind
Speaker 4: of touch base for that call and then we can
Speaker 4: get the ball rolling, and yeah, we love dealing with
Speaker 4: the Shoes on the Money community. All of our clients
Speaker 4: from Shoes on the Money have been so great and
Speaker 4: we hope that, yeah, we can keep kind of servicing
Speaker 4: the community and making sure that they are seeking advice
Speaker 4: and do benefit from the education that we hopefully provide.
Speaker 2: Actually on that to be fully transparent as well. You
Speaker 2: know how I said earlier, I was like, you know,
Speaker 2: if I couldn't take on a client and send them
Speaker 2: to Everest Wealth when I stepped out of financial advice,
Speaker 2: you guys got most of my clients. So I was like, oh, actually,
Speaker 2: so if I leave, can I hand these guys over
Speaker 2: to you, because I know they'll be in safe hands.
Speaker 2: I'm not saying that as a sales pitch. I'm saying
Speaker 2: that because I think people genuinely deserve to know that.
Speaker 2: I'm not going to name names. We're not going to
Speaker 2: go through my client list. That's how much I like Daisy.
Speaker 2: So there you go. Anyway, days, it has been a
Speaker 2: privilege having a chat with you. I really really appreciate it,
Speaker 2: and I know the community is going to be like, oh,
Speaker 2: that's how it goes, And that's exactly what we wanted
Speaker 2: them to get out of today.
Speaker 4: Thank you so much for having me on.
Speaker 5: Of course, the advice shared on She's on the Money
Speaker 5: is general in nature and does not consider your individual circumstances.
Speaker 5: She's on the Money exists purely for educational purposes and
Speaker 5: should not be relied upon to make an investment or
Speaker 5: financial decision.
Speaker 2: If you do choose to buy a financial product, read.
Speaker 5: The PDS TMD and obtain appropriate financial.
Speaker 2: Advice tailored towards your needs.
Speaker 5: Victoria Divine and She's on the Money are authorized representatives
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Speaker 2: You will be where me