Young Adviser of
the Year Nominee

Opportunities

I think there are a number of factors that are presenting potential opportunities in the profession right now.

The three trillion dollar opportunity

It’s been estimated that three trillion dollars of Baby Boomer wealth will transfer to the next generation over the next couple of decades. That’s a big shift, and a big opportunity. I see philanthropy as a key area where I can bring family generations together and get them thinking about a future they can all share in. By focusing on the causes that are close to their heart, and getting involved with the administration of a charitable trust, the next generation can start to get a sense of what it might be like to take the reins of a substantial portfolio. It also introduces them to me, and lets them see that I’m someone closer to their generation, and more in tune with their thinking.

Stepping up as advisers leave

The industry is evolving and standards are improving. For some advisers who are faced with the need to improve their credentials, this is too much to take on at this stage of their career. For me, as a university graduate and CFP, this is an opportunity to meet and exceed client and industry expectations. I want to be the adviser people can turn to and trust.

Offering more specialised advice

Specialisation gives advisers the opportunity to do more for their clients. Seeking out new credentials and expertise in a particular field like philanthropy allows me to help write a chapter in some wonderful stories. It’s terrifically satisfying getting involved with family legacies, structured giving and great causes.

Case Studies

Ann’s Story

A fancy investment solution is fine, but it’s not what every client is seeking.

Having lost her husband and never having much to do with the family’s finances, Ann was a little lost in what was a very difficult time. I could see that my role was not only to provide advice, but also some financial education. I also needed to be a sounding board for Ann, helping her to think her way through decisions rationally and not let emotions cloud her judgement.

Ann’s substantial personal property assets, associated debt and lack of household income was not a recipe for long term financial success. Over a period of months, I provided guidance to Ann regarding property sales, debt repayment and meeting cashflow requirements. Working collaboratively with other professionals such as solicitors, accountants and bankers kept things moving smoothly.

Ann was very pleased to have someone to provide strategic advice and guidance when she was vulnerable and as a result we have formed a strong relationship built on genuine trust.

Holistic Advice

Separating from your wife and retiring from your job at the same time is an unusual situation. Normally just one of these major life events would be enough to cloud rational decision making.

When Stefan sat down with me, his life was at a crossroads and he knew that he needed a major restructuring of his finances for the next phase of his life.

In our chats it became clear that Stefan was more than a man with a clear and positive view of his future life. He was someone who liked to be busy, to be involved and to be across all the detail. A self managed super fund appealed to his sense of control. Transparency was also something Stefan liked the sound of. So, as part of a holistic solution, we suggested an individually managed account. At the same time, we structured a personal brokerage portfolio for Stefan that that we still manage for him today.

When Stefan later met Robina, we were able to pivot to a different strategy that was personalised to her needs. She was less inclined to be involved in the day to day complexities and favoured a hands-off strategy. As a direct investment solution was still important to them, we were able to provide Robina with a simplistic superannuation structure utilising a separately managed account on Hub24.

During the time that we have serviced Stefan and Robina, we have provided strategic financial advice around defined benefits, property sales, superannuation structures, superannuation contributions, transfer balance cap issues and pension commencements. They’re a great couple and a true example of how we tailor solutions to individual needs.

Attitude

Having joined the industry in 2012 and moving into an adviser position in 2015 I have seen significant industry change in what is a relatively short career to date.

The benefit of being a young advisor is that I have had the chance to grow up with an industry that’s grown up around me. In a way, I was lucky that having been in the industry for just under ten years I really didn’t know a different way to provide advice than we do today.

It’s clear now that with the Royal Commission and the introduction of education and ethical standards were needed in our industry. I believe, as I always have, that it is a privilege to be someone’s adviser. We should be held to high standards. We are dealing not just with assets, but with people’s futures.

I am proud of my work and I am excited that in the coming years, more and more people will respect the profession that I and so many others have worked hard to be a part of.