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An Unhinged AMA with Financial Adviser, Daisy from Everest Wealth · She's On The Money

0:00
Speaker 1: She's on the Money. She's on the Money.
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Speaker 2: My name's Satasha Bamblet.
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Speaker 3: I'm a proud First Nations woman and I'm here to
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Speaker 3: acknowledge country. Hello, beautiful friends, we gather on the lands
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Speaker 3: of the Aboriginal people. We thank acknowledge and respect the
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Speaker 3: Aboriginal people's land that we're gathering on today. Take pleasure
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Speaker 3: in all the land and respect all that you see.
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Speaker 3: She's on the Money podcast acknowledges culture, country, community and connections,
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Speaker 3: bringing you the tools, knowledge and resources for you to thrive.
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Speaker 4: Hello, and welcome to She's on the Money, the podcast
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Speaker 4: where we discuss all of the issues concerning your personal
0:37
Speaker 4: wealth goals and yes, even the stuff that you have
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Speaker 4: been way.
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Speaker 2: Too embarrassed to bring up with your accountant.
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Speaker 4: I'm Victoria Devine and joining me on their deep dive
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Speaker 4: couch today is none other than friend of the show,
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Speaker 4: Daisy Egan, who is also a financial advisor at Everest Wealth.
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Speaker 2: My friend, welcome back to the show.
0:55
Speaker 1: Thanks so much for having me back.
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Speaker 4: I'm also very aware of how anxious you are, because
0:59
Speaker 4: I said my Instagram stories I'm having Daisy, what are
1:02
Speaker 4: unhinged questions that you guys have for a financial advisor,
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Speaker 4: and you were like, Victoria Devine, do not put me
1:08
Speaker 4: in this position.
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Speaker 2: And I was like, big dog, this is exactly where
1:11
Speaker 2: we need to go.
1:12
Speaker 4: So usually Daisy and I have these really beautiful, deep
1:16
Speaker 4: dive discussions on the couch of how and when and
1:19
Speaker 4: where booking your first consultation with a financial advisor, and
1:23
Speaker 4: the ins and outs of the really important stuff when
1:25
Speaker 4: it comes to financial advice. But like this time, I
1:28
Speaker 4: just thought, let's do something a little bit different, and
1:31
Speaker 4: let's ask Daisy some of the slightly unhinged and maybe
1:36
Speaker 4: morally gray questions that you've been asked in your career
1:40
Speaker 4: as a financial advisor. And not only have I gathered
1:43
Speaker 4: our own questions since you've already been acquainted, we have
1:46
Speaker 4: asked our community to come forward ask me anything style
1:50
Speaker 4: to ask Daisy about the financial advice you've been asked for,
1:53
Speaker 4: maybe the financial advice you've given or even had to deliver. Daisy,
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Speaker 4: my community arguably have not made this easy. I'm really sorry.
2:03
Speaker 4: They have made it fun, though, So like that's a
2:06
Speaker 4: step in the right direction, because not only do the
2:08
Speaker 4: questions range from really normal and honestly fine and reasonable
2:12
Speaker 4: to oh my god, are actually people doing this with
2:15
Speaker 4: their cash? Like why did this come into your brain?
2:17
Speaker 4: Why do you think someone has been asked that? And
2:20
Speaker 4: while this is all good fun, there might be some
2:23
Speaker 4: I guess, really substantial things in this for our listeners
2:27
Speaker 4: who maybe are just too shy to ask particularly niche questions. Now,
2:31
Speaker 4: I'll give you some time to mull over these questions,
2:33
Speaker 4: and when we get back, we're diving straight into things.
2:40
Speaker 4: Welcome back, guys. That was just an ad break. I
2:42
Speaker 4: didn't actually give Daisy any time to prepare for these questions.
2:45
Speaker 4: We are doing a deep dive with Daisy from Everest
2:48
Speaker 4: to Health, where she's answering questions from our community about
2:51
Speaker 4: the most unhinged advice you've ever been prompted from?
2:54
Speaker 2: Daisy? Where do you want me to begin with this?
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Speaker 1: Let's start with a boring one maybe, or a more
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Speaker 1: sensible one to keep things I think.
3:00
Speaker 4: All right, fine, maybe we can kick it off with
3:03
Speaker 4: I guess some pedestrian questions about finance. What are some
3:08
Speaker 4: of the more stock standard questions you get in your
3:11
Speaker 4: line of work, like people coming in the door initial consultation.
3:15
Speaker 4: You know not how much your advice fees, but like,
3:18
Speaker 4: what are some questions that people usually ask you.
3:21
Speaker 1: Yeah, this is a really good question actually, so a
3:23
Speaker 1: lot of people don't fully understand what a financial advisor
3:26
Speaker 1: does and where we fretilt it is. Yeah, so I think,
3:30
Speaker 1: like understanding the difference between an accountant, a mortgage broker,
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Speaker 1: a lawyer. So like, I think kind of understanding what
3:38
Speaker 1: actually do you do is a very stock standing question
3:41
Speaker 1: that we get a lot of people also that come
3:45
Speaker 1: to see us and maybe like, I don't know if
3:46
Speaker 1: I'm ready for financial advice, and am I ready for
3:49
Speaker 1: financial advice? A lot of people are somewhat surprised at
3:52
Speaker 1: the scope of work we can do as well, so
3:55
Speaker 1: it made us think that, oh, can you just help
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Speaker 1: me with my superin insurances? Not understanding the other kind
4:00
Speaker 1: of goals and lifestyle discussions that we have as well. Yeah,
4:04
Speaker 1: so yeah, I think it's more around the main questions
4:06
Speaker 1: I seem to get is kind of what we actually
4:09
Speaker 1: do as a profession.
4:10
Speaker 4: Yeah, and I know I've asked my community for unhinged questions,
4:14
Speaker 4: but one of the reasons I wanted to do that
4:16
Speaker 4: is when you're a financial advisor, and for those of
4:18
Speaker 4: you who maybe haven't met me, and this might be
4:20
Speaker 4: a first episode for you. I am an ex financial advisor,
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Speaker 4: so Daisy and I are probably going to have some
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Speaker 4: very shared experiences here. Our questions can be quite unhinged.
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Speaker 4: Like one of the coolest parts of when I was
4:33
Speaker 4: a financial advisor is how.
4:35
Speaker 2: Deep the relationship goes with a client.
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Speaker 1: Right.
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Speaker 4: I don't know if you feel the exact same way,
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Speaker 4: but for me, it was like, honestly a bit of
4:42
Speaker 4: an honor for people to be so open with me,
4:45
Speaker 4: because it's not like your doctor where you just share
4:48
Speaker 4: some medical information. It's not like your accountant where you're like, well,
4:51
Speaker 4: here's my taxes. Like with a financial advisor, go I
4:55
Speaker 4: need your medical history. I actually need to know your
4:58
Speaker 4: goals and aspirations and what you want achieve in life.
5:01
Speaker 4: I also need your finances, So like, I'm in everything,
5:04
Speaker 4: and if you're not comfortable with me, I can't be strategic,
5:09
Speaker 4: I can't be powerful, I can't have the impact. So like,
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Speaker 4: I want to be your bestie, and if you're not
5:14
Speaker 4: comfortable asking me questions, go find a new advisor.
5:18
Speaker 1: Yeah, that's my biggest thing, is like, name another profession
5:20
Speaker 1: where you have that much in depth knowledge around a
5:23
Speaker 1: client's circumstances because you know, there are state planning, so
5:26
Speaker 1: you know their family situation. Like yeah, as you said,
5:29
Speaker 1: you know all their health history from doing insurances, you
5:31
Speaker 1: know their finances. And the biggest thing for me is
5:34
Speaker 1: like there is no such thing as a silly question,
5:36
Speaker 1: and like I know that everyone says that, but like
5:38
Speaker 1: this is your life and this is your finances, and
5:40
Speaker 1: like we really want you to understand that. Yeah. I
5:43
Speaker 1: hate kind of hearing that, oh, my financial advisors did
5:46
Speaker 1: this for me and I don't really.
5:47
Speaker 2: Get it, Like I, oh, no, that I'm.
5:49
Speaker 1: Not going to walk away going cool. I've chosen this
5:51
Speaker 1: route because I want this goal or X y Z
5:56
Speaker 1: kind of thing, Like I really that education piece is
5:58
Speaker 1: so important to us.
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Speaker 4: Yeah, and that's kind of why I wanted to do
6:01
Speaker 4: the unhinged question Vibes, because we're just people who want
6:05
Speaker 4: better for you, Like I want you to ask me
6:07
Speaker 4: the dumb questions. And I have noticed over the last
6:09
Speaker 4: few months a really big influx into my inbox, not
6:13
Speaker 4: from your clients, just to be very clear of people
6:16
Speaker 4: who have sought financial advice, gotten it and then be like, hey,
6:19
Speaker 4: v I didn't want to ask my advisor this, but
6:21
Speaker 4: what does this mean? And I'm like, girl, go back
6:24
Speaker 4: to your advisor, like they're the ones that should be,
6:28
Speaker 4: you know, going above and beyond. Like if you're not
6:30
Speaker 4: comfortable asking to me, that's a bit of a red flag.
6:34
Speaker 4: So I guess that's a really great place to kind
6:37
Speaker 4: of frame this conversation. But we're going to go to
6:41
Speaker 4: the top of the questions that I have because I
6:44
Speaker 4: don't know, I feel like we want to break down
6:46
Speaker 4: the fact that financial advisors we're just people who want
6:49
Speaker 4: the best for you, and we're actually really fun too,
6:52
Speaker 4: all right, We're fun and we're hip and we're funky
6:54
Speaker 4: and fresh. Like I promise, I'm not just a regular mom,
6:57
Speaker 4: I'm a cool mom. But really quick disclaimer because like
7:02
Speaker 4: both Daisy and I, we have financial services licenses, So
7:05
Speaker 4: quick disclaimer. We are sharing stories and questions from the community,
7:09
Speaker 4: right and while Daisy is a financial advisor and is
7:12
Speaker 4: licensed to provide financial advice, in this situation and in
7:15
Speaker 4: our chats, the advice that is shared is general in
7:18
Speaker 4: nature only and does not consider your personal circumstances and
7:21
Speaker 4: cannot and should not ever be considered financial advice for you.
7:26
Speaker 4: With that said, Daisy, are you happy to move forward absolutely,
7:29
Speaker 4: all right, Daisy, What is one of the first questions
7:32
Speaker 4: that you ask a client. So they come in, they're
7:34
Speaker 4: filled in your full fact find You've got like all
7:37
Speaker 4: their data on the table.
7:39
Speaker 2: What are you asking them?
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Speaker 1: My biggest thing is around goals and what I call
7:43
Speaker 1: lifestyle design. So to me, that's so important because I
7:46
Speaker 1: can write a financial plan that is the best numbers wise,
7:51
Speaker 1: but it may not take into consideration that they want
7:53
Speaker 1: to start a family in a few years, or may
7:54
Speaker 1: not take it into consideration that they want to go
7:56
Speaker 1: to Europe next year and take three months off. So
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Speaker 1: I think I think really having that goals discussion and
8:02
Speaker 1: kind of where you want to be, what you want
8:04
Speaker 1: to be doing, is really important before we actually get
8:07
Speaker 1: into the numbers side of things, because to me, that
8:09
Speaker 1: really underpins then the financial plan that we would create
8:12
Speaker 1: for our clients.
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Speaker 4: I've seen a lot of single girls and my dms
8:16
Speaker 4: replying to this and they're like, what are you asking
8:18
Speaker 4: single girls?
8:19
Speaker 3: Like?
8:20
Speaker 4: Is that a specific situation? Like you asking different questions
8:25
Speaker 4: to the single ladies than people coming in as a couple.
8:28
Speaker 1: Not necessarily, but usually having those goals discussion may open
8:31
Speaker 1: up some things for single women. So a few single
8:34
Speaker 1: women that I've seen lately kind of either want to
8:37
Speaker 1: freeze their eggs or want to become a mother by
8:40
Speaker 1: themselves with like a sperm donor. So that's obviously quite
8:43
Speaker 1: a costly thing that we have to take into considerations.
8:47
Speaker 1: I think having that goal discussion really opens up for
8:50
Speaker 1: the single girls to then give me a bit of
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Speaker 1: a kind of two sentence answer on what they want
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Speaker 1: to do over the next few years.
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Speaker 4: And that's really important, kind of like putting those questions
9:01
Speaker 4: on the table to them, because like I feel like
9:03
Speaker 4: when you come in, I just I go back in time.
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Speaker 4: Single meet I think would have been like a deer
9:08
Speaker 4: in headlights going into a financial advice meeting being like,
9:10
Speaker 4: oh my god, Like Daisy is so smart, she's probably
9:13
Speaker 4: gonna judge meet.
9:14
Speaker 2: She's not. But are you then going, oh, hey, a
9:17
Speaker 2: few of my other clients are thinking of this. What
9:19
Speaker 2: are you thinking? Like, how do we open this conversation?
9:22
Speaker 1: Yeah? Absolutely, So some people come in they just will
9:25
Speaker 1: kind of tell me everything, which is really awesome. Otherwise
9:28
Speaker 1: people may be a little bit kind of guarded. So
9:30
Speaker 1: that's really then when you start asking a few more
9:33
Speaker 1: questions around cool like I've had clients that are maybe
9:35
Speaker 1: similar situation to yourself. They're looking at X y Z.
9:38
Speaker 1: Are you like something that you're looking at. The holidays
9:41
Speaker 1: thing is a big one for me as well, especially
9:43
Speaker 1: for like young single people. It's like, cool, do you
9:45
Speaker 1: have any holidays book? Is this something that's important to you?
9:49
Speaker 1: Because again, like people want to live their life now
9:51
Speaker 1: and it's not necessarily all about kind of scrolling and
9:53
Speaker 1: saving all their money away.
9:54
Speaker 4: Yeah, And like I don't know about you, but when
9:56
Speaker 4: I was an advisor, I really wanted to get to
9:58
Speaker 4: know the clients a little bit deeper, like not just
10:01
Speaker 4: like holidays, but like what type of holidays?
10:04
Speaker 1: Like it's a big thing as well. So yeah, how
10:05
Speaker 1: do you holiday? Like as a holiday? To you just
10:08
Speaker 1: holiday within your state? Is it going business? Classic Europe?
10:11
Speaker 1: Like what does that look like? Because everyone does holidays
10:13
Speaker 1: so differently.
10:14
Speaker 2: Yeah.
10:14
Speaker 4: One of the questions that we got was what happens
10:17
Speaker 4: when you see that a client's budget and cash flow
10:20
Speaker 4: is actually different from what they're telling you they do.
10:22
Speaker 1: That is so many of our clients. Yes, So like
10:26
Speaker 1: we really do a deep dive on people's cash flow,
10:28
Speaker 1: and I say it's not to be the money police.
10:30
Speaker 1: It's just to give you an accurate representation of where
10:32
Speaker 1: you're actually at. So I think doing that deep dive
10:36
Speaker 1: and then kind of seeing where they think they are
10:38
Speaker 1: and where they actually are is a really important discussion
10:41
Speaker 1: to have and people shouldn't be ashamed of that because
10:44
Speaker 1: that is probably the majority of our clients kind of
10:47
Speaker 1: think they're in a different position to what they're in. Yeah.
10:49
Speaker 4: I remember a client came in and they're like, I'm
10:52
Speaker 4: so good at saving, and I was like, great, norries
10:54
Speaker 4: like and I will believe. Like still anything you tell me,
10:57
Speaker 4: I'll be like, yeah, must be true. Why would you
10:58
Speaker 4: tell me otherwise? Going through their statements and I'm like
11:02
Speaker 4: these savings, where are they and then having to go
11:06
Speaker 4: back and be like, hey, so you said that you
11:08
Speaker 4: were really good at saving, but like, is there a
11:11
Speaker 4: separate bank that I'm not looking at because you've provided me,
11:14
Speaker 4: you know, access, and I can see this and this
11:15
Speaker 4: and oh yeah uh and like totally normal, totally normal
11:20
Speaker 4: because I think they're in these situations. Clients often present
11:24
Speaker 4: who they want to be, yeah, not who they actually are,
11:27
Speaker 4: because they're like, don't judge, be like I might not
11:29
Speaker 4: be good at saving. But I really want to be
11:30
Speaker 4: good at saving and like, we get it.
11:32
Speaker 2: We're just girls.
11:33
Speaker 1: And I think like the awesome thing is that a
11:35
Speaker 1: lot of clients know that they need help as well,
11:37
Speaker 1: and yet, as you said, they might come and present
11:39
Speaker 1: the version that they want to be. But then once
11:41
Speaker 1: we deep dive, it's like, cool, this is where you are,
11:43
Speaker 1: this is where you obviously want to be. Let's work
11:46
Speaker 1: together and make that happen. And that's why people should
11:48
Speaker 1: seek financial advice because they want that help.
11:51
Speaker 2: Yeah.
11:52
Speaker 4: One of my dms here says, how much of a
11:54
Speaker 4: therapist do you feel like you are on a daily basis?
11:57
Speaker 1: Oh? Yeah, a lot of the time. A lot of
12:00
Speaker 1: the time. We do have a bit of a running
12:02
Speaker 1: joke sometimes that we can be a bit of a
12:04
Speaker 1: couple's therapy as well, especially if couples aren't necessarily aligned
12:07
Speaker 1: on goals and things like that. So yeah, I feel
12:10
Speaker 1: as though I should have probably gone and done some
12:13
Speaker 1: sort of postgrading therapy because I definitely need it every day. Girl.
12:17
Speaker 4: I feel like when I was working in financial advice,
12:20
Speaker 4: I would thank the stars every single day that I
12:24
Speaker 4: had a psychology degree because I would be like, oh
12:26
Speaker 4: my goodness, like what did I just walk into and
12:29
Speaker 4: like some of the questions, I'd.
12:31
Speaker 2: Have to be like, oh, yeah, I'll catch up with
12:33
Speaker 2: that client later and then get them one on one and.
12:35
Speaker 4: Be like, hey, cool, So I picked up on this vibe,
12:37
Speaker 4: like how do you feel about that girlfriend?
12:41
Speaker 2: It's so awkward but so important.
12:44
Speaker 1: Yeah, And we always say there's like a cfo's spouse
12:47
Speaker 1: in a couple as well, like that's what we call them.
12:49
Speaker 1: And including the noncfo's spouse is so important because you
12:53
Speaker 1: can have meetings where one person is just talking the
12:56
Speaker 1: whole time, so like really kind of the other person
12:59
Speaker 1: being like, cool, so how do you you feel about this?
13:01
Speaker 1: What are your goals? Are they different? And it can
13:04
Speaker 1: create a bit of tension, to be honest, But I've
13:06
Speaker 1: been in situations where like one person has just spoken
13:09
Speaker 1: the whole meeting and the other person has then called
13:11
Speaker 1: me after the meeting and gone, this actually isn't what
13:13
Speaker 1: I want.
13:15
Speaker 2: Yeah, And that can be really hard.
13:16
Speaker 4: And I think that's where having a good financial advisor
13:19
Speaker 4: is important, not because you know you're in a relationship
13:23
Speaker 4: that doesn't have equity, but more because they can see
13:27
Speaker 4: around the corner and kind of go hold on something's
13:30
Speaker 4: cooking here.
13:31
Speaker 2: I need to see what's in the kitchen.
13:33
Speaker 4: And that's really important because like the CFO, I've never
13:37
Speaker 4: heard it phrase that way. I kind of love that
13:39
Speaker 4: the CFO spouse, by the way.
13:40
Speaker 1: That's me. It's also me.
13:42
Speaker 4: But you know what that has meant for me is
13:45
Speaker 4: that I have to step back and go, hey, Steve,
13:48
Speaker 4: I feel like and like I often say, oh, I
13:50
Speaker 4: feel like I've made all these decisions again. I'm really sorry,
13:53
Speaker 4: like I've jumped ahead. Are you okay with this? And
13:55
Speaker 4: like ninety percent of the time Steve will be like, yeah,
13:58
Speaker 4: why are you asking? I'm like, oh, it's just because
14:01
Speaker 4: I'm so aware, like this is not a good dynamic,
14:04
Speaker 4: like I actually want to make sure that we're on
14:06
Speaker 4: this journey together. Not I've just taken the wheel and
14:09
Speaker 4: been like, wear this blindfold quick, We're going somewhere.
14:12
Speaker 2: And it's a surprise. Someone said, Daisy, ten K just
14:16
Speaker 2: dropped into your account randomly, What are you doing with it?
14:19
Speaker 1: Very loaded question.
14:21
Speaker 2: It's for you personally, not for a community member.
14:24
Speaker 1: For me personally.
14:25
Speaker 2: Ten K just dropped into Daisy's account.
14:27
Speaker 1: Okay, amazing. So I got my emergency fund set up.
14:30
Speaker 1: I have a home loan, but I have some money
14:32
Speaker 1: in offset. So to be honest, where I'm at the moment,
14:34
Speaker 1: i'd probably invest that money.
14:35
Speaker 2: Oh you'd invest it.
14:37
Speaker 4: Oh, I love that you wouldn't in this economy, go oh,
14:40
Speaker 4: I want more in my offset.
14:42
Speaker 1: To be honest, I love diversifying away from just kind
14:45
Speaker 1: of paying down my debt as quickly as possible. Like,
14:48
Speaker 1: I think it's very important that people have a healthy
14:52
Speaker 1: offset and like aware of their debt. But to me,
14:56
Speaker 1: my homeland doesn't scare me, So I kind of want
14:59
Speaker 1: to diversify build something outside of my property.
15:02
Speaker 4: My home loan at the moment is scaring me, and
15:05
Speaker 4: that's okay. But I feel like I've I don't know,
15:09
Speaker 4: given recent economic changes, I've just started adding a little
15:13
Speaker 4: bit more of my investment money into my offset. And
15:17
Speaker 4: it's like logically, you would look at my financial plan
15:20
Speaker 4: on Daisy and you'd probably be like, the why aren't
15:23
Speaker 4: you investing a bit more? And it's literally my anxiety.
15:27
Speaker 1: And I think psychology of its yeah, And like debts
15:30
Speaker 1: can really scare people, and people can be in really
15:33
Speaker 1: awesome positions and have good debt and they're still like, no,
15:37
Speaker 1: I want to pay that down as quickly as possible.
15:38
Speaker 1: And it's like, again, having that discussion with the client
15:41
Speaker 1: is just so important because like to your point, like
15:45
Speaker 1: where you're at, you're like, cool, I just want to
15:46
Speaker 1: put a little bit of extra away.
15:48
Speaker 4: And it makes like on paper, it makes no logical
15:51
Speaker 4: sense because I could make more money in the share
15:54
Speaker 4: market and that's a good thing, but it's like a
15:56
Speaker 4: mental barrier for me at the moment.
15:58
Speaker 2: I'm like, oh, like.
15:59
Speaker 4: Grateful to have it, can afford it. All is well
16:01
Speaker 4: and good in the world, but also that number, I
16:05
Speaker 4: don't like it and it needs to go. And it's
16:07
Speaker 4: kind of like do you see that with because like
16:09
Speaker 4: a couple of the questions where about, you know, should
16:12
Speaker 4: I pay off my hex stet? And we cannot answer that.
16:14
Speaker 4: But a couple of times historically people would come in
16:18
Speaker 4: and be like, oh, V I'm really prioritizing paying off
16:21
Speaker 4: my hex debt. But I know that it's not a
16:24
Speaker 4: good thing to do because like it's just kind of
16:26
Speaker 4: an okay debt, it's not bad debt, it's.
16:28
Speaker 2: Not good debt. Yeah, what did you do for your
16:30
Speaker 2: hex debts? Someone wants to know.
16:32
Speaker 1: I was in a very blessed position to not have
16:34
Speaker 1: hex stet.
16:34
Speaker 2: Ooh, street under the bus.
16:38
Speaker 1: My husband has hextet?
16:39
Speaker 2: Oh what are you doing about that?
16:41
Speaker 1: So we've just been paying the minimum amount.
16:43
Speaker 4: Will you ever up that or will you always just
16:45
Speaker 4: be like no, you are not a priority in our lives.
16:48
Speaker 1: Well, this financial year he's actually paid it off, so
16:50
Speaker 1: it was a big win for us. But yeah, it's
16:53
Speaker 1: just kind of been let's channel our money elsewhere. And yeah,
16:58
Speaker 1: I suppose, like both being in finance backgrounds, we kind of, yeah,
17:02
Speaker 1: it didn't worry us, and we knew that eventually it
17:04
Speaker 1: would be paid off. So that has hit this financial year.
17:07
Speaker 2: Yeah, very fair.
17:09
Speaker 4: And for those of you playing along at home, that
17:11
Speaker 4: means that your cash flow has increased a little bit.
17:14
Speaker 4: Can I be super pervy? Have you got a plan
17:16
Speaker 4: for the cash flow that will be released?
17:18
Speaker 2: Yes, so she does, of course she does.
17:21
Speaker 1: So to be honest, that has probably gone towards our
17:24
Speaker 1: mortgage increasing, so it's obviously a bit it's soaked up. Yeah,
17:29
Speaker 1: it's opened up a bit of cash flow. But I
17:30
Speaker 1: feel like though as though that's been kind of chewed
17:33
Speaker 1: up pretty quickly with interest rates increasing. Yeah.
17:36
Speaker 4: Yeah, and I love asking financial advisors personal questions like that,
17:40
Speaker 4: because it's just like, by the way, I'm here taking
17:43
Speaker 4: my own advice as well, Like we have lives as well.
17:45
Speaker 4: I think a lot of people look at us or
17:47
Speaker 4: looked at me when I was an advisor, I was
17:49
Speaker 4: like the pinnacle of understanding everything, and I'm like, girl,
17:52
Speaker 4: I'm just arguing with my husband over how much coffee
17:55
Speaker 4: beans are and why does he always have to pick
17:57
Speaker 4: the expensive ones?
17:58
Speaker 2: Yeah? Still like dude, my dude, why?
18:01
Speaker 1: Yeah.
18:02
Speaker 4: Anyway, I feel like everyone's money story is really unique,
18:04
Speaker 4: and we're going to take a really quick break, but
18:06
Speaker 4: when we return, we're going to get into more of
18:10
Speaker 4: the morally questionable questions, I guess because those were pretty vanilla.
18:13
Speaker 2: Yeah, like those didn't scare youable?
18:15
Speaker 3: Hold on.
18:20
Speaker 4: I have obviously saved the best ones for this part,
18:23
Speaker 4: and I'm really glad because some of them carry kind
18:25
Speaker 4: of a theme and it's I guess, comforting to know
18:28
Speaker 4: that our community are people that are just like us.
18:31
Speaker 4: I'm going to be really nice and ask this question,
18:34
Speaker 4: which I put in the other section of the show,
18:36
Speaker 4: so this is not morally questionable, but have you ever
18:38
Speaker 4: gotten money tips and tricks from clients and then been like,
18:41
Speaker 4: I'm going to use that in my everyday life.
18:43
Speaker 1: Yes, definitely. When I was starting out a mixture of
18:46
Speaker 1: clients and colleagues, I think is definitely kind of contributed
18:50
Speaker 1: to how I manage my money now. When moving to Everest,
18:53
Speaker 1: I hadn't really dealt with the younger client demographic before,
18:56
Speaker 1: so I think, like relating to people my own age,
18:59
Speaker 1: it's definitely kind of given me more ideas of how
19:03
Speaker 1: I can do things slightly different because they are similar
19:06
Speaker 1: age to me, going through similar life stage and everything
19:09
Speaker 1: like that.
19:09
Speaker 4: So I remember a client came in and you know,
19:12
Speaker 4: had heard of like points stacking before, and they were like, oh,
19:15
Speaker 4: v I've been point stacking here, here, and here, And
19:17
Speaker 4: I was like, wait, what like and I said to
19:19
Speaker 4: the client, I'm stealing that, like I'm going to replicate
19:22
Speaker 4: exactly that, and she's like.
19:23
Speaker 2: Oh, go ahead.
19:24
Speaker 4: It took me all this research to like work out
19:26
Speaker 4: which system goes here, in here, and now like it's
19:28
Speaker 4: my hyperfixation. Like I am like diving in on that
19:31
Speaker 4: and sharing it with the community. But I was like,
19:33
Speaker 4: my queen, you're a genius.
19:34
Speaker 1: Yeah, And like one of my clients. I remember when
19:36
Speaker 1: I first started it. Ever, she introduced me to shop Back.
19:39
Speaker 1: Oh yeah, and I was like, this is unreal.
19:42
Speaker 4: And so many people were like, oh v I thought
19:44
Speaker 4: shot Back was a scam. And I'm like, no, Queen, no,
19:47
Speaker 4: Like I don't know, like adore you shot Back and
19:50
Speaker 4: clearly I've worked with him in the past, but I'm like,
19:52
Speaker 4: something about your branding makes people think it's not legitimate.
19:56
Speaker 1: Yeah, but it is. Yeah, And like I.
19:58
Speaker 4: Get legit cash back and then I spend it on
20:01
Speaker 4: stuff that I don't need.
20:02
Speaker 2: It's fantastic.
20:03
Speaker 1: Yeah.
20:04
Speaker 4: I also want to ask, and this is like getting
20:06
Speaker 4: into the more spicy questions, what's the most unhinged or
20:10
Speaker 4: out there asset you've ever seen someone own that you've
20:13
Speaker 4: had to like plan around.
20:14
Speaker 1: Probably like collectibles such as artwork and vintage cars in
20:19
Speaker 1: people's super funds. Oh yeah, that's probably the most unhinged
20:23
Speaker 1: thing I've had to like kind of plan around. Otherwise,
20:30
Speaker 1: like a lot of kind of like, yeah, unlisted assets
20:33
Speaker 1: where they may have put some money into, like a
20:35
Speaker 1: friend's business or things like that, and that's like a
20:37
Speaker 1: non negotiable for them that they keep it.
20:39
Speaker 4: And you're like, this is a terrible idea. Barry's not
20:42
Speaker 4: even good at business, but okay.
20:44
Speaker 1: And like Barry's asked for another ten grand and you're
20:46
Speaker 1: going to give it to him.
20:46
Speaker 2: So it's like, and my dude, you're never going to
20:49
Speaker 2: see that money again. Let's plan for that.
20:51
Speaker 1: Yeah, So I think probably yeah, things like that. But yeah,
20:55
Speaker 1: I had a client previously who had, yes, some artwork
20:58
Speaker 1: and two vintage cars in they're super fund.
21:01
Speaker 2: Wow.
21:01
Speaker 1: So like the rules around that, and like the fact
21:05
Speaker 1: that it's in super so they can't use it personally
21:07
Speaker 1: and things like that. It's a very interesting conversation.
21:09
Speaker 4: Yeah, And I think people like this is like me
21:13
Speaker 4: just talking financial advice shop. I guess I think people
21:17
Speaker 4: don't realize that if it is in your super fund,
21:19
Speaker 4: you're not allowed to touch it.
21:21
Speaker 1: Yeah.
21:21
Speaker 4: And I remember a client making me and like I
21:25
Speaker 4: kept saying, I don't think this is a good idea,
21:27
Speaker 4: Like I don't think we should be putting this into
21:28
Speaker 4: your super fund, making me put a like wine collection
21:32
Speaker 4: and there were like lots of vintage wines and stuff
21:35
Speaker 4: in this collection, and I was like, cool, where do
21:37
Speaker 4: you keep it? They're like in my home And I
21:38
Speaker 4: said cool, do you drink any of it? And they're like, oh, no, no, no, no,
21:41
Speaker 4: we're like storing it. And I said, great, so we're
21:43
Speaker 4: storing it to sell it? Oh no, no, no, we're
21:45
Speaker 4: storing it and will open like this bottle on someone's
21:48
Speaker 4: twenty first birthday. And I was like, cool, that's not
21:50
Speaker 4: an investment, like and trying to talk down people. They're like, yeah,
21:54
Speaker 4: but it would be worth so much more and I'm like, yes,
21:57
Speaker 4: if you sell it, and if it's in an SMSF,
21:59
Speaker 4: like you can't touch it. And I think a lot
22:02
Speaker 4: of people will go, well, I could buy a house
22:04
Speaker 4: in my SMSF.
22:05
Speaker 2: Is that not a genius idea?
22:06
Speaker 1: Or holiday homes?
22:07
Speaker 4: Yeah, you can't use that asset, like not even one
22:11
Speaker 4: day per year.
22:12
Speaker 2: Are you allowed to go and use that asset? You
22:13
Speaker 2: can't even lease it to yourself.
22:15
Speaker 4: Yeah, And they go, hold on, that's not such a
22:17
Speaker 4: good idea, and you go, I know, yeah, I know.
22:20
Speaker 4: And it gets a little bit awkward because often people
22:23
Speaker 4: have like thought of these things in their heads and
22:26
Speaker 4: they're like, this is a genius idea, Daisy, so what
22:28
Speaker 4: we're going to do and you're like, yeah, so we're
22:30
Speaker 4: not allowed to do that. I'm sorry to burst your bubble.
22:33
Speaker 4: Do you find those conversations awkward or like okay.
22:36
Speaker 1: Now, initially I definitely did, but I think kind of
22:40
Speaker 1: explaining that, like this is not compliant. This is like
22:43
Speaker 1: you can get in a decent amount of trouble for this.
22:45
Speaker 1: It's kind of usually scares people off, but there's still
22:48
Speaker 1: certainly people that will go and do it without advice.
22:51
Speaker 1: But I think just educating people on the fact that
22:53
Speaker 1: they can't do it and why most people are usually
22:56
Speaker 1: turned off from that.
22:57
Speaker 4: Have you, and this is another community question. Have you
23:00
Speaker 4: ever told someone that they can't financially afford to have
23:03
Speaker 4: a baby?
23:04
Speaker 1: No, I haven't, so it's I have. Yeah, it's normally
23:08
Speaker 1: just around I suppose, like it depends on what stage
23:10
Speaker 1: they're are, so it depends like it's normally projecting out
23:13
Speaker 1: their cash flow of what it would look like, who's
23:15
Speaker 1: going to take time off work? Yeah, the costs associated
23:19
Speaker 1: with having a baby, so like even like things like
23:22
Speaker 1: car seat, checking out their nursery, all of that is
23:25
Speaker 1: so expensive. So it's not necessarily saying no, you can't
23:29
Speaker 1: afford to have a baby, but I think it's showing
23:31
Speaker 1: a position that they would be in if they did
23:33
Speaker 1: choose to have a baby.
23:34
Speaker 4: Maybe I was a more blunt financial advisor, like I
23:37
Speaker 4: would actually prefer to have you not me, because I
23:40
Speaker 4: remember sitting down with a client and do you know what,
23:42
Speaker 4: They were really financially focused, and the question was, can
23:45
Speaker 4: we afford to have a baby?
23:46
Speaker 1: Yeah?
23:46
Speaker 4: And I basically was like, well, if you put it
23:48
Speaker 4: like that, no, But if we stretch out the timelines
23:51
Speaker 4: and we're not talking about having that baby this year,
23:54
Speaker 4: then it becomes a little bit more feasible.
23:56
Speaker 2: But that's what you're paying us for exactly.
23:59
Speaker 1: You're not like so many times people will be in
24:01
Speaker 1: a deficit position whilst one of the parents is on
24:04
Speaker 1: parental leave, but planning for that and being like, cool,
24:07
Speaker 1: we need to keep x amount of your offset or
24:10
Speaker 1: your cash aside to get through those six months, twelve months,
24:14
Speaker 1: whatever the plan is. I think that's again an important
24:17
Speaker 1: conversation because then they can plan for that and then
24:20
Speaker 1: they know, cool, you know that we're going to have
24:22
Speaker 1: to put forty grand aside for that year. We've only
24:24
Speaker 1: got thirty grand in the bank. Let's like plan around
24:28
Speaker 1: when we're actually going to start trying to conceive.
24:30
Speaker 4: I feel like that was a loaded question, not from me,
24:32
Speaker 4: but from the community. Because they're like, oh, it's like
24:34
Speaker 4: and they didn't give me any nuance on that, right.
24:36
Speaker 4: But when you're like, oh, have you ever financially said
24:39
Speaker 4: you can't have a baby? Well yes, because I'm treating
24:41
Speaker 4: it like any other financial goal. Like my job is
24:44
Speaker 4: to make sure that you're financially secure and also be
24:46
Speaker 4: logical and reasonable. And sometimes we have to step back
24:50
Speaker 4: and be like, hey, cool, so this financial goal that
24:52
Speaker 4: you've had is not going to work on this timeline
24:54
Speaker 4: or it's going to look like this, and then in
24:56
Speaker 4: the future we need to do this to maintain it.
25:00
Speaker 4: Sometimes we do have to be the big bad wolf
25:02
Speaker 4: and be like hey, cool, so your idea it's not
25:04
Speaker 4: going to work in reality.
25:05
Speaker 1: Yeah, there's also like prioritizing as well as like cool, yeah,
25:08
Speaker 1: if you want to do have that child, then you
25:10
Speaker 1: can't go on holidays for the next two years or
25:12
Speaker 1: like it's again just having those compromising conversations with people
25:16
Speaker 1: to kind of show them like you can do this
25:19
Speaker 1: or this but not both.
25:20
Speaker 4: Yeah, all right, are dialing up the spicy levels. As
25:24
Speaker 4: an advisor, what are your thoughts on pre nups? So
25:28
Speaker 4: I love these I can see how uncomfortable she.
25:31
Speaker 1: Is I think they are definitely important conversation to have.
25:37
Speaker 1: So they're called bunny financial agreements here in Australia, So
25:41
Speaker 1: especially if someone's coming into the relationship with significantly more wealth,
25:46
Speaker 1: I think it's definitely a conversation that needs to be had.
25:49
Speaker 1: I've certainly had a few clients who have gone down
25:52
Speaker 1: the path after kind of having the conversation with me.
25:55
Speaker 1: I suppose it's then just going to the lawyer and
25:57
Speaker 1: understanding kind of how they hold up is really important
26:01
Speaker 1: because you can put a pre and up in place
26:05
Speaker 1: three years time, have.
26:06
Speaker 2: A child and everything's changed.
26:09
Speaker 1: Yeah, and then things change, and then I think people
26:12
Speaker 1: have this misconception that a prenup pool last twenty years,
26:16
Speaker 1: and that's certainly not the case because especially clients that
26:20
Speaker 1: we see their lives are changing so quickly that Yeah,
26:25
Speaker 1: I think it's more just educating people on like what
26:27
Speaker 1: actually a binding financial agreement is and how they hold up,
26:30
Speaker 1: and then instructing them on kind of what they then
26:34
Speaker 1: have to do to go see a lawyer and put
26:37
Speaker 1: it in place.
26:38
Speaker 4: Yeah, And I think that there's a misconception that a
26:40
Speaker 4: binding financial agreement in Australia is as strong as a
26:43
Speaker 4: prenup in America, and it's just not like if you
26:45
Speaker 4: sign a prenup in America, we are done.
26:47
Speaker 2: We are dusted.
26:48
Speaker 4: If you said I don't get any of her assets,
26:50
Speaker 4: well you're not getting any of her assets. We're in Australia.
26:53
Speaker 4: It can be contested in a court of law and
26:55
Speaker 4: things can change. And like, I just think from my
26:59
Speaker 4: personal perspective. And we've done a few episodes on binding
27:02
Speaker 4: financial agreements, which I would implore people to go and
27:05
Speaker 4: listen to. But it's about being on the same page, like, hey,
27:10
Speaker 4: this is my partner. If everything goes belly up, like
27:14
Speaker 4: what would we want the best for each other in
27:17
Speaker 4: And like if then the relationship dissolves, at least we
27:19
Speaker 4: can fall back on that being no you said, and
27:22
Speaker 4: then hopefully that's a really good base of conversation for
27:25
Speaker 4: splitting assets. It's not a nice conversation to have, though.
27:29
Speaker 4: Next question I've got, I've told you it was going
27:31
Speaker 4: to get spicy. Someone said, I'm waiting for my grandmother
27:36
Speaker 4: to die so that we inherit her property.
27:39
Speaker 2: What things would I need to put in place now?
27:41
Speaker 2: Tax wise?
27:42
Speaker 1: So it depends on kind of whether they're going to
27:45
Speaker 1: inherit the property one hundred percent where there's other people,
27:49
Speaker 1: other beneficiaries.
27:50
Speaker 2: Involved, Yeah, I've got questions.
27:53
Speaker 1: Yeah, and then whether they're going to inherit the actual property,
27:55
Speaker 1: whether it's going to be sold in the estate yep.
27:58
Speaker 1: So a lot of those things kind of then depend
28:00
Speaker 1: on how the tax treatment will will occur, because if
28:04
Speaker 1: they're going to sell the property in the estate, then
28:07
Speaker 1: the estate will deal with the tax consequences if any
28:10
Speaker 1: if like your grandmother's lived in it the whole time,
28:12
Speaker 1: there might be a different kind of tax concessions. Whereas
28:17
Speaker 1: if they are inheriting the property themselves, it would then
28:20
Speaker 1: depend on whether they're planning on living in it. Yeah,
28:23
Speaker 1: and like whether they have a spouse or a partner
28:26
Speaker 1: that they maybe don't want to get access to the
28:30
Speaker 1: property if they were to split up. So yeah, difficult one,
28:34
Speaker 1: but I think kind of yeah, it would depend a
28:37
Speaker 1: lot on whether you're going to keep the property or
28:38
Speaker 1: whether it's going to be sold. Yeah.
28:39
Speaker 4: And I mean, at the end of the day, spicy question,
28:43
Speaker 4: but I think that one's on a lot of people's minds,
28:46
Speaker 4: especially because there are so many conversations around and I've
28:49
Speaker 4: been saying on this podcast for like at least five
28:52
Speaker 4: years that we are about to experience in the next
28:56
Speaker 4: I think it's like two years now, Daisy terrifying wealth. Yeah,
28:59
Speaker 4: the biggest intergenerational transfer of wealth the entire world's ever seen. Yeah,
29:04
Speaker 4: and that unfortunately comes down to it being quite morbid.
29:08
Speaker 4: That means a lot of people are going to die
29:11
Speaker 4: and a lot of inheritances are going to happen, and
29:13
Speaker 4: a lot of that conversation is actually happening in the
29:15
Speaker 4: media and happening in Parliament at the moment. I mean,
29:17
Speaker 4: we've got that conversation about the seventeen percent inheritance tax.
29:22
Speaker 4: Have you got clients asking about that at the moment?
29:24
Speaker 1: Definitely? And unfortunately I have had a few clients at
29:28
Speaker 1: a young age that have received a fairly decent inheritance,
29:32
Speaker 1: which is obviously like an awful position to be in.
29:36
Speaker 1: But like they've there might be in their late twenties
29:39
Speaker 1: with kind of millions of dollars and that's so daunting
29:42
Speaker 1: as well when people are grieving and then they receive that.
29:46
Speaker 1: But yeah, the inheritance tax is a very interesting one.
29:49
Speaker 1: It's obviously something that we haven't had in Australia, and
29:53
Speaker 1: like there's definitely talks of bringing that in, so I
29:55
Speaker 1: think that'll definitely shift things with like the baby boomers generation,
30:00
Speaker 1: kind of maybe passing on wealth whilst they're still alive
30:04
Speaker 1: and things like that.
30:05
Speaker 4: Yeah, and I think it's also really important to point
30:08
Speaker 4: that out. I've mentioned this seventeen percent inheritance tax. It
30:11
Speaker 4: has not been legislated yet, so it's proposed, it was
30:14
Speaker 4: in the budget all of that fun stuff, but it
30:17
Speaker 4: hasn't been passed in parliament yet, so it's not a reality,
30:20
Speaker 4: but it's very close to becoming a reality, and it's
30:23
Speaker 4: something that we do need to consider. Have you had
30:26
Speaker 4: clients talking about, all right, well, what do we do instead?
30:28
Speaker 4: Should we be gifting things to our kids before we
30:31
Speaker 4: pass away, or like, is this a conversation that's not
30:34
Speaker 4: coming up yet.
30:35
Speaker 1: It's certainly a conversation that I've probably had even before
30:39
Speaker 1: this proposed inheritance tax came into play. So whether like,
30:43
Speaker 1: yet people cash out their super if they know that
30:46
Speaker 1: they're terminally ill and pass it on to their children
30:48
Speaker 1: or like, yeah, a lot of To be honest, a
30:50
Speaker 1: lot of clients like to pass on their wealth early
30:53
Speaker 1: because they like to see their beneficiaries benefit from it
30:56
Speaker 1: whilst they're still alive, which I think is really amazing.
30:59
Speaker 1: But I think it's good going to become more and
31:00
Speaker 1: more a conversation. And there's obviously so many technicalities around
31:05
Speaker 1: it as well, especially if like the older client is
31:09
Speaker 1: on Centralink and things like that, gifting can just cause
31:13
Speaker 1: a whole other realm of difficulties.
31:15
Speaker 4: Yeah, all right, what are some sneaky tips to put
31:19
Speaker 4: myself in the best financial position to break up with
31:22
Speaker 4: my husband?
31:22
Speaker 2: We have two kids.
31:23
Speaker 1: First things first, it would be kind of making sure
31:26
Speaker 1: that you do have your own savings accounts. So with
31:29
Speaker 1: all of our clients that are couples, we always recommend
31:32
Speaker 1: that they have a separate account that is just in
31:35
Speaker 1: their name. So whether they're happily married, going to live
31:38
Speaker 1: happily ever after forever like, that's still very very important.
31:43
Speaker 1: So I think it's kind of having that pot of
31:45
Speaker 1: money put aside is really important. Understanding kind of what
31:49
Speaker 1: your day to day expenses would look like if you
31:51
Speaker 1: did separate is also an important thing you need to
31:54
Speaker 1: take take into consideration. And then kind of a lot
31:59
Speaker 1: of clients I see, maybe naively don't know where they're
32:02
Speaker 1: standing from a financial position. As well. So kind of
32:05
Speaker 1: knowing exactly where the family finances are before you separate
32:09
Speaker 1: is also really important when you go through a financial
32:12
Speaker 1: separation divorce.
32:15
Speaker 2: This is really nosy.
32:17
Speaker 4: What's the largest portfolio size or net wealth that you
32:21
Speaker 4: or someone everest has ever managed?
32:23
Speaker 1: I had a lot of winner, just stop it. So
32:27
Speaker 1: they won sixty mil. They bought a new.
32:31
Speaker 2: Property, but I think I know who you're talking about.
32:34
Speaker 1: A relatively modest property, and then they invested the remainder.
32:39
Speaker 1: So yeah, that's probably the biggest. A lot of zero's
32:44
Speaker 1: in that account.
32:46
Speaker 4: And it would just be compounding over time, and because
32:48
Speaker 4: like they will be I'm assuming correct me if I'm wrong,
32:52
Speaker 4: that becomes an ongoing client. Like there's a lot of management,
32:55
Speaker 4: so you're just going to see them double that in
32:58
Speaker 4: the next ten years.
32:59
Speaker 1: Yeah, And like to be the wife in this situation,
33:02
Speaker 1: she just got so anxious about the level of money
33:06
Speaker 1: that's that's in their account. And to her, she wanted
33:10
Speaker 1: five grand a week in her bank account and that's
33:12
Speaker 1: all she cared about.
33:13
Speaker 4: I mean, slay, what like pervy, what are you doing
33:15
Speaker 4: with five What did she want five grand a week?
33:17
Speaker 1: So she goes on epic holidays oh slay. Yeah, she
33:22
Speaker 1: goes on epic holidays and yeah to her, like she's
33:26
Speaker 1: not materialistic at all, Like you would see them in
33:28
Speaker 1: the street and you would absolutely not know, which I
33:30
Speaker 1: think is awesome, Like I think that's so amazing. And
33:34
Speaker 1: when they initially won Lotter, it was like cool, like
33:36
Speaker 1: do you want to buy a new car? Like what
33:37
Speaker 1: is that look like? And they're like, nah, we're happy.
33:39
Speaker 2: Like it was just more like I love it.
33:41
Speaker 1: Yeah, just a crazy, crazy moment and yeah, a lot
33:45
Speaker 1: of zeros in that bank account.
33:46
Speaker 2: Yeah, that is very very cool.
33:48
Speaker 4: Another person have said, does Daisy feel really nosy about
33:52
Speaker 4: why parents don't divide their inheritance to kids evenly? Oh?
33:56
Speaker 2: Absolutely, if you see that what it's what you think.
34:01
Speaker 1: But like to me, it's also a discussion. It needs
34:03
Speaker 1: to be had because they need to realize that if
34:05
Speaker 1: you're giving like Victoria ten percent and Alex gets ninety, yeah,
34:11
Speaker 1: it's like it's like so what's like what's the relationship?
34:14
Speaker 1: They're like, why have you given Victoria more money over
34:17
Speaker 1: the past? Like this will needs to be documented properly
34:19
Speaker 1: as well, because.
34:21
Speaker 2: In Australia be contested.
34:22
Speaker 1: In Australia, anyone can contest anyone's will technically, like I
34:26
Speaker 1: can contest your will.
34:27
Speaker 2: As you should, Queen.
34:28
Speaker 1: Yes, absolutely, Steve So like, yeah, it's a conversation that
34:31
Speaker 1: needs to be had because people put it in place
34:33
Speaker 1: and they're like, oh, well, I haven't spoken to her
34:35
Speaker 1: in five years, and I'm like, cool, that doesn't mean
34:37
Speaker 1: that she's only going to get ten percent, Like yeah, so.
34:40
Speaker 4: I so you're not just thinking it, you're actually being like, okay, king,
34:44
Speaker 4: tell me why you're going to make that decision one.
34:45
Speaker 1: Hundred percent, because like otherwise I would hate like not
34:50
Speaker 1: being more boo like but they they're going to be dead,
34:53
Speaker 1: but like I would hate for them not to realize
34:55
Speaker 1: what's going to happen with their money as well, because
34:58
Speaker 1: like they need to make it again an edge decision
35:00
Speaker 1: on that.
35:01
Speaker 4: Well that your wishes, yeah, and your wishes aren't going
35:03
Speaker 4: to be granted if your structure isn't documented properly and
35:07
Speaker 4: actually set up properly. And have you ever been like
35:10
Speaker 4: to a client, No, I don't think that's a good
35:13
Speaker 4: idea when they're structuring something like that.
35:15
Speaker 1: Oh one hundred percent, yeah, one hundred percent. And like, unfortunately,
35:19
Speaker 1: I've had clients that maybe have children with like drug
35:22
Speaker 1: issues or gambling issues or alcohol issues, and some of
35:26
Speaker 1: the time they're like, cool, we're not going to give
35:28
Speaker 1: them as much, and I'm like, well, there's different structures
35:29
Speaker 1: that you can put in place that protect them, but
35:31
Speaker 1: it still means that they're going to get their fair
35:33
Speaker 1: share of the estate. So I think it's really trying
35:36
Speaker 1: to get to the bottom of why they're doing things
35:40
Speaker 1: is so important. And at the end of the day,
35:43
Speaker 1: it's their wishes, it's their money, and they can put
35:45
Speaker 1: what they want in their will, but knowing that it's
35:47
Speaker 1: highly likely going to be contested is kind of where
35:50
Speaker 1: my job sits.
35:51
Speaker 4: Yeah, And that was always my favorite part of the job,
35:55
Speaker 4: just being allowed to be pervy and ask the question.
35:58
Speaker 4: Maybe that's why it's given me the confidence now to
36:00
Speaker 4: be like oh, Like before I was like, oh, I
36:03
Speaker 4: don't know if I should have asked Daisy about what
36:05
Speaker 4: she's doing with her extra cash flow.
36:07
Speaker 2: But I'm always like, oh, yeah, what about this?
36:09
Speaker 4: Don't take me to brunch, Like don't because if you
36:12
Speaker 4: say I gotta pay rise, I'll be like, yeah, queen,
36:14
Speaker 4: what are you doing with it? And you'll be like,
36:16
Speaker 4: why are you asking me? But it's always just like
36:19
Speaker 4: the structure and how it works. And also I want
36:21
Speaker 4: to know the drama. I don't want to be involved
36:23
Speaker 4: in the drama, but I love knowing yours. Tell me
36:26
Speaker 4: about your cousin, what did she do?
36:28
Speaker 1: Like?
36:28
Speaker 2: And thank you.
36:29
Speaker 4: I'm going to go sleep in my bed at night
36:31
Speaker 4: knowing that that has nothing to do with me. What's
36:34
Speaker 4: the wildest thing you've seen someone purchase that you've thought
36:37
Speaker 4: was about idea?
36:38
Speaker 1: To be honest, probably cars, yeah, on finance? I like
36:43
Speaker 1: very expensive cars on finance. Either that or like boats? Yeah?
36:49
Speaker 1: Like probably the toys. Yeah, yeah, I agreed, that's probably
36:55
Speaker 1: the worst thing I've seen from a financial perspective.
36:58
Speaker 2: Yeah, absolutely.
36:59
Speaker 4: I I remember having a client they weren't mine, they
37:03
Speaker 4: were a client of the practice, purchased a Maserati for
37:08
Speaker 4: their mistress on finance.
37:10
Speaker 2: Dead dead. I was literally like, did that really happen?
37:14
Speaker 2: And it did? It did? I don't know what happened
37:18
Speaker 2: to them, but I wish them nothing but the best.
37:21
Speaker 4: Daisy, tell me what is the And this is like
37:25
Speaker 4: a positive one because I know that I don't have
37:27
Speaker 4: much time left with you.
37:28
Speaker 2: But what's the wildest success or money turnaround story? You've heard.
37:32
Speaker 1: I love this because I feel like I've had a few,
37:35
Speaker 1: so I think it's kind of people coming to me
37:38
Speaker 1: that are maybe in what they feel is like crippling
37:42
Speaker 1: personal loans, credit cards after pay. I have one client
37:48
Speaker 1: in particular that kind of comes to mind, and she'd
37:51
Speaker 1: broken up with her partner. He had got a car
37:54
Speaker 1: loan in her name because he was self employed and
37:57
Speaker 1: couldn't get finance. They'd broken up. It was a kind
38:01
Speaker 1: of a bit of a financial disaster. But we quickly
38:06
Speaker 1: put in place kind of a plan and a budget,
38:08
Speaker 1: and then I think within two years she had her
38:10
Speaker 1: deposit for a house or for an apartment stopped two years.
38:14
Speaker 1: Like that is epic, Like she like she seriously put
38:17
Speaker 1: the work in. She did. Yeah, like she seriously put
38:20
Speaker 1: the work in. I think it was like yet between
38:22
Speaker 1: two to three years she had a decent deposit to
38:25
Speaker 1: then go and buy her own place. But again, like
38:27
Speaker 1: that took really knuckling down. But she just came to
38:30
Speaker 1: me and yeah, and I was just like, cool, if
38:33
Speaker 1: you want to commit to this, this is what we
38:34
Speaker 1: need to do. And she stuck to it, like to
38:37
Speaker 1: the dollar, which I think is so awesome.
38:40
Speaker 4: Do you go home and tell your husband about cool clients.
38:43
Speaker 2: Oh absolutely, yeah, me too, don't worry. I'm like, oh yeah,
38:47
Speaker 2: quient A, Like he doesn't get.
38:49
Speaker 4: The name, but I'm like today, Oh my god, I
38:51
Speaker 4: remember going home and being like, I don't know if
38:53
Speaker 4: I can tell you this, but I'm just really proud.
38:55
Speaker 2: Yeah, so good. All right. Last question I've got.
38:59
Speaker 4: There are going to be some people listening to this
39:01
Speaker 4: who have wanted to get into the financial advice space.
39:04
Speaker 2: What advice would you give to an up and coming
39:07
Speaker 2: female advisor.
39:08
Speaker 1: I love this question. I love that they're thinking about
39:10
Speaker 1: coming into financial.
39:11
Speaker 2: Advice because I join us.
39:12
Speaker 5: Yeah.
39:13
Speaker 1: I think it's an underplayed industry. And how like in
39:16
Speaker 1: how much of a difference you can make to people's lives,
39:19
Speaker 1: Like if we can seriously change lives with kind of
39:21
Speaker 1: what we do. My advice for someone upcoming would be
39:25
Speaker 1: depending on what they're studying at university, so you do
39:28
Speaker 1: need a university degree. If they definitely know that they
39:31
Speaker 1: want to go and do financial planning, my number one
39:34
Speaker 1: recommendation would be to do a financial planning major because
39:37
Speaker 1: it then saves you a whole lot more study afterwards.
39:40
Speaker 2: Yeah, so that's what I had to do.
39:42
Speaker 4: I had to do a whole bridging course because I
39:44
Speaker 4: didn't do like a financial planning major.
39:47
Speaker 1: Yeah, one hundred percent of people going through accounting and
39:49
Speaker 1: finance thinking that they can kind of step into the
39:52
Speaker 1: financial planning profession, which unfortunately you can't. So yeah, depending
39:57
Speaker 1: on what they're doing at UNI, I would definitely recommend
39:59
Speaker 1: that financial planning major, and I would definitely like recommend
40:04
Speaker 1: that they do switch to that, and then if not
40:07
Speaker 1: they've already finished, you go and do your extra study,
40:10
Speaker 1: find a place that offers a really good grad program
40:13
Speaker 1: and like a really good professional year program. That's really
40:17
Speaker 1: important because you don't kind of want to start with
40:21
Speaker 1: a financial planning practice that maybe doesn't have those structures
40:24
Speaker 1: in place. I interview people all the time that have
40:27
Speaker 1: been promised something and then they maybe haven't fallen into
40:30
Speaker 1: it as they expected, So kind of really suss out
40:33
Speaker 1: where you want to work, make sure they have good
40:36
Speaker 1: structures in place to kind of help you progress in
40:38
Speaker 1: your career as well.
40:39
Speaker 2: Am I allowed to add to that absolutely.
40:41
Speaker 4: The other thing I would say is, if you are studying,
40:44
Speaker 4: try to get like a part time job in the industry.
40:48
Speaker 4: So even if that is as a receptionist for a
40:50
Speaker 4: financial advice practice, or you know, doing data entry or
40:54
Speaker 4: something that you're like, oh, I'm not that keen. It
40:57
Speaker 4: will give you the exposure to the industry. And Daisy,
41:00
Speaker 4: you've probably looked at so many resumes. You see that
41:03
Speaker 4: and you're like, oh, they know the workings of a practice,
41:05
Speaker 4: they know how that works, and it's going to put
41:07
Speaker 4: you in a much better position than had you just
41:10
Speaker 4: done their retail job. At the same time, I know
41:12
Speaker 4: it's probably harder to get, but like you can see
41:15
Speaker 4: the hustle and the commitment early d percent.
41:17
Speaker 1: Yeah, that's exactly what I did, And to be honest,
41:19
Speaker 1: it made studying so much easier because I knew that
41:23
Speaker 1: I was studying for something that I enjoyed and I
41:26
Speaker 1: was doing on a day to day basis. Albeit I
41:28
Speaker 1: wasn't obviously a financial advisor or even in a social
41:31
Speaker 1: advisor at that point. But yeah, being in a practice
41:34
Speaker 1: is really important. And as you said, like even if
41:37
Speaker 1: it is data and true or maybe a receptionist role
41:39
Speaker 1: that you don't want to do, I think kind of
41:41
Speaker 1: being around hearing, hearing the like the day to day dealings,
41:47
Speaker 1: like all of our employees get to sit in meetings
41:50
Speaker 1: if they want to just to kind of learn and
41:52
Speaker 1: actually experience what we do for clients. And I think
41:56
Speaker 1: pretty quickly you will know financial plannings for you or not.
41:59
Speaker 4: Yeah, one hundred percent, and Daisy, thank you so much
42:02
Speaker 4: for doing our I guess did dive into our DMS today.
42:05
Speaker 4: I've literally had so much fun chatting with you, and
42:07
Speaker 4: I'm so sad that we're running out of time.
42:08
Speaker 2: I feel like we've had.
42:10
Speaker 4: Some very varied but also very real concerns from our community,
42:13
Speaker 4: and it is good to know that they are in
42:15
Speaker 4: very trusted hands. And look, if any of these questions
42:18
Speaker 4: resonate with you, maybe they did because they were your questions.
42:21
Speaker 4: Give everest Wealth a call and see if they can
42:23
Speaker 4: help you navigate your finances with more confidence. We'll make
42:26
Speaker 4: sure to add any helpful links and mentions made through
42:29
Speaker 4: out the episode into the show notes to make sure
42:32
Speaker 4: that you guys can lurk on them later. Until then,
42:34
Speaker 4: my friends, obviously, what I want you to do is
42:37
Speaker 4: review this episode if you enjoyed it, and stay subscribed
42:40
Speaker 4: so that you don't miss a beat.
42:41
Speaker 2: Daisy, thank you.
42:42
Speaker 4: So much for joining us and my friends. I will
42:44
Speaker 4: see you on Friday.
42:45
Speaker 1: Thanks for having me.
42:50
Speaker 4: The advice shared on She's on the Money is general
42:53
Speaker 4: in nature and does not consider your individual circumstances. She's
42:57
Speaker 4: on the Money exists purely for educational purposes and should
43:00
Speaker 4: not be relied upon to make an investment or financial decision.
43:04
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