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What to Expect When Meeting a Financial Advisor · She's On The Money

0:00
Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud yr
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Speaker 1: the Order Kerni Whoalbury and a waddery woman. And before
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Speaker 1: we get started on She's on the Money podcast, I
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Speaker 1: would like to acknowledge the traditional custodians of the land
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Speaker 1: of which this podcast is recorded on a wondery country,
0:18
Speaker 1: acknowledging the elders, the ancestors and the next generation coming through.
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Speaker 1: As this podcast is about connecting, empowering, knowledge sharing and
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Speaker 1: the storytelling of you to make a difference for today
0:31
Speaker 1: and lasting impact for tomorrow.
0:33
Speaker 2: Let's get into it.
0:34
Speaker 3: She's on the Money, She's on the Money.
0:58
Speaker 2: Hello, and welcome to She's on the Money, the podcast
1:01
Speaker 2: for millennials who want financial freedom. This week, I have
1:05
Speaker 2: a very special guest. She's not only a friend of mine,
1:08
Speaker 2: but she is one of the financial advisors at Everest Wealth.
1:11
Speaker 2: Daisy Major, Welcome to the show.
1:14
Speaker 4: Thanks so much for having me. I'm very excited.
1:16
Speaker 2: I am so excited about this. Obviously, as an ex
1:19
Speaker 2: financial advisor and you're a financial advisor. I think we
1:23
Speaker 2: could talk all day, and we often honestly do. For
1:26
Speaker 2: those of you playing along at home who might not
1:28
Speaker 2: have heard of everest Wealth. They are one of my
1:30
Speaker 2: like she's on the money Partners, Like our community go
1:33
Speaker 2: to you guys all the time. They rave about you
1:35
Speaker 2: and see. When I was thinking, oh, what would be
1:37
Speaker 2: a cool episode, I was like, actually, I want to
1:40
Speaker 2: talk about what to expect when talking to a financial advisor,
1:43
Speaker 2: but like, let's drag a current financial advisor on the show.
1:46
Speaker 2: And you obviously were the first person I thought of. So, Daisy,
1:50
Speaker 2: we've been getting heaps of questions recently from the community.
1:53
Speaker 2: Everyone's kind of like getting their financial life together, going
1:56
Speaker 2: should I see an advisor? Shouldn't I see an advisor?
2:00
Speaker 2: And I thought it would be a really cool episode
2:02
Speaker 2: to go, all right, well, this is what you can
2:04
Speaker 2: actually expect when you book in with a financial advisor,
2:08
Speaker 2: or even just having a chat about what it's like
2:11
Speaker 2: to talk to an advisor. And so I think it's
2:14
Speaker 2: one of those things that can be really daunting, but
2:17
Speaker 2: advisors are people like you and I, Daisy, and we're
2:19
Speaker 2: not that scary. So can you tell me a little
2:22
Speaker 2: bit about yourself first before we dive into this not
2:25
Speaker 2: so overwhelming conversation about what it's like to talk to
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Speaker 2: a financial advisor?
2:30
Speaker 4: Yeah. Absolutely. So, I'm Daisy. I'm the operating officer here
2:34
Speaker 4: at Everestwelth, but I'm also one of the financial advisors here.
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Speaker 2: You big dog. Yeah okay, yes, well you.
2:40
Speaker 4: Could say that.
2:42
Speaker 1: Yeah.
2:42
Speaker 4: So I've been with Everestwelth for three years now, but
2:45
Speaker 4: I've been in the financial planning industry for most a
2:47
Speaker 4: decade now, So yeah, I just love dealing with people
2:51
Speaker 4: that are reaching out for advice for the first time
2:54
Speaker 4: and trying to make the conversations a lot less daunting
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Speaker 4: because there is that stigma around that. Yeah, financial advice
3:01
Speaker 4: is really daunting, especially when you're looking at it for
3:03
Speaker 4: the first time.
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Speaker 2: It can be really overwhelming. So let's just dive straight
3:07
Speaker 2: into it. Daisy, when do you think people should actually
3:10
Speaker 2: chat to a financial advisor.
3:12
Speaker 4: I think there's a really big misconception that people need
3:16
Speaker 4: to wait until they're older or they have a large
3:18
Speaker 4: amount of assets behind them when they go to see
3:22
Speaker 4: a financial advisor for the first time, Whereas I don't
3:24
Speaker 4: really believe in that. I believe that kind of setting
3:27
Speaker 4: yourself up younger, going to see a financial advisor before
3:30
Speaker 4: you make any big life decisions like buying a property,
3:34
Speaker 4: upgrading your property, planning to start a family where you
3:37
Speaker 4: might be going down to kind of one income for
3:39
Speaker 4: a period of time, or we see a big amount
3:42
Speaker 4: of people that wanting to make us switch in their
3:44
Speaker 4: career and just wanting to make sure that they're setting
3:46
Speaker 4: themselves up for the first time. So yeah, there's a
3:48
Speaker 4: big misconception about when you should see a financial advisor,
3:51
Speaker 4: but I believe kind of the younger the better.
3:53
Speaker 2: I agree. It's actually why I started Cheese on the
3:55
Speaker 2: Money because all of my clients were much older, and
3:59
Speaker 2: I just to remember thinking like this information is so
4:02
Speaker 2: much more powerful for younger people because obviously confound interest
4:06
Speaker 2: comes into the equation, and the more time you have
4:08
Speaker 2: on your side, the better. And then on top of
4:11
Speaker 2: that you're talking about big life events. I think even
4:14
Speaker 2: just getting a job for the first time is a
4:16
Speaker 2: really good trigger point to actually set your insurances up
4:18
Speaker 2: and you know, start talking about a budget and cash
4:21
Speaker 2: flow plan, because this isn't stuff that we automatically learned
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Speaker 2: at school to put ourselves in the best possible position.
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Speaker 2: And I think it's one of the I guess first
4:30
Speaker 2: problems in our community, even just Australia, that people assume
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Speaker 2: you need to be like a multi millionaire to talk
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Speaker 2: to a financial advisor. And let's be blunt here too.
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Speaker 2: We're not trying to say, oh, it's super cheap, just
4:43
Speaker 2: go when you get your first job, Like it can
4:45
Speaker 2: be pricey, but it's an investment and you don't need
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Speaker 2: to be a millionaire to seek advice. Daisy, what is
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Speaker 2: the demographic of clients that you see coming through Everest Wealth?
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Speaker 2: And I guess what do you see as their main needs?
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Speaker 2: Like what are they asking you?
5:00
Speaker 4: Yeah, so we're probably different to what I would say
5:03
Speaker 4: is just stereotypical financial advice for herm in Australia.
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Speaker 2: That's why we work together, Daisy.
5:08
Speaker 4: Yeah, we deal with mainly kind of gen z gen
5:12
Speaker 4: y millennial clients. Probably about three quarters of our clients
5:16
Speaker 4: are actual single females because they seem to kind of
5:19
Speaker 4: be more in touch with their finances. Say, I'm making
5:22
Speaker 4: a bit of a.
5:22
Speaker 2: Sweeping statement, but it's true, and I mean, like, let's
5:26
Speaker 2: be honest. I talk about you guys all the time.
5:29
Speaker 2: Anytime anyone dms me and says, hey do you know
5:31
Speaker 2: a financial advisor, I'm like, so have you met Daisy?
5:35
Speaker 2: Have you spoken to Everest Wealth? Like their team are
5:37
Speaker 2: really good, so I'm not surprised to hear that.
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Speaker 4: Yeah, a lot of them are young professional females as
5:43
Speaker 4: you said, like kind of either left study or in
5:46
Speaker 4: their first full time job and it just really wanting
5:49
Speaker 4: to set themselves up. So majority of the advice we
5:53
Speaker 4: provide is what we call full holistic advice. So people
5:57
Speaker 4: come to us and they don't just really want to
5:59
Speaker 4: help in one area. They kind of want help and
6:02
Speaker 4: a health check over their whole financial situation. There may
6:06
Speaker 4: needs and normally what to do with their money, whether
6:09
Speaker 4: it's starting a small investment. A lot of people want
6:11
Speaker 4: to know whether they should put more money into super
6:15
Speaker 4: how much they're going to need for a house deposit,
6:17
Speaker 4: things like that. So they probably fall into kind of
6:20
Speaker 4: three categories when they come to see us, and it's
6:23
Speaker 4: either they have no idea where to start and it's
6:26
Speaker 4: just super overwhelming, or they've started and they know that
6:29
Speaker 4: they just need some improvements with a few things. Or
6:32
Speaker 4: we have a few clients that come to us and
6:35
Speaker 4: they've kind of set themselves up really well and they
6:38
Speaker 4: just want someone to double check what they've done. So, yeah,
6:41
Speaker 4: there's kind of three key clients that we normally see.
6:44
Speaker 2: I'm glad that you pointed out that you're holistic and
6:46
Speaker 2: not to talk about another brand. This isn't like a
6:48
Speaker 2: sponsored podcast. Just if anyone's wondering, this is literally me
6:51
Speaker 2: being like, I love Daisy, she should come on my show.
6:54
Speaker 2: We recently had Phil Thompson on the show, who is
6:57
Speaker 2: the director and CEO of Sky Wealth, and Idore feel
7:01
Speaker 2: I know you guys know phel because like, at the
7:03
Speaker 2: end of the day, the financial advice industry with our
7:07
Speaker 2: demographic is very niche I feel like I know every
7:10
Speaker 2: advisor my age. You would too, and it kind of
7:13
Speaker 2: becomes not competition because I think a lot of us
7:16
Speaker 2: look at it and go wow, like eighty percent of
7:19
Speaker 2: Australians do not get advice, you know. And this is
7:22
Speaker 2: just me speaking completely like roguely. I suppose a lot
7:25
Speaker 2: of the time when I used to get new clients,
7:27
Speaker 2: and I'm assuming that you guys are the same. We're
7:30
Speaker 2: not talking to people who are leaving their advisor. We're
7:32
Speaker 2: actually just talking to people who have never had advice before.
7:36
Speaker 2: So when you talk to other advisors, it's not like
7:38
Speaker 2: competition per se. You're kind of like, oh you do
7:41
Speaker 2: you I'll do me. And one thing that I used
7:43
Speaker 2: to say in my business was I know I can't
7:46
Speaker 2: be everything to everybody, and I knew that by trying
7:50
Speaker 2: to be, it would dilute my value. And I was
7:52
Speaker 2: the same as you. I was a holistic financial adviser,
7:55
Speaker 2: and I'd be like, well, if you come to me
7:57
Speaker 2: and you just say you want insurances, like, I'm not
7:59
Speaker 2: that keen because I'm really obsessed with wealth creation and
8:02
Speaker 2: budgeting and cash flow and making sure like your big
8:05
Speaker 2: picture is sorted out, Whereas you guys are holistic and
8:09
Speaker 2: you would say no to a client that was like
8:11
Speaker 2: I just want to do insurance or I just want
8:13
Speaker 2: this like top tip or whatever it is, whereas Phil
8:15
Speaker 2: he just does insurances. And I think it's important to
8:18
Speaker 2: point that out because some people might be thinking do
8:21
Speaker 2: they have an advisor on the show recently, and it's like, well, yes,
8:23
Speaker 2: but we're all for different things. And I think that's
8:26
Speaker 2: where you need to understand as an individual, well what
8:30
Speaker 2: am I looking for and sitting down before seeing an
8:33
Speaker 2: advisor and thinking well, if I go see an advisor,
8:36
Speaker 2: what's my bucket list? Because I think a lot of
8:38
Speaker 2: people immediately go oh, I might actually really want a
8:41
Speaker 2: female advisor, or they might say, you know, I really
8:44
Speaker 2: want to just feel more confident. But we actually have
8:46
Speaker 2: to think about, like do you want to go see
8:48
Speaker 2: an advisor who's going to look at your entire situation
8:52
Speaker 2: or are you just at a point in time where
8:53
Speaker 2: you're like, just sort out my insurances, please don't try
8:55
Speaker 2: and talk to me about everything else, Like I don't
8:58
Speaker 2: have that interest. So I think it's good that you're
9:00
Speaker 2: pointing that out, because when I tell people about you,
9:04
Speaker 2: before I tell them about you, I'm always like, what
9:06
Speaker 2: are you looking for? Like how can I align this properly?
9:09
Speaker 2: Because it's a waste of the client's time, Like you
9:12
Speaker 2: could fall in love with Daisy, but then also go
9:15
Speaker 2: all right, well, I actually only wanted one thing from her,
9:17
Speaker 2: and it's not gonna work, Like it's a working relationship.
9:21
Speaker 2: And when you get a new advisor, you're getting one
9:24
Speaker 2: I would hope for life, Like you're getting one that's
9:27
Speaker 2: gonna hold your hand now and set everything up. You
9:29
Speaker 2: gonna check in with them and like, you know, go
9:31
Speaker 2: on the journey. Like that was my favorite part. Daisy.
9:34
Speaker 2: I don't know if you love this too, but like
9:36
Speaker 2: I would get so excited when clients would come to
9:38
Speaker 2: me and be like, so we just got engaged, and
9:40
Speaker 2: I'd be like, I feel part of this because I
9:42
Speaker 2: knew that your partner was saving on the side, or
9:44
Speaker 2: oh my god, you're having a baby, or you.
9:46
Speaker 5: Know what I mean.
9:47
Speaker 2: It's like, you get to go on this beautiful journey
9:49
Speaker 2: with your client. So I'm obsessed with it. But I
9:51
Speaker 2: do think that there is I guess, a very big
9:55
Speaker 2: stereotype that you need to fit into one certain mold.
9:58
Speaker 2: But as I'm saying, it's not the case. They're actually
10:01
Speaker 2: different types of people, and there are also different types
10:03
Speaker 2: of advisors. Another common question we seem to get is
10:06
Speaker 2: like what is the actual structure advice? Like can people
10:10
Speaker 2: just go in and see you one time, daisy to
10:13
Speaker 2: get set up and run away, or do I have
10:14
Speaker 2: to pay for this every single month for the rest
10:16
Speaker 2: of my life? Like what does that usually look like
10:20
Speaker 2: for you?
10:20
Speaker 4: Yeah, again, it's a very very common question that we
10:23
Speaker 4: get as well. So again we're probably a little bit
10:26
Speaker 4: different to your normal stereotypical advice firm where it's not
10:30
Speaker 4: compulsory that you're an ongoing, fee paying client with us.
10:34
Speaker 4: So what that means is that a large number of
10:36
Speaker 4: our clients come to see us. They'll pay us for
10:38
Speaker 4: the initial advice, which is normally a two to three
10:41
Speaker 4: month process, and then they're happy to take the reins
10:45
Speaker 4: because they're educated. They understand why we've done certain things,
10:49
Speaker 4: the changes that we've made, and they're happy to handle
10:52
Speaker 4: it themselves for the next few years. And then, as
10:54
Speaker 4: you said, most of them come back when yeah, they're
10:57
Speaker 4: either fall and pregnant, about to get married, read or
11:00
Speaker 4: they've got this other awesome significant life event that they're
11:04
Speaker 4: about to conquer, and they just want to check in
11:06
Speaker 4: again and say, all right, now this has changed slightly.
11:09
Speaker 4: Can we just have a bit of a refresh. Yeah.
11:11
Speaker 2: It's such an old school mentality to go all right, well,
11:15
Speaker 2: you have to get advice from me, but I can
11:17
Speaker 2: only give you advice if you sign this contract and
11:20
Speaker 2: you're an ongoing client and you have to spend you know,
11:22
Speaker 2: five thousand dollars a year with me, Like it just
11:25
Speaker 2: doesn't work for twenty twenty four. And I think that's
11:27
Speaker 2: one of the things I really like about you guys.
11:29
Speaker 2: You're like a bit more realistic about you know, a
11:31
Speaker 2: lot of people in our community come to you they
11:33
Speaker 2: get their advice, they go away. You're right, they'll come
11:35
Speaker 2: back in a couple of years. But you don't have
11:37
Speaker 2: to lose that relationship either. Like I don't forget this
11:41
Speaker 2: statement of advice that took me hours and hours and
11:43
Speaker 2: hours to do. I don't forget about that relationship with fostered.
11:46
Speaker 2: So when you do check back in, I'm like, oh
11:48
Speaker 2: my gosh, yes, how are you? Like, how's life? It's
11:51
Speaker 2: still with that boyfriend, Like it can still be that
11:54
Speaker 2: quote ongoing relationship, but without any level of financial commitment.
11:58
Speaker 4: Yeah, And we just feel like the demographic of clients
12:01
Speaker 4: that we deal with, you're not going to gain too
12:04
Speaker 4: much by being an ongoing client. I mean, we certainly
12:07
Speaker 4: do have ongoing clients, and they usually have a bit
12:10
Speaker 4: more of a complex structure or things like that, or
12:12
Speaker 4: they do want their handheld, which is fine and we
12:15
Speaker 4: definitely do offer that service, But majority of our clients
12:19
Speaker 4: they're happy just to take the reins come back.
12:23
Speaker 1: Yeah.
12:23
Speaker 2: I feel like it's realistic. And one thing that I
12:26
Speaker 2: used to see in my old business going back on
12:29
Speaker 2: it again, apologies, is I would sometimes if I was
12:33
Speaker 2: ever seeing somebody who already had an advisor one I'd
12:37
Speaker 2: be like, what has gone wrong here, because it's not
12:40
Speaker 2: common for people to leave their advisors once they're comfortable,
12:43
Speaker 2: like you're not going to pay for advice from somebody
12:45
Speaker 2: that you're like, oh, I don't know if for like Daisy,
12:47
Speaker 2: but when they did come, it was often a problem
12:50
Speaker 2: about ongoing fees and them not feeling like they got
12:52
Speaker 2: value or they're check in and they weren't getting the
12:55
Speaker 2: service that they expected and would come to go is
12:58
Speaker 2: this right? Is this not right? Like I kind of
13:01
Speaker 2: want to not pay five grand a year or whatever
13:04
Speaker 2: it was they were paying per year, because it feels
13:06
Speaker 2: like a waste, like you could definitely be investing that.
13:08
Speaker 2: And I think that that's where it's kind of powerful.
13:10
Speaker 2: You guys go all right, well we'll do one sort
13:12
Speaker 2: of advice. Please don't pay us thousands of dollars a year.
13:16
Speaker 2: Go invest that, and at some point you might end
13:18
Speaker 2: up coming back and being an ongoing client when you
13:20
Speaker 2: are a bit bigger. So I feel like it's such
13:23
Speaker 2: a more flexible and to be honest kind process, Like
13:26
Speaker 2: there's no bullshit, Daisy. It just makes sense.
13:29
Speaker 4: Absolutely, And like I always like to say, like you're
13:31
Speaker 4: not locked in to Everest Wealth. So like a lot
13:34
Speaker 4: of people also have the misconception that we're going to
13:36
Speaker 4: put you in Everest Wealth products, which absolutely isn't the case.
13:40
Speaker 2: It's not a thing anymore, is it.
13:41
Speaker 4: But people still have that misconception that I'm going to
13:45
Speaker 4: have to see Everest for the rest of my life,
13:47
Speaker 4: which we hope you do.
13:48
Speaker 2: But yeah, because you're cool, but like, it's not because
13:50
Speaker 2: we locked you in. In fact, I really shied away
13:53
Speaker 2: from having any Zella products when I was working as
13:57
Speaker 2: an advisor because I wanted that clarity to be able
14:00
Speaker 2: to say to clients, by the way, if you decide
14:02
Speaker 2: you don't want to work with me, like you just don't.
14:04
Speaker 2: You don't have to sell down your assets, you don't
14:06
Speaker 2: have to change anything, Like there's no lock and key,
14:10
Speaker 2: Like it's a choice that you have. And I think
14:12
Speaker 2: that a lot of my clients really appreciated that. They'd
14:15
Speaker 2: be like, oh, I actually didn't realize that that might
14:17
Speaker 2: be a thing, and I'd be like, yep, like if
14:19
Speaker 2: you go with some other advisors, like just make sure
14:22
Speaker 2: that you're not being locked into one of their specific products.
14:25
Speaker 2: But it's now twenty twenty four, guys like that does
14:27
Speaker 2: not happen that often. But if you consult your dad
14:30
Speaker 2: before you go see a financial advisor, he might warn
14:32
Speaker 2: you and be like, ooh, they might sell your trees, Daisy.
14:36
Speaker 2: So let's go to a really quick break, because I
14:39
Speaker 2: feel like that is actually a lot to take in,
14:40
Speaker 2: especially if this is the first time that you've heard
14:42
Speaker 2: about the advice process. And when we come back, we're
14:45
Speaker 2: going to have a chat about what financial advice actually
14:48
Speaker 2: looks like. So stick around, all right, team, We are
14:55
Speaker 2: back with Daisy from Everest Wealth and we've been chatting
14:57
Speaker 2: a bit about how financial advice looks different for us everybody,
15:00
Speaker 2: and guidance on where people should think about getting advice.
15:03
Speaker 2: But let's get stuck into a little bit more of
15:05
Speaker 2: the nitty gritty. Let's say someone from our community books
15:09
Speaker 2: in with you for the very first time. What does
15:11
Speaker 2: that phone call look like? So they've booked a time
15:13
Speaker 2: online and in their calendar there is Daisy from every
15:15
Speaker 2: is Wealthy is going to call me to eleven am.
15:17
Speaker 2: What then happens?
15:18
Speaker 4: Yeah, so we do these initial ten minute intrue calls,
15:22
Speaker 4: but they normally end up being a lot longer than that,
15:24
Speaker 4: just to kind of check in. See exactly why you're
15:27
Speaker 4: reaching out for advice, so what's prompted it, as well
15:31
Speaker 4: as a little bit more about your financial situation, so
15:34
Speaker 4: we'll discuss what assets you have, if you have any
15:38
Speaker 4: credit cards after pay, any other liabilities, So we'll kind
15:42
Speaker 4: of get a bit more information about exactly what your
15:45
Speaker 4: situation looks like, just to make sure that we definitely
15:47
Speaker 4: can help you, because if we don't want to book
15:49
Speaker 4: you in for an initial meeting, you have that meeting
15:51
Speaker 4: and realize that we can't help you.
15:54
Speaker 2: Yeah, And I feel like that's important because sometimes people
15:57
Speaker 2: think they need an advisor and what they actually need
16:00
Speaker 2: is something quite different. And it's nice to be able
16:02
Speaker 2: to just say to someone, hey, I know that you
16:04
Speaker 2: thought an advisor might be it, and I can totally
16:06
Speaker 2: still progress this if this is what you really want,
16:08
Speaker 2: but I think you'd be better off seeing expert ABC
16:12
Speaker 2: or D. And honestly, that can be quite liberating because
16:15
Speaker 2: then the client's like, oh, thank you for the clarity,
16:17
Speaker 2: Like I actually had no idea what my next steps were. Yeah.
16:19
Speaker 4: So big one that we see is that they maybe
16:22
Speaker 4: need an accountant or will go see a mortgage broker,
16:24
Speaker 4: and they kind of think that we can help in
16:26
Speaker 4: those areas. So yeah, as you said, people really like
16:29
Speaker 4: the honesty. They like that we can say, look, we
16:32
Speaker 4: definitely can help you, but for why you've reached out,
16:35
Speaker 4: maybe you need to go see XYZ instead.
16:37
Speaker 2: Yeah, and then once you've sorted that out, you can
16:39
Speaker 2: come back if you want financial advice. I'd love to
16:41
Speaker 2: talk to you, Like sometimes I used to get the
16:44
Speaker 2: same thing when I didn't offer mortgage broking. So I
16:47
Speaker 2: now have my own mortgage broking practice, which is fun,
16:49
Speaker 2: But when I didn't have it, people be like, yeah,
16:51
Speaker 2: I really want to buy my first home, like I've
16:53
Speaker 2: got the deposit, I've got this, I've got that, And
16:54
Speaker 2: I'd be like, that's fantastic, and I'm so proud of you.
16:58
Speaker 2: But I don't want to give you financial advice until
17:00
Speaker 2: we know what that looks like, because you've said you're
17:01
Speaker 2: locked and loaded on buying that house, and I'm going
17:04
Speaker 2: to be more constructive for you once you have that
17:07
Speaker 2: asset lined up and we know if you've spent five
17:09
Speaker 2: hundred thousand or six hundred thousand dollars, because it's going
17:11
Speaker 2: to change your entire financial position, and I would like
17:15
Speaker 2: to work it out after and they always like, thank
17:17
Speaker 2: you so much for not wasting my time, and you
17:19
Speaker 2: don't want to because you end up with a client
17:21
Speaker 2: who won't come back or doesn't trust you, and that's
17:24
Speaker 2: not what we're looking for.
17:26
Speaker 4: Yeah. Absolutely, So we kind of in that initial phone
17:29
Speaker 4: call just make sure that we definitely can help, and
17:32
Speaker 4: then answer any initial questions that people may have about
17:36
Speaker 4: Everest or financial planning in general, because again, some of
17:40
Speaker 4: these questions that we've been through are ones that do
17:42
Speaker 4: come up quite regularly. And then we kind of briefly
17:46
Speaker 4: take you through our process if you did want to
17:48
Speaker 4: book in an initial meeting from there, just so that
17:51
Speaker 4: you do know what to expect, what to bring to
17:53
Speaker 4: meetings and things like that, and then yeah, if you're
17:57
Speaker 4: happy with everything, then we'll book you in with it
17:59
Speaker 4: for an initial meeting on that call as well.
18:01
Speaker 2: So what happens, Like, let's say I get to the
18:03
Speaker 2: end and I'm like, yep, days is my girl. I
18:05
Speaker 2: want to go and get advice from her. What does
18:08
Speaker 2: it look like from there?
18:09
Speaker 4: Yeah, so I suppose every financial planning practice is a
18:12
Speaker 4: little bit different. So this is just how Everest Wealth works.
18:15
Speaker 4: So we'll book you in for an obligation free and
18:18
Speaker 4: cost free initial meeting, which is normally about an hour,
18:22
Speaker 4: hour and a half of your time. In this meeting,
18:25
Speaker 4: we run you through all the areas of financial advice
18:29
Speaker 4: where we believe we can help you, take you through
18:31
Speaker 4: the steps that we look at when we're analyzing each
18:34
Speaker 4: area of advice, take you through our process from there,
18:38
Speaker 4: and our fees at the end of that meeting.
18:40
Speaker 2: Yeah.
18:41
Speaker 4: So at the end of that meeting, you walk out knowing, Okay,
18:44
Speaker 4: Daisy can help me with my insurance, she can help
18:47
Speaker 4: me with my cash flow, she can help me with
18:49
Speaker 4: my investment, and it's going to cost me this much.
18:52
Speaker 2: Yeah, because it's different for everybody. I think sometimes people
18:54
Speaker 2: ask the question of like what does advice cost, and
18:57
Speaker 2: you're like, well, how long's a piece of string? Like
18:59
Speaker 2: it can be really simple, it could be more complex,
19:01
Speaker 2: like I don't know what your situation is. I want
19:03
Speaker 2: to flip back for a hot second, though, because you
19:06
Speaker 2: said yours is obligation free, which is really nice, Like
19:09
Speaker 2: it's a free conversation because obviously you've got an expectation
19:13
Speaker 2: that the client's probably going to be pretty happy at
19:15
Speaker 2: that point because you've already done an initial meeting, but
19:18
Speaker 2: I want to address it here because some people would
19:20
Speaker 2: have inquired with just another financial advisor, which is fine
19:22
Speaker 2: because at the end of the day, I think we
19:24
Speaker 2: all believe in this industry. I actually don't care who
19:26
Speaker 2: you go to, like as long as you're getting advice
19:29
Speaker 2: and setting yourself up for financial success, like that's what
19:32
Speaker 2: we want, Like I just want people to be financially free.
19:35
Speaker 2: But some people might find that that session is actually
19:38
Speaker 2: a paid session, So yours is free. But Daisy, why
19:41
Speaker 2: are some people charge and some people don't? And is
19:43
Speaker 2: that a scam?
19:44
Speaker 4: I definitely wouldn't say it's a scam. I mean, it
19:47
Speaker 4: still is time out about a day that we need
19:49
Speaker 4: to sit down and explain to you. So obviously, yeah,
19:52
Speaker 4: we're a business. We do somewhat need to make money,
19:55
Speaker 4: but the reason that we provide are free of cost
20:00
Speaker 4: obligation frame meeting is really around educating you. As you said,
20:04
Speaker 4: at the end of the day, we would love for
20:06
Speaker 4: you to be a client of ours, but we just
20:08
Speaker 4: want younger people to be seeking advice. So a lot
20:12
Speaker 4: of that session is a very big education session and
20:14
Speaker 4: really opens up people's eyes to wow. Okay, there's so
20:18
Speaker 4: many areas where I do need a little bit of
20:20
Speaker 4: help and okay, Everest can do this for me as well.
20:24
Speaker 4: So yeah, although it's cost free, majority of the clients
20:27
Speaker 4: once they have that meeting, do you go ahead as well?
20:30
Speaker 2: Yeah, I wanted to touch on that because I've seen
20:32
Speaker 2: that question come up a few times in our Facebook
20:34
Speaker 2: group actually of people being like is that a scam
20:36
Speaker 2: because like some people charge, some people don't, and being
20:39
Speaker 2: really transparent. It can also be really dependent on the
20:42
Speaker 2: size of the business, like some businesses just don't have
20:44
Speaker 2: the capacity to do a whole heap of initial meetings
20:47
Speaker 2: if they're not going to convert, because with small businesses, right,
20:51
Speaker 2: and Daisy, your team is a lot bigger than what
20:53
Speaker 2: my Zella team ever was, so you have the ability.
20:56
Speaker 2: But I actually, towards the end of my career as
20:59
Speaker 2: a financial advisor, was charging for meetings and I had
21:03
Speaker 2: to for a couple of reasons, but the main reason
21:06
Speaker 2: was because I only had a handful of advisers, but
21:08
Speaker 2: we had a lot of demand. And this is not
21:10
Speaker 2: me gloating by any stretch of the imagination, but I
21:13
Speaker 2: really wanted to make sure that those people coming for
21:15
Speaker 2: initial meetings were there for the right reasons, not just
21:17
Speaker 2: because they'd seen it on the podcast or not just
21:20
Speaker 2: because they wanted to have a good chat and kind
21:22
Speaker 2: of like get a whole heap of information and then
21:24
Speaker 2: not work with us. So implementing that paid session, and
21:27
Speaker 2: I think our sessions were only like three hundred dollars
21:29
Speaker 2: or something, and it was claimable back on your initial advice.
21:32
Speaker 2: So ultimately, if you became a client, didn't cost you anything.
21:35
Speaker 2: But it was for me about making sure that the
21:38
Speaker 2: clients were really serious, because I was really serious as
21:41
Speaker 2: an advisor about the demographic that I wanted to work
21:43
Speaker 2: with and how that worked. So is it a scam.
21:46
Speaker 2: Absolutely not. Some people charge, some people don't. It doesn't
21:49
Speaker 2: make the advice better or worse. It's just important to,
21:53
Speaker 2: I guess, set the expectation that you know what you're
21:56
Speaker 2: in for. So for me, it's just set up that
22:00
Speaker 2: clear guidance of going yep, so it'll be free with Daisy.
22:04
Speaker 2: But you know, if you'd come to Victoria that might
22:05
Speaker 2: have been paid. But like it all comes out in
22:07
Speaker 2: the wash if you are actually getting advice. And I
22:10
Speaker 2: feel honestly a little bit triggered about this conversation be like, oh, yeah,
22:14
Speaker 2: that's what it was like far out, Like I feel
22:16
Speaker 2: like so many times I had people, you know, complaining
22:20
Speaker 2: about the price. And yes, at the end of the day,
22:22
Speaker 2: I truly believe financial education should be more accessible. Hence
22:26
Speaker 2: me giving you guys an entire free podcast and six
22:28
Speaker 2: billion online free resources to download and all of the
22:32
Speaker 2: other work that we do. But at the end of
22:34
Speaker 2: the day, Daisy, you know better than anyone right now
22:37
Speaker 2: that there is a lot of time and energy and
22:39
Speaker 2: effort that goes into creating financial advice. Can you tell
22:43
Speaker 2: me a bit about the back end. I feel like
22:45
Speaker 2: sometimes it's really shining because you just see the client
22:47
Speaker 2: side and they're like, oh, I had this initial meeting
22:49
Speaker 2: and then I had you know, this other deep meeting,
22:52
Speaker 2: and then you know, a few chats along the way,
22:54
Speaker 2: and then I got presented this like ninety page statement
22:56
Speaker 2: of advice. Wow, tell me about the back end.
23:00
Speaker 4: Yeah. I mean there's a lot of compliance in our industry,
23:03
Speaker 4: which is good and bad. So yeah, people kind of
23:07
Speaker 4: see how much financial advice costs and they don't really
23:09
Speaker 4: understand what they're getting for that. So that's what we
23:13
Speaker 4: try to present to clients. So the amount of work
23:16
Speaker 4: that grows in. I mean even little things like calling
23:19
Speaker 4: your super fund on your behalf just to gather exactly
23:22
Speaker 4: how much you're paying in fees that all takes time.
23:25
Speaker 4: Super funds can be difficult to deal with.
23:27
Speaker 2: I don't know if I want to talk about this
23:28
Speaker 2: on the podcast Daisy, because like I'm triggered for a
23:31
Speaker 2: financial advisor to talk to a super fund on your behalf,
23:34
Speaker 2: we have to have a signed document that we then
23:38
Speaker 2: submit to the super fund a minimum of like twenty
23:40
Speaker 2: four hours before we call them so that it can
23:42
Speaker 2: go through compliance and whatnot. Well that's what it was
23:44
Speaker 2: when I was there.
23:46
Speaker 4: And it also has to be wet signed, so they're
23:48
Speaker 4: still living the dark ages where nothing can be electronically signed.
23:52
Speaker 4: So that's always fun as well.
23:54
Speaker 2: Isn't that wild? Like you would think in twenty twenty
23:57
Speaker 2: four that this process is different. But this is why
24:01
Speaker 2: I was like, let's get Daisy on the show, because
24:02
Speaker 2: like sometimes you just go, well, wouldn't you just like
24:05
Speaker 2: docu sign it to me? And I'd be like, yeah,
24:07
Speaker 2: well to me, that makes more sense, but I actually
24:09
Speaker 2: need you to put pen on paper here and then
24:11
Speaker 2: we have to send it to them, and like it's
24:12
Speaker 2: actually a complete circus sometimes, and I know they're doing
24:17
Speaker 2: it on purpose to make it as hard as possible
24:19
Speaker 2: for financial advisors, Like there's literally no reason why they
24:23
Speaker 2: wouldn't implement DOCU sign like, let's be honest, to make
24:26
Speaker 2: their internal processes so much cleaner and easier. But they're
24:29
Speaker 2: out here living in the dark ages, aren't they Absolutely?
24:32
Speaker 4: And I mean, like a big part of what we
24:35
Speaker 4: do is cash flow for clients, and that does take
24:37
Speaker 4: a lot of time. So for all of our clients,
24:40
Speaker 4: we will gather your last twelve months of transactions and
24:44
Speaker 4: categorize them for you. So that is a really big process.
24:48
Speaker 4: Sounds like a very daunting process for majority of our clients,
24:51
Speaker 4: but it's really valuable at the end of the day,
24:54
Speaker 4: and people are not really going to do that themselves
24:57
Speaker 4: on their weekends go through page by page their bank
25:00
Speaker 4: statement as such. So the energy and time that goes
25:03
Speaker 4: into doing that to give you a nice concise cash
25:06
Speaker 4: flow plane at the end of the day, that's kind
25:09
Speaker 4: of where a lot of our time does go into,
25:11
Speaker 4: as well as producing a large statement of advice financial
25:15
Speaker 4: planning document that we do need to present to you
25:17
Speaker 4: at the end of the process as well.
25:19
Speaker 2: What you've forgotten is the thing I hated the most.
25:22
Speaker 2: And now this maybe is just me bitching about the industry.
25:24
Speaker 2: So I do apologize that My friend is file notes,
25:28
Speaker 2: So every single time you talk to a client, you
25:31
Speaker 2: have to write a physical file note and put it
25:35
Speaker 2: on file against the client, even if it was like
25:38
Speaker 2: a quick phone call of meeting, Like, hey, Daisy, I
25:40
Speaker 2: completely forgot what did you say about XYZ? Like I
25:43
Speaker 2: was just talking to my husband and I was just
25:45
Speaker 2: going to check file note. Like it's actually insane how
25:48
Speaker 2: much compliance goes into the back end, and I'm not
25:51
Speaker 2: grumpy about it. I wouldn't want that to go away
25:53
Speaker 2: because I think that that's what's keeping the industry like
25:56
Speaker 2: straight and arrow, and you know that you're getting the
25:58
Speaker 2: best outcome when you do see in it. But I
26:01
Speaker 2: also want to highlight how much work goes into financial
26:04
Speaker 2: advice because a lot of people will flippanently be like, oh,
26:07
Speaker 2: it's not worth it, it's not this, it's not that, and
26:08
Speaker 2: you just go there's so much power in financial advice
26:12
Speaker 2: and putting you first, and like Daisy would not sit
26:14
Speaker 2: down and do twelve months worth of cash flow and
26:17
Speaker 2: going through your bank statements if it wasn't worth it,
26:19
Speaker 2: I promise you. But Daisy, amongst the hard work and
26:22
Speaker 2: how crazy and intense it can be, why do you
26:25
Speaker 2: do it? Like, let's get a little bit personal. Why
26:28
Speaker 2: do you do it? Why do you love advice?
26:29
Speaker 1: Like?
26:29
Speaker 2: And why are you still here?
26:31
Speaker 4: Yeah? Very good question. I love it. So a bit
26:34
Speaker 4: of a backstory. I left school not really knowing what
26:37
Speaker 4: I wanted to do. I really wanted to help people.
26:40
Speaker 4: I really wanted to work in that caring space where
26:43
Speaker 4: I can make people's lives better, but I didn't want
26:45
Speaker 4: to go down any of the medical occupations. So a
26:48
Speaker 4: big part of me thought that helping people with their
26:51
Speaker 4: finances will make their lives better.
26:53
Speaker 2: And it does.
26:54
Speaker 4: You're not wrong, as you said earlier. People come back
26:57
Speaker 4: to you and they say, oh, you just got engaged.
26:59
Speaker 4: And knowing that that was coming, and the excitement for
27:02
Speaker 4: people and knowing that they are reaching their milestones, it's
27:06
Speaker 4: just awesome. Like it brings me a lot of joy
27:08
Speaker 4: in my job each day to see people reaching those
27:10
Speaker 4: goals in their life. So it is great. It is
27:13
Speaker 4: hard work. There are a lot of hoops that you
27:15
Speaker 4: have to jump through to be a financial advisor and
27:19
Speaker 4: to present financial advice to people. But at the end
27:21
Speaker 4: of the day, it is a super rewarding career as well.
27:24
Speaker 2: I couldn't agree more and I would still be if
27:26
Speaker 2: I didn't have She's on the Money and had to
27:28
Speaker 2: make a decision. I don't miss the file notes if
27:31
Speaker 2: we're being brutally honest, but I miss my clients. I
27:33
Speaker 2: miss that one on one connection that you get with
27:36
Speaker 2: people to be on their journey. And I remember when
27:39
Speaker 2: I was making the decision to leave, I knew that
27:42
Speaker 2: I had so many plates in the air, like I
27:44
Speaker 2: had Sheese on the money. I was starting this mortgage
27:46
Speaker 2: broking business on the side of Zella I've got, you know,
27:50
Speaker 2: Zella Wealth, and I was just like, for She's on
27:52
Speaker 2: the money to go to the next level and really
27:54
Speaker 2: give our community what they deserve, Like something has got
27:56
Speaker 2: to give, Like I can either keep going on with
28:00
Speaker 2: Zella Wealth, but I didn't have the capacity to take
28:02
Speaker 2: on new clients. And that's where I would always be like, oh,
28:05
Speaker 2: talk to Daisy, you know, and the team it ever
28:07
Speaker 2: as well, because I'm not taking on clients at the moment,
28:09
Speaker 2: And that's really where our relationship started. And I remember
28:13
Speaker 2: making the decision to be like gin know what I
28:14
Speaker 2: think for the greater good, not being a financial advisor
28:17
Speaker 2: is actually what works for me, and I miss it
28:21
Speaker 2: like I loved it. I adored advice, and I always
28:24
Speaker 2: say you've probably heard me talk on the podcast about
28:26
Speaker 2: being an advisor. I genuinely see it as one of
28:29
Speaker 2: the most intimate relationships you can have with somebody, because
28:33
Speaker 2: you know, you go to the doctor, they might know
28:35
Speaker 2: all of your health issues. You go to you know,
28:37
Speaker 2: your accountant, and they just look at your bank. But
28:39
Speaker 2: being a financial advisor, you get all of that, Like
28:43
Speaker 2: you have to have a completely holistic picture of your
28:46
Speaker 2: client if you're a holistic advisor, And so it does
28:49
Speaker 2: mean asking hard questions. It does mean going through your
28:51
Speaker 2: entire medical history so I can make sure your insurances
28:53
Speaker 2: are perfect. It does mean going through your bank statements
28:56
Speaker 2: and being like, ah, I see you really like ubrits,
28:59
Speaker 2: I can see literally everything. So it's this very trusted
29:03
Speaker 2: role and I loved being that person for people where
29:06
Speaker 2: they did trust me. And that's why I think picking
29:09
Speaker 2: a financial advisor is such a hard thing to do
29:12
Speaker 2: because it is a big decision and you do want
29:14
Speaker 2: somebody where you know you can pick up the phone
29:17
Speaker 2: as a client and feel like, well, Daisy does care
29:19
Speaker 2: about my personal situation, Like if something bad's going on,
29:22
Speaker 2: I can ask her about it because she'll have the
29:24
Speaker 2: right advice. And so to me, I really miss that,
29:27
Speaker 2: Like I wouldn't be surprised if one day podcasting's not
29:30
Speaker 2: a thing and then you see Victoria back being an
29:32
Speaker 2: advisor because I adored it. But I think that's probably
29:36
Speaker 2: a really great place to leave at. Daisy, thank you
29:38
Speaker 2: so much for joining me. It's obviously been a lot
29:41
Speaker 2: of fun. We'll probably get you back on the show
29:43
Speaker 2: very soon because I've got lots more questions about like
29:46
Speaker 2: what does a statement of advice actually look like? What
29:48
Speaker 2: should we be reading through? How does that work? But
29:52
Speaker 2: how do we find you? How do I keep in touch?
29:54
Speaker 2: Like if I want to go and talk to every's wealth,
29:57
Speaker 2: like this is the bit where I give you a
29:59
Speaker 2: shout out even though you haven't asked for it. How
30:01
Speaker 2: do I get in contact?
30:02
Speaker 4: If you just jump on our everest towealthgroup dot com
30:05
Speaker 4: dot a you can book in that initial call with
30:08
Speaker 4: us and then yeah, one of the team will kind
30:11
Speaker 4: of touch base for that call and then we can
30:13
Speaker 4: get the ball rolling, and yeah, we love dealing with
30:16
Speaker 4: the Shoes on the Money community. All of our clients
30:18
Speaker 4: from Shoes on the Money have been so great, and
30:21
Speaker 4: we hope that, yeah, we can keep kind of servicing
30:24
Speaker 4: the community and making sure that they are seeking advice
30:26
Speaker 4: and do benefit from the education that we hopefully provide.
30:30
Speaker 2: Actually on that to be fully transparent as well. You
30:34
Speaker 2: know how I said earlier, I was like, you know,
30:35
Speaker 2: if I couldn't take on a client and send them
30:37
Speaker 2: to Everest Wealth when I stepped out of financial advice,
30:40
Speaker 2: you guys got most of my clients. So I was like, oh, actually,
30:44
Speaker 2: so if I leave, can I hand these guys over
30:46
Speaker 2: to you, because I know they'll be in safe hands.
30:48
Speaker 2: I'm not saying that as a sales pitch. I'm saying
30:50
Speaker 2: that because I think people genuinely deserve to know that.
30:53
Speaker 2: I'm not going to name names. We're not going to
30:54
Speaker 2: go through my client list. That's how much I like Daisy.
30:57
Speaker 2: So there you go. Anyway, days, it has been a
31:00
Speaker 2: privilege having a chat with you. I really really appreciate it,
31:03
Speaker 2: and I know the community is going to be like, oh,
31:05
Speaker 2: that's how it goes, and that's exactly what we wanted
31:07
Speaker 2: them to get out of today.
31:09
Speaker 4: Thank you so much for having me on.
31:10
Speaker 5: Of course, the advice shared on She's on the Money
31:20
Speaker 5: is general in nature and does not consider your individual circumstances.
31:24
Speaker 5: She's on the Money exists purely for educational purposes and
31:27
Speaker 5: should not be relied upon to make an investment or
31:30
Speaker 5: financial decision.
31:31
Speaker 2: If you do choose to buy a financial.
31:33
Speaker 5: Product, read the PDS TMD and obtain appropriate financial.
31:36
Speaker 2: Advice tailored towards your needs.
31:39
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31:43
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