January 21, 2025 • 23 mins
Canna Campbell spent many years helping clients as a financial planner. In this episode, she shares with Michael the six most common questions worried clients asked in their first meeting.
The information in this podcast is general in nature and does not take into account your personal circumstances, financial needs or objectives. Before acting on any information, you should consider the appropriateness of it and the relevant product having regard to your objectives, financial situation and needs. In particular, you should seek independent financial advice and read the relevant Product Disclosure Statement or other offer document prior to acquiring any financial product.
Canna Campbell is a Corporate Authorised Representative and Corporate Credit Representative of Wealthstream Financial Group Pty Ltd ABN 35 152 803 113 Australian Financial Services Licensee AFSL 412079.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:01):
Welcome to How Do They Afford That? The podcast that
peaks into the financial lives of everyday Australians. I'm Michael Thompson.
I'm a writer and the co host of the podcast
Fear and Greed Business news as always, I'm with Canna Campbell,
financial planner, founder of Sugar Mamer TV, the financial literacy
platform covering YouTube and podcasts like this one, Instagram, books, threads, TikTok, keynote,
(00:22):
speeches plenty more. You're a very busy person, Kenna. Good morning,
Good morning.
Speaker 2 (00:26):
How are you look.
Speaker 1 (00:27):
I'm going well. Today is an episode I'm actually really
looking forward to because it is about you in a way.
It is about your career me, but it's.
Speaker 2 (00:41):
About what goes on behind closed doors.
Speaker 1 (00:44):
Okay, that sounds very intriguing, probably more intriguing than the
episode actually is.
Speaker 2 (00:50):
I will admit a lot goes on behind closed doors
when it comes to financial planning.
Speaker 1 (00:54):
Okay, there we go. We're back in the firmly in
the financial planning kind of wheelhouse here. Because you worked
for for many years with clients as a financial planner,
and while you don't see clients on a day to
day basis kind of anymore. You spent many years working
with them and helping them through their kind of financial
problems and really holding their hand, holding their hand and
(01:16):
helping them to secure their financial future. How does that sound.
Speaker 2 (01:20):
Yes, no, it's exactly what. I loved every second of it.
Speaker 1 (01:23):
So what I would like you to do today is
to cast your mind back, if you will, back to
when you're sitting down with clients, perhaps that in the
first meeting maybe or the second meeting with them. And
we are going to put together a list because I
love lists, and this is the list of these six
most common questions that you were asked as a financial planner.
(01:47):
These are designed. What I want to show with this
is the fact that if you have a question about
your money, chances are you're not the only person that's
wondered that same thing, and that by going through the
questions that you were asked in a professional capacity, we
can see that these are really common questions that people have.
That you don't need to feel as though you're the
only one that's wondered what to do with that superannuation
(02:07):
or something like that. So these are the questions the
challenges that you have about your own money. You can
guarantee others are wondering the same thing. Should we start
the list? Yes?
Speaker 2 (02:16):
Why not?
Speaker 1 (02:16):
Should we start with number one?
Speaker 2 (02:18):
Okay, so this isn't so much as a question, but
it would be more of a shared emotion. Most people
would walk into my office looking like a deer in
the headlines. They were looking scared, embarrassed, and really worried,
like I was about to diagnose them with this horrible disease.
Really yes, and they would think that I was there
(02:38):
to judge them. But this is a massive misconception with
financial planners. You know, we are there to help fix
your financial problems. Otherwise you wouldn't need us or need
our help. So people would often turn up looking absolutely petrified.
Speaker 1 (02:56):
Okay, I'm going to put myself on the other side
of that as the as the client going in and
embarrassment is one hundred percent what I feel, because you are,
in my case, admitting to all the things that I
haven't done, and it is really uncomfortable. And the greatest
thing is there's zero judgment, none whatsoever.
Speaker 2 (03:16):
This is about solutions, and it serves no good focusing
on that. So you need to get We're here to
fix things, and to fix things quickly and the more
you can share, the better the advice is going to me.
Speaker 1 (03:28):
How did you put people at it? This isn't This
is kind of point one A on the list. How
did you put people at ease in those kind of situations?
Did you kind of assure them that there's no mistakes,
there's nothing kind of you haven't done anything wrong, There's
no need to be embarrassed here, we will work through
this together. We're quite open about that.
Speaker 2 (03:44):
Absolutely. I'd always reassure the client and let them know
they were safe. Everything is obviously completely confidential, and that
they're not alone. This is you know, the problems I
was hearing. You know, ninety percent of the country are
facing the same issues with the same stresses, and I
would share maybe an example about myself to just let
them know I'm humans like them.
Speaker 1 (04:03):
Yeah, And at the end of that first meeting, could
you see a difference, a physical difference in them.
Speaker 2 (04:11):
Massive You could see the weight off their shoulders and
a sense of reassurance and hope, you know, because then
obviously we talk about what we could do and all
the different things that potentially might work, and they could
see that actually they don't have to just sit in
this situation, they can do something about it, and they
have a choice, and they have options as well, so yes,
it would be huge. And there it was so nice.
(04:33):
You know. One of those intangible values of being a
functionial planner is getting people over to the other side
of those stresses.
Speaker 1 (04:41):
And I know this sounds this is starting to sound
like an ad for financial planning, and I don't care
if it does, actually, because get financial advice. It is
just the biggest weight off your shoulders as soon as
you talk to somebody, and as someone who has kind
of been doing this going through this process, goodness me,
it makes a difference when you do have those conversations
and all of a sudden you feel as though you
(05:01):
were not trying to make these decisions on your own
anymore and trying to figure it all out, and you
are getting some inside information on kind of how things
actually work and the risks and the benefits and all
these goodness may it makes a difference.
Speaker 2 (05:14):
One of the most common things I've hear, and I've
said this before and I'll say it again is people
would say to me, why did I come and see
you fifteen twenty years ago, Like, and you know, obviously
you've got to be ready to take advice and listen
to it and implement it as well. But I would
hear that all the time.
Speaker 1 (05:28):
How do you deal with and I know we're drifting
a little bit away from our list here, but how
did you deal with that when people would say, my
biggest issue here is regret. I regret not having done
this ten years ago, fifteen years ago, twenty years ago.
Is it just basically a case of hey, at least
you're doing it now?
Speaker 2 (05:42):
It is? It really does depend because sometimes everyone's situation
is so different and there are different reasons. For example,
people may have not actually had the funds or been
able to access advice back fifteen years ago. The important
thing is we draw a line in the sand and
we move on, and there is no point looking back
going should it would have Coulter? Yeah, And there's a
lot of great things with the financial planning and getting
(06:04):
great quality advices, you can not only catch up, you
can actually leap frog ahead when you combine great investing
and also a brilliant financial strategy that includes you know,
debt reduction, tax efficiency, making the most of the loopholes
and opportunities that present themselves so you can actually, you know,
really get back to what you would have been if
(06:25):
you had actually gotten advice fifteen years ago. That's the
value of strategic advice.
Speaker 1 (06:29):
All right. So that's number one on our list, which
is not so much a question more of a common emotion. Yes,
that initial response that people have when they first walked
into your office. Number two, What was the next most
common question that you were asked?
Speaker 2 (06:43):
Am I stuffed financially?
Speaker 1 (06:45):
Really?
Speaker 2 (06:46):
Yep? So people would come in armed with statements and
documents and they would download all of their problems, and
most financial planners, their first appointment is a meet and
greet and it is there to download all the problems
that they're stressed about, worried about the things that you know,
playing on their minds and keeping them ad light. It's
almost like a counseling session. And you know, they'd show
(07:07):
me their statements and they would be looking at me
waiting for me to confirm their worst fears.
Speaker 1 (07:16):
How do you deal with that? Like, because that's a
lot of kind of negativity for you to take on
board as well? Or is it because you are coming
from it from a place of education of training, having
studied and worked in their space, You're hearing those problems
and you're actually thinking these are manageable. I know how
to help you get through this.
Speaker 2 (07:36):
I would immediately let them know there are solutions, okay,
But I'd also be incredibly honest and say, look, at
the end of the day, it boils down to you.
We can give you some great advice to help fix
this situation to the best of yours and my ability,
but at the end of the day, you've got to
make some decisions, and you may need to make some
sacrifices along the way, but there are some benefits to
doing that. So definitely, you know, I'm not there to
(07:57):
confirm people's worst fears. I'm there to creates and that
is what a financial planner is at the end of
the day. So you know people would be they almost
I think as they got so caught up into the
drama and the stress. You know, they had this worst
case scenario almost like tried to manifest it in their head,
which I obviously then smash because that's not you know,
(08:18):
I don't go I'm never going to prescribe to that
your stuff. There's nothing you can do. You've left it
too late. Theory that just doesn't exist in financial planning,
and it's often, you know, when I actually broke things
down with the client, it was often you know, a
block around financial education or a mindset thing around money.
And once we cleared that, you could then see in
the client's face, Okay, I'm actually not as stuffed as
(08:41):
I thought I was. Actually there is hope for me,
and I do need to do something about it now.
And thank goodness, I'm here now knowing and understanding about
this because I can see the choice and the options
that are available for me. So you know, I would
debunk that theory for them.
Speaker 1 (08:54):
And as soon as I've had that mindset kind of shift,
you would imagine that they would be more open to
working with you, being more kind of open to monitoring
their own monitoring their own money and rather than just
putting their heads in the sand. Because as soon as
you have that mindset of I'm stuffed, I've completely ruined this.
You just you don't want to open kind of let
(09:16):
us from the bank. You don't want to kind of
check your bank account, you don't want to see how
bad the situation is. So as soon as you kind
of debunk that, as soon as you break that mindset,
I would imagine it would open everything.
Speaker 2 (09:26):
Right up and it would definitely tap into a sense
of inspiration and motivation because they could see, Okay, all right,
I actually can do this. There is hope, so let's
capitalize on this. And you know, that's when they would
be really efficient and getting the documents back to me
or going on to the next stage. And you know,
again it is all the beautiful parts that come with
having a financial planner, which is literally your teammate, cheerleader, coach,
(09:50):
is there, a therapist, and like all those things, wearing
a lot of different hats along the way.
Speaker 1 (09:53):
As I say these things like about not wanting to
look clearly, I'm speaking from personal experience here, suspicious of
that when when you're just like, you know, I just
don't want to look at my bank account. I don't
want to see how bad it is. I don't want
to know kind of what the situation is. I don't
want to know how bad the credit card is, and
things like that, and so you re toad you nothing,
well this yes you have, yes you have, and these
(10:16):
are these are somewhat in the past. Okay, there might
have been a little bit of overlap though when we
were doing the podcast, but I did not didn't reveal
it to you at the time because I was going
back to that emotion number one, A little bit embarrassed,
a little bit worried, concerned about judgment.
Speaker 2 (10:32):
Plase you are safe with me?
Speaker 1 (10:34):
No, I'm not.
Speaker 2 (10:35):
No, okay, maybe not. I I'd like to judge you
and mock you, and.
Speaker 1 (10:38):
Yeah, I reckon I am the only person that you
judge for financial errors. That's right, Yeah, that's right. Number three, okay,
so we've got number one was the shared emotion. Number
two is the question m I stuffed? What's the third
question that people ask?
Speaker 2 (10:55):
Do I have to live off the scent of an
oily rag? So people to assume that I was going
to put this on them on this like incredibly strict,
mean financial diet, and you know, they'd be scrimping and
saving and having to say no to anything fun and
fabulous in their life. But no, I would never do
that because that's not my business how and where people
(11:16):
spend money. And also people are forgetting that financial planners
are real people. They're like nice things, they're like travel,
you know, they have families and they get the juggle
of life and how expensive things are and they're on
their own financial journey themselves. So good financial plan will
help you create a guide, maybe doing some budgeting and
cash flow work, but they will also understand what your
(11:38):
lifestyle is like, what your financial goals are like, but
also how do your values sit in with that. At
the end of the day, if I was to put
someone on a ridiculously aggressive budget and you know they're
going to end up throwing the towel in, they'll quit
and waste of money on my advice, you've got to
understand that, yes, there will be some sacrifices along the way,
but they're for your benefit, not for mine or the
(12:00):
financial planners. So no, it's not about going on a
mean budget at the end of the day, if you
want to do that by all means, but you know,
a financial planner will show you how to enjoy spending
money safely today but also at the same time respecting
and honoring what your financial future is going to look
like tomorrow. And you know a good budget will actually
account for that your lifestyle and your financial goals and
(12:23):
allow them to kind of flow harmoniously.
Speaker 1 (12:27):
They are three quite varied points, really, like there are
three interesting questions that people kind of ask We're going
to take a quick break and when we come back,
we're going to get the next three on our list
of the six most common questions that people asked you
as a financial planner. I'm curious, are any of them
about actual money strategies?
Speaker 2 (12:48):
You can't well, yes, you can talk about strategies, but
you definitely cannot be giving personal advice in a conversation
in these appointments. So yes, that would move on to
probably the second, third, or maybe even fourth appointment where
you start talking about the financial strategies as such. And yes,
you would have clients that maybe said, look, I heard
about this when I read this. We definitely break it
(13:10):
down and go through it from an educational point of
view and talk about whether it's relevant or not. But
under no circumstances would you start giving advice in that
initial appointment.
Speaker 1 (13:19):
So people aren't marching into this first appointment and going
I'm a huge fire convert the financial independence retire early movement.
They're not walking in and going, this is it, this
is one hundred percent what I want to do. That's
really not the first meeting kind of thing they are.
They're really kind of working through these almost emotions first.
Speaker 2 (13:38):
Absolutely, and you know I've said this to you before.
You know, your financial planner knows you know the details
of your doctor would know, you know, your your psychologist
knows you know. They know so much about you. And
these appointments are really important. And as you know, the
more you can share about yourself, your story, your money, mindset,
what's important to you, what are your goals and dreams,
the better the advice is going to be. So yes,
(14:00):
you're like every now and again you get someone who'd
expect you to like wrap up the whole financial situation
and give financial advice and one appointment, but the number
one that's not allowed because it's not complied to. There
are so many finer details that need to be researched
and gathered before you can actually start giving advice.
Speaker 1 (14:14):
Okay, all right, I'm very intrigued then as to what
the next three questions are going to be able take
a quick break, come back and find out, Cana. Today
we are talking about the six questions that you were
asked most commonly as a financial planner. Really in that
first meeting when people come in, they sit down with you,
(14:35):
and then they just start to unload and all of
these concerns, all of this angst kind of comes out.
We've covered the first three questions. What's number four on
the list?
Speaker 2 (14:44):
How long will it take? Oh, so she's actually quite ironic.
We're talking about, you know, what happens in that first appointment.
So once people understand the value of advice in there
at see that there are different strategies that could help
fix their situation or not necessary fix this situation, but
actually help them you know, power the home sooner, or
retire early, or you know, retire with the greater passive income,
(15:06):
or you know, take their investment portfolio to a multimillion
dollar level for example. They would be so motivated and
keen to you know, get going, and they would say, well,
you know, how long is this vice is going to take? Now,
a lot of people don't realize the amount of time
and care involved they're you know, a comprehensive financial plan
doesn't just address one air of someone's financial situations, such
(15:28):
as they're super only. You know, comprehensive advice goes far
and wide. You know, it covers personal insurances. So we'll
look into the person's life cover, tipity cover, income protection, trauma, cover,
will look into you know, their lifestyle goals such as
you know, children's education, helping children with wedding expenses, or deposit.
It will look they'll look into, you know, paying off
(15:49):
the mortgage early. They'll be looking into their investment portfolio
or property portfolio management. There's it's very very detailed process.
So and at the end of the day, when you
get your document back, which is the financial plan, it's
called a statement of advice. That document can be up
to forty five pages long, so it's not something that's
whipped up overnight. And I know we live in a
(16:11):
world where things are delivered instantly, instantly, and that's a
red flag for advice being turned around too quickly because
it means things have been rushed and not everything has
been properly considered. But there is a huge amount of
research involved in that client situation. So I would get
on the phone and call the Superinneration companies. I'd have
to send a form that said you can release all
(16:33):
information to me, and I'll ask them a dozen questions
about my client's superinneration account so I could work out
whether it was right or not. I would then most
of the time liaise with the client's accountant occasionally I'd
have to just touch base with the lawyer involved as
well if there was a family issue going on. So
there is a lot of research, fact gathering consideration. You
(16:55):
also need to run a variety of different strategies. So
the end of the day, what goes into that document
is the number one best financial plan and strategy for
that person and their goals.
Speaker 1 (17:05):
That is a fantastic insight into what you do as
a financial planner. That is great in what kind of
one minute. That covers so much terrain, and it is
not just about getting you super organized. There is so much,
so much deeper than that.
Speaker 2 (17:20):
Look, obviously you can see a financial planner and say, look,
I don't care about anything else my situation right now,
I just want advice on super Of course you can
do that, but again, like if someone's getting advice turned
around within four to out hours run for the hills,
that doesn't add up.
Speaker 1 (17:35):
Okay, number five, we are up to what was the
next question?
Speaker 2 (17:39):
All right, how much does this cost? And why is
it so expensive?
Speaker 1 (17:45):
Well you could really just point to kind of the
answer to question number four to prove that. Well, like
that to me, now, understanding the range of services that
are provided within this advice, you kind of go, okay,
all right, there is a value attached to that.
Speaker 2 (18:01):
Well, I haven't even spoken about the value really, So
you know, if you think about a financial plan, and now,
on average they cost around about five thousand dollars, sometimes
up to twenty two thousand dollars depending on the situation,
and people do get stuck and just fixated on that
cost for the initial advice, and that that's an initial
(18:22):
advice document, that this doesn't necessarily include the ongoing advice
or the cost of implementation. But think of it this way.
If I'm about to invest in a financial plan, or
you're about to invest in a financial plan, and say
that for you know, cost five five hundred with GST.
But inside that document is going to tell you how
to pay off your home ten years sooner and save
(18:43):
say seventy thousand dollars in interest. It's also going to
show you how to save seven thousand dollars a year
in tax. It's going to help you make sure that
you can retire on your terms, and it's going to
help make sure that we have a savings plan set
up so that you can help your children get into
the property market. That five thousand dollars investments. That's not cheap.
(19:05):
So you've got to sort of think of it that way.
And a lot of people are running a facial planning
practice is very expensive. You know, the legal costs for
compliance staff, you know, rant all these things really do
add up. There's not a huge profit margin. And when
it comes to financial planning, which a lot of people don't.
Speaker 1 (19:21):
Realize that is it's interesting, isn't when you say then
that people fixate on the five thousand dollars or the
ten thousand dollars or whatever it is. And yet if
they were buying a car, for instance, wouldn't think twice
necessarily saying, okay, well I've got to add on another
five thousand dollars to get the kind of the upgrade
or whatever it is that I that I want. Or
they were going on a holiday overseas, suddenly five ten
(19:41):
thousand dollars has gone like that, and you wouldn't think
twice about it. Right. Yet, this spending this money can
then set you up for life for life.
Speaker 2 (19:51):
And also your family, your future generations. And yeah, absolutely
that's a good one. I should also point out the
cost of upfront advice is obviously not tax deductible, but
some accountants can structure it if they meet the certain
qualifications to have it put towards the cost space. But
then obviously the ongoing advice is for most people obviously
(20:12):
you've got to check with your accountant. But that's then
normally tax deductible, so that ross comes down.
Speaker 1 (20:17):
Actually number six, our last one. What is it? Who've
got a big one to finish on?
Speaker 2 (20:22):
Okay, can you help my friend?
Speaker 1 (20:25):
Really?
Speaker 2 (20:26):
You know, I never I ran my financial planning practice
that's financial for seventeen years, and I never did any
advertising or marketing whatsoever.
Speaker 1 (20:34):
It's all word of mouth, all world word of mouth. Wow.
Speaker 2 (20:37):
I would see a client work with them, and I'd
get a phone call. Look, I'm really worried about my
friend or my cousin or my uncle or my parents.
Do you have capacity to take on some additional clients?
Do you mind if I pass your contact details over?
So you know, this is the thing. When you find
someone that's good, hold onto them forever. And I say
(20:59):
this about accountants and about mortgage brokers as well. When
you have found your people and you value their advice,
hold on to them, make sure they stay in business,
and you know my clients. They all referred I would.
It be quite funny because I'd see my clients and
also know that the afternoon I'm seeing the neighbors. Obviously
there's confidentiality, nothing has ever shared, but you know, a
lot of my clients were connected to each other. It was.
(21:21):
It was fantastic. I loved it.
Speaker 1 (21:24):
That is incredible that it does show the value of
a good financial planner. That you didn't need to advertise,
that word of mouth was able to bring in enough
business to keep you going and growing for so long.
Speaker 2 (21:36):
Was it meant so much to me? And other plans
will say the thing when you know say the same.
You know when you refer me, it fills my heart,
you know, knowing that you valued my advice, you respect it.
You can see that this is paying off and working
for you, and that we are kicking the goals that
we sit down to achieve together.
Speaker 1 (21:54):
That is an awesome list, I've got to say, though,
it is entirely different to what I was expecting. I
was expecting people would be walking in and being so
kind of fixated on a financial goal, for instance, that
they would walk in and say, how do I fix
my super or how do I start investing or one
of these kind of questions, and instead it is really
so much about it about the emotion of money and
(22:18):
then kind of getting back to the basics of how
much is it going to cost, how long is it
going to take? That really that does make sense. That
is kind of what you would be worried about. Hopefully,
through this conversation today we might have allayed some of
those fears that people would have about approaching a financial planner.
Speaker 2 (22:32):
And now they know not to be scared to pick
up the phone and make that call, book that appointment in.
Speaker 1 (22:37):
I'm still a little bit scared of you.
Speaker 2 (22:39):
You should be. I'm cranky at you. I'm not listening
to my advice.
Speaker 1 (22:44):
I'm sensing this over a long period of time. Now
it has been building, all right, Kenna. If anybody wants
more information, where do they find you?
Speaker 2 (22:52):
The best place to reach out directly to me is
on Instagram, at Sugar Mama TV or at Canna Campbell Official, and.
Speaker 1 (22:58):
You can hear me every day with Sean and Aylmer
on Fear and Greed, daily business news for people who
make their own decisions. Thank you very much for listening
to how do they afford that remembered hit follow on
the podcast, and the best thing that you can do
is tell somebody else or Betty yet send them this
exact episode, just like Kinna was saying about kind of
referring people to the financial planner, Refer them to this
(23:19):
episode so they can start their financial journey as well
spread the word about how to do they afford that.
Thank you very much for your company. Join us again
next week
Welcome to How Do They Afford That? The podcast that
peaks into the financial lives of everyday Australians. I'm Michael Thompson.
I'm a writer and the co host of the podcast
Fear and Greed Business news as always, I'm with Canna Campbell,
financial planner, founder of Sugar Mamer TV, the financial literacy
platform covering YouTube and podcasts like this one, Instagram, books, threads, TikTok, keynote,
(00:22):
speeches plenty more. You're a very busy person, Kenna. Good morning,
Good morning.
Speaker 2 (00:26):
How are you look.
Speaker 1 (00:27):
I'm going well. Today is an episode I'm actually really
looking forward to because it is about you in a way.
It is about your career me, but it's.
Speaker 2 (00:41):
About what goes on behind closed doors.
Speaker 1 (00:44):
Okay, that sounds very intriguing, probably more intriguing than the
episode actually is.
Speaker 2 (00:50):
I will admit a lot goes on behind closed doors
when it comes to financial planning.
Speaker 1 (00:54):
Okay, there we go. We're back in the firmly in
the financial planning kind of wheelhouse here. Because you worked
for for many years with clients as a financial planner,
and while you don't see clients on a day to
day basis kind of anymore. You spent many years working
with them and helping them through their kind of financial
problems and really holding their hand, holding their hand and
(01:16):
helping them to secure their financial future. How does that sound.
Speaker 2 (01:20):
Yes, no, it's exactly what. I loved every second of it.
Speaker 1 (01:23):
So what I would like you to do today is
to cast your mind back, if you will, back to
when you're sitting down with clients, perhaps that in the
first meeting maybe or the second meeting with them. And
we are going to put together a list because I
love lists, and this is the list of these six
most common questions that you were asked as a financial planner.
(01:47):
These are designed. What I want to show with this
is the fact that if you have a question about
your money, chances are you're not the only person that's
wondered that same thing, and that by going through the
questions that you were asked in a professional capacity, we
can see that these are really common questions that people have.
That you don't need to feel as though you're the
only one that's wondered what to do with that superannuation
(02:07):
or something like that. So these are the questions the
challenges that you have about your own money. You can
guarantee others are wondering the same thing. Should we start
the list? Yes?
Speaker 2 (02:16):
Why not?
Speaker 1 (02:16):
Should we start with number one?
Speaker 2 (02:18):
Okay, so this isn't so much as a question, but
it would be more of a shared emotion. Most people
would walk into my office looking like a deer in
the headlines. They were looking scared, embarrassed, and really worried,
like I was about to diagnose them with this horrible disease.
Really yes, and they would think that I was there
(02:38):
to judge them. But this is a massive misconception with
financial planners. You know, we are there to help fix
your financial problems. Otherwise you wouldn't need us or need
our help. So people would often turn up looking absolutely petrified.
Speaker 1 (02:56):
Okay, I'm going to put myself on the other side
of that as the as the client going in and
embarrassment is one hundred percent what I feel, because you are,
in my case, admitting to all the things that I
haven't done, and it is really uncomfortable. And the greatest
thing is there's zero judgment, none whatsoever.
Speaker 2 (03:16):
This is about solutions, and it serves no good focusing
on that. So you need to get We're here to
fix things, and to fix things quickly and the more
you can share, the better the advice is going to me.
Speaker 1 (03:28):
How did you put people at it? This isn't This
is kind of point one A on the list. How
did you put people at ease in those kind of situations?
Did you kind of assure them that there's no mistakes,
there's nothing kind of you haven't done anything wrong, There's
no need to be embarrassed here, we will work through
this together. We're quite open about that.
Speaker 2 (03:44):
Absolutely. I'd always reassure the client and let them know
they were safe. Everything is obviously completely confidential, and that
they're not alone. This is you know, the problems I
was hearing. You know, ninety percent of the country are
facing the same issues with the same stresses, and I
would share maybe an example about myself to just let
them know I'm humans like them.
Speaker 1 (04:03):
Yeah, And at the end of that first meeting, could
you see a difference, a physical difference in them.
Speaker 2 (04:11):
Massive You could see the weight off their shoulders and
a sense of reassurance and hope, you know, because then
obviously we talk about what we could do and all
the different things that potentially might work, and they could
see that actually they don't have to just sit in
this situation, they can do something about it, and they
have a choice, and they have options as well, so yes,
it would be huge. And there it was so nice.
(04:33):
You know. One of those intangible values of being a
functionial planner is getting people over to the other side
of those stresses.
Speaker 1 (04:41):
And I know this sounds this is starting to sound
like an ad for financial planning, and I don't care
if it does, actually, because get financial advice. It is
just the biggest weight off your shoulders as soon as
you talk to somebody, and as someone who has kind
of been doing this going through this process, goodness me,
it makes a difference when you do have those conversations
and all of a sudden you feel as though you
(05:01):
were not trying to make these decisions on your own
anymore and trying to figure it all out, and you
are getting some inside information on kind of how things
actually work and the risks and the benefits and all
these goodness may it makes a difference.
Speaker 2 (05:14):
One of the most common things I've hear, and I've
said this before and I'll say it again is people
would say to me, why did I come and see
you fifteen twenty years ago, Like, and you know, obviously
you've got to be ready to take advice and listen
to it and implement it as well. But I would
hear that all the time.
Speaker 1 (05:28):
How do you deal with and I know we're drifting
a little bit away from our list here, but how
did you deal with that when people would say, my
biggest issue here is regret. I regret not having done
this ten years ago, fifteen years ago, twenty years ago.
Is it just basically a case of hey, at least
you're doing it now?
Speaker 2 (05:42):
It is? It really does depend because sometimes everyone's situation
is so different and there are different reasons. For example,
people may have not actually had the funds or been
able to access advice back fifteen years ago. The important
thing is we draw a line in the sand and
we move on, and there is no point looking back
going should it would have Coulter? Yeah, And there's a
lot of great things with the financial planning and getting
(06:04):
great quality advices, you can not only catch up, you
can actually leap frog ahead when you combine great investing
and also a brilliant financial strategy that includes you know,
debt reduction, tax efficiency, making the most of the loopholes
and opportunities that present themselves so you can actually, you know,
really get back to what you would have been if
(06:25):
you had actually gotten advice fifteen years ago. That's the
value of strategic advice.
Speaker 1 (06:29):
All right. So that's number one on our list, which
is not so much a question more of a common emotion. Yes,
that initial response that people have when they first walked
into your office. Number two, What was the next most
common question that you were asked?
Speaker 2 (06:43):
Am I stuffed financially?
Speaker 1 (06:45):
Really?
Speaker 2 (06:46):
Yep? So people would come in armed with statements and
documents and they would download all of their problems, and
most financial planners, their first appointment is a meet and
greet and it is there to download all the problems
that they're stressed about, worried about the things that you know,
playing on their minds and keeping them ad light. It's
almost like a counseling session. And you know, they'd show
(07:07):
me their statements and they would be looking at me
waiting for me to confirm their worst fears.
Speaker 1 (07:16):
How do you deal with that? Like, because that's a
lot of kind of negativity for you to take on
board as well? Or is it because you are coming
from it from a place of education of training, having
studied and worked in their space, You're hearing those problems
and you're actually thinking these are manageable. I know how
to help you get through this.
Speaker 2 (07:36):
I would immediately let them know there are solutions, okay,
But I'd also be incredibly honest and say, look, at
the end of the day, it boils down to you.
We can give you some great advice to help fix
this situation to the best of yours and my ability,
but at the end of the day, you've got to
make some decisions, and you may need to make some
sacrifices along the way, but there are some benefits to
doing that. So definitely, you know, I'm not there to
(07:57):
confirm people's worst fears. I'm there to creates and that
is what a financial planner is at the end of
the day. So you know people would be they almost
I think as they got so caught up into the
drama and the stress. You know, they had this worst
case scenario almost like tried to manifest it in their head,
which I obviously then smash because that's not you know,
(08:18):
I don't go I'm never going to prescribe to that
your stuff. There's nothing you can do. You've left it
too late. Theory that just doesn't exist in financial planning,
and it's often, you know, when I actually broke things
down with the client, it was often you know, a
block around financial education or a mindset thing around money.
And once we cleared that, you could then see in
the client's face, Okay, I'm actually not as stuffed as
(08:41):
I thought I was. Actually there is hope for me,
and I do need to do something about it now.
And thank goodness, I'm here now knowing and understanding about
this because I can see the choice and the options
that are available for me. So you know, I would
debunk that theory for them.
Speaker 1 (08:54):
And as soon as I've had that mindset kind of shift,
you would imagine that they would be more open to
working with you, being more kind of open to monitoring
their own monitoring their own money and rather than just
putting their heads in the sand. Because as soon as
you have that mindset of I'm stuffed, I've completely ruined this.
You just you don't want to open kind of let
(09:16):
us from the bank. You don't want to kind of
check your bank account, you don't want to see how
bad the situation is. So as soon as you kind
of debunk that, as soon as you break that mindset,
I would imagine it would open everything.
Speaker 2 (09:26):
Right up and it would definitely tap into a sense
of inspiration and motivation because they could see, Okay, all right,
I actually can do this. There is hope, so let's
capitalize on this. And you know, that's when they would
be really efficient and getting the documents back to me
or going on to the next stage. And you know,
again it is all the beautiful parts that come with
having a financial planner, which is literally your teammate, cheerleader, coach,
(09:50):
is there, a therapist, and like all those things, wearing
a lot of different hats along the way.
Speaker 1 (09:53):
As I say these things like about not wanting to
look clearly, I'm speaking from personal experience here, suspicious of
that when when you're just like, you know, I just
don't want to look at my bank account. I don't
want to see how bad it is. I don't want
to know kind of what the situation is. I don't
want to know how bad the credit card is, and
things like that, and so you re toad you nothing,
well this yes you have, yes you have, and these
(10:16):
are these are somewhat in the past. Okay, there might
have been a little bit of overlap though when we
were doing the podcast, but I did not didn't reveal
it to you at the time because I was going
back to that emotion number one, A little bit embarrassed,
a little bit worried, concerned about judgment.
Speaker 2 (10:32):
Plase you are safe with me?
Speaker 1 (10:34):
No, I'm not.
Speaker 2 (10:35):
No, okay, maybe not. I I'd like to judge you
and mock you, and.
Speaker 1 (10:38):
Yeah, I reckon I am the only person that you
judge for financial errors. That's right, Yeah, that's right. Number three, okay,
so we've got number one was the shared emotion. Number
two is the question m I stuffed? What's the third
question that people ask?
Speaker 2 (10:55):
Do I have to live off the scent of an
oily rag? So people to assume that I was going
to put this on them on this like incredibly strict,
mean financial diet, and you know, they'd be scrimping and
saving and having to say no to anything fun and
fabulous in their life. But no, I would never do
that because that's not my business how and where people
(11:16):
spend money. And also people are forgetting that financial planners
are real people. They're like nice things, they're like travel,
you know, they have families and they get the juggle
of life and how expensive things are and they're on
their own financial journey themselves. So good financial plan will
help you create a guide, maybe doing some budgeting and
cash flow work, but they will also understand what your
(11:38):
lifestyle is like, what your financial goals are like, but
also how do your values sit in with that. At
the end of the day, if I was to put
someone on a ridiculously aggressive budget and you know they're
going to end up throwing the towel in, they'll quit
and waste of money on my advice, you've got to
understand that, yes, there will be some sacrifices along the way,
but they're for your benefit, not for mine or the
(12:00):
financial planners. So no, it's not about going on a
mean budget at the end of the day, if you
want to do that by all means, but you know,
a financial planner will show you how to enjoy spending
money safely today but also at the same time respecting
and honoring what your financial future is going to look
like tomorrow. And you know a good budget will actually
account for that your lifestyle and your financial goals and
(12:23):
allow them to kind of flow harmoniously.
Speaker 1 (12:27):
They are three quite varied points, really, like there are
three interesting questions that people kind of ask We're going
to take a quick break and when we come back,
we're going to get the next three on our list
of the six most common questions that people asked you
as a financial planner. I'm curious, are any of them
about actual money strategies?
Speaker 2 (12:48):
You can't well, yes, you can talk about strategies, but
you definitely cannot be giving personal advice in a conversation
in these appointments. So yes, that would move on to
probably the second, third, or maybe even fourth appointment where
you start talking about the financial strategies as such. And yes,
you would have clients that maybe said, look, I heard
about this when I read this. We definitely break it
(13:10):
down and go through it from an educational point of
view and talk about whether it's relevant or not. But
under no circumstances would you start giving advice in that
initial appointment.
Speaker 1 (13:19):
So people aren't marching into this first appointment and going
I'm a huge fire convert the financial independence retire early movement.
They're not walking in and going, this is it, this
is one hundred percent what I want to do. That's
really not the first meeting kind of thing they are.
They're really kind of working through these almost emotions first.
Speaker 2 (13:38):
Absolutely, and you know I've said this to you before.
You know, your financial planner knows you know the details
of your doctor would know, you know, your your psychologist
knows you know. They know so much about you. And
these appointments are really important. And as you know, the
more you can share about yourself, your story, your money, mindset,
what's important to you, what are your goals and dreams,
the better the advice is going to be. So yes,
(14:00):
you're like every now and again you get someone who'd
expect you to like wrap up the whole financial situation
and give financial advice and one appointment, but the number
one that's not allowed because it's not complied to. There
are so many finer details that need to be researched
and gathered before you can actually start giving advice.
Speaker 1 (14:14):
Okay, all right, I'm very intrigued then as to what
the next three questions are going to be able take
a quick break, come back and find out, Cana. Today
we are talking about the six questions that you were
asked most commonly as a financial planner. Really in that
first meeting when people come in, they sit down with you,
(14:35):
and then they just start to unload and all of
these concerns, all of this angst kind of comes out.
We've covered the first three questions. What's number four on
the list?
Speaker 2 (14:44):
How long will it take? Oh, so she's actually quite ironic.
We're talking about, you know, what happens in that first appointment.
So once people understand the value of advice in there
at see that there are different strategies that could help
fix their situation or not necessary fix this situation, but
actually help them you know, power the home sooner, or
retire early, or you know, retire with the greater passive income,
(15:06):
or you know, take their investment portfolio to a multimillion
dollar level for example. They would be so motivated and
keen to you know, get going, and they would say, well,
you know, how long is this vice is going to take? Now,
a lot of people don't realize the amount of time
and care involved they're you know, a comprehensive financial plan
doesn't just address one air of someone's financial situations, such
(15:28):
as they're super only. You know, comprehensive advice goes far
and wide. You know, it covers personal insurances. So we'll
look into the person's life cover, tipity cover, income protection, trauma, cover,
will look into you know, their lifestyle goals such as
you know, children's education, helping children with wedding expenses, or deposit.
It will look they'll look into, you know, paying off
(15:49):
the mortgage early. They'll be looking into their investment portfolio
or property portfolio management. There's it's very very detailed process.
So and at the end of the day, when you
get your document back, which is the financial plan, it's
called a statement of advice. That document can be up
to forty five pages long, so it's not something that's
whipped up overnight. And I know we live in a
(16:11):
world where things are delivered instantly, instantly, and that's a
red flag for advice being turned around too quickly because
it means things have been rushed and not everything has
been properly considered. But there is a huge amount of
research involved in that client situation. So I would get
on the phone and call the Superinneration companies. I'd have
to send a form that said you can release all
(16:33):
information to me, and I'll ask them a dozen questions
about my client's superinneration account so I could work out
whether it was right or not. I would then most
of the time liaise with the client's accountant occasionally I'd
have to just touch base with the lawyer involved as
well if there was a family issue going on. So
there is a lot of research, fact gathering consideration. You
(16:55):
also need to run a variety of different strategies. So
the end of the day, what goes into that document
is the number one best financial plan and strategy for
that person and their goals.
Speaker 1 (17:05):
That is a fantastic insight into what you do as
a financial planner. That is great in what kind of
one minute. That covers so much terrain, and it is
not just about getting you super organized. There is so much,
so much deeper than that.
Speaker 2 (17:20):
Look, obviously you can see a financial planner and say, look,
I don't care about anything else my situation right now,
I just want advice on super Of course you can
do that, but again, like if someone's getting advice turned
around within four to out hours run for the hills,
that doesn't add up.
Speaker 1 (17:35):
Okay, number five, we are up to what was the
next question?
Speaker 2 (17:39):
All right, how much does this cost? And why is
it so expensive?
Speaker 1 (17:45):
Well you could really just point to kind of the
answer to question number four to prove that. Well, like
that to me, now, understanding the range of services that
are provided within this advice, you kind of go, okay,
all right, there is a value attached to that.
Speaker 2 (18:01):
Well, I haven't even spoken about the value really, So
you know, if you think about a financial plan, and now,
on average they cost around about five thousand dollars, sometimes
up to twenty two thousand dollars depending on the situation,
and people do get stuck and just fixated on that
cost for the initial advice, and that that's an initial
(18:22):
advice document, that this doesn't necessarily include the ongoing advice
or the cost of implementation. But think of it this way.
If I'm about to invest in a financial plan, or
you're about to invest in a financial plan, and say
that for you know, cost five five hundred with GST.
But inside that document is going to tell you how
to pay off your home ten years sooner and save
(18:43):
say seventy thousand dollars in interest. It's also going to
show you how to save seven thousand dollars a year
in tax. It's going to help you make sure that
you can retire on your terms, and it's going to
help make sure that we have a savings plan set
up so that you can help your children get into
the property market. That five thousand dollars investments. That's not cheap.
(19:05):
So you've got to sort of think of it that way.
And a lot of people are running a facial planning
practice is very expensive. You know, the legal costs for
compliance staff, you know, rant all these things really do
add up. There's not a huge profit margin. And when
it comes to financial planning, which a lot of people don't.
Speaker 1 (19:21):
Realize that is it's interesting, isn't when you say then
that people fixate on the five thousand dollars or the
ten thousand dollars or whatever it is. And yet if
they were buying a car, for instance, wouldn't think twice
necessarily saying, okay, well I've got to add on another
five thousand dollars to get the kind of the upgrade
or whatever it is that I that I want. Or
they were going on a holiday overseas, suddenly five ten
(19:41):
thousand dollars has gone like that, and you wouldn't think
twice about it. Right. Yet, this spending this money can
then set you up for life for life.
Speaker 2 (19:51):
And also your family, your future generations. And yeah, absolutely
that's a good one. I should also point out the
cost of upfront advice is obviously not tax deductible, but
some accountants can structure it if they meet the certain
qualifications to have it put towards the cost space. But
then obviously the ongoing advice is for most people obviously
(20:12):
you've got to check with your accountant. But that's then
normally tax deductible, so that ross comes down.
Speaker 1 (20:17):
Actually number six, our last one. What is it? Who've
got a big one to finish on?
Speaker 2 (20:22):
Okay, can you help my friend?
Speaker 1 (20:25):
Really?
Speaker 2 (20:26):
You know, I never I ran my financial planning practice
that's financial for seventeen years, and I never did any
advertising or marketing whatsoever.
Speaker 1 (20:34):
It's all word of mouth, all world word of mouth. Wow.
Speaker 2 (20:37):
I would see a client work with them, and I'd
get a phone call. Look, I'm really worried about my
friend or my cousin or my uncle or my parents.
Do you have capacity to take on some additional clients?
Do you mind if I pass your contact details over?
So you know, this is the thing. When you find
someone that's good, hold onto them forever. And I say
(20:59):
this about accountants and about mortgage brokers as well. When
you have found your people and you value their advice,
hold on to them, make sure they stay in business,
and you know my clients. They all referred I would.
It be quite funny because I'd see my clients and
also know that the afternoon I'm seeing the neighbors. Obviously
there's confidentiality, nothing has ever shared, but you know, a
lot of my clients were connected to each other. It was.
(21:21):
It was fantastic. I loved it.
Speaker 1 (21:24):
That is incredible that it does show the value of
a good financial planner. That you didn't need to advertise,
that word of mouth was able to bring in enough
business to keep you going and growing for so long.
Speaker 2 (21:36):
Was it meant so much to me? And other plans
will say the thing when you know say the same.
You know when you refer me, it fills my heart,
you know, knowing that you valued my advice, you respect it.
You can see that this is paying off and working
for you, and that we are kicking the goals that
we sit down to achieve together.
Speaker 1 (21:54):
That is an awesome list, I've got to say, though,
it is entirely different to what I was expecting. I
was expecting people would be walking in and being so
kind of fixated on a financial goal, for instance, that
they would walk in and say, how do I fix
my super or how do I start investing or one
of these kind of questions, and instead it is really
so much about it about the emotion of money and
(22:18):
then kind of getting back to the basics of how
much is it going to cost, how long is it
going to take? That really that does make sense. That
is kind of what you would be worried about. Hopefully,
through this conversation today we might have allayed some of
those fears that people would have about approaching a financial planner.
Speaker 2 (22:32):
And now they know not to be scared to pick
up the phone and make that call, book that appointment in.
Speaker 1 (22:37):
I'm still a little bit scared of you.
Speaker 2 (22:39):
You should be. I'm cranky at you. I'm not listening
to my advice.
Speaker 1 (22:44):
I'm sensing this over a long period of time. Now
it has been building, all right, Kenna. If anybody wants
more information, where do they find you?
Speaker 2 (22:52):
The best place to reach out directly to me is
on Instagram, at Sugar Mama TV or at Canna Campbell Official, and.
Speaker 1 (22:58):
You can hear me every day with Sean and Aylmer
on Fear and Greed, daily business news for people who
make their own decisions. Thank you very much for listening
to how do they afford that remembered hit follow on
the podcast, and the best thing that you can do
is tell somebody else or Betty yet send them this
exact episode, just like Kinna was saying about kind of
referring people to the financial planner, Refer them to this
(23:19):
episode so they can start their financial journey as well
spread the word about how to do they afford that.
Thank you very much for your company. Join us again
next week
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