August 4, 2026 • 43 mins
What do financial advisers actually do? Am I ready for financial advice? $10k has landed in my account, what do I do?!
On this week’s Deep Dive, Victoria invites friend-of-the-pod Daisy Egan, financial adviser with Everest Wealth to answer all of your pressing (and pure unhinged) financial questions. And sure, while some of them are normal and fine and reasonable, others verge on despicable.
Come to learn about the largest portfolio size Daisy’s ever managed (Spoiler: there are many zeroes involved). Stay for the spicier q’s including: ‘I’m waiting for my nan to pass away. What things do I need to put in place tax-wise?’, ‘Have you ever told someone that they can’t afford to have a child?’. And ‘What are some sneaky tips to help me financially prepare to leave my husband?’.
Nosy parkers, assemble!
EVEREST PRIVATE WEALTH: Like what you’ve heard? Reach out to Daisy and the Everest Wealth team to book your consult at everestwealthgroup.com.au/booking
INVESTING Q’S? Here’s a blog dedicated to all of the investing questions you were too afraid to ask. Search ‘investing’ at shesonthemoney.com/blog.
TAKE CHARGE: Your personal finances won’t control themselves. Here’s a playlist to help you do it: https://open.spotify.com/playlist/3Q7i1EuswTgUAZL4pLSPaQ?si=-8Ej6rqdR4GEquJRHFgGBQ
New here? Follow us on Instagram (@shesonthemoneyaus) for Q&As, bite-sized advice, daily money inspo... and relatable money memes that just get you.
Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au)
The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708, AFSL - 4451289
See omnystudio.com/listener for privacy information.
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Speaker 1 (00:00):
She's on the Money. She's on the Money.
Speaker 2 (00:10):
My name's Satasha Bamblet.
Speaker 3 (00:11):
I'm a proud First Nations woman and I'm here to
acknowledge country. Hello, beautiful friends, we gather on the lands
of the Aboriginal people. We thank acknowledge and respect the
Aboriginal people's land that we're gathering on today. Take pleasure
in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.
Speaker 4 (00:32):
Hello, and welcome to She's on the Money, the podcast
where we discuss all of the issues concerning your personal
wealth goals and yes, even the stuff that you have
been way.
Speaker 2 (00:41):
Too embarrassed to bring up with your accountant.
Speaker 4 (00:43):
I'm Victoria Devine and joining me on their deep dive
couch today is none other than friend of the show,
Daisy Egan, who is also a financial advisor at Everest Wealth.
Speaker 2 (00:53):
My friend, welcome back to the show.
Speaker 1 (00:55):
Thanks so much for having me back.
Speaker 4 (00:56):
I'm also very aware of how anxious you are, because
I said my Instagram stories I'm having Daisy, what are
unhinged questions that you guys have for a financial advisor,
and you were like, Victoria Devine, do not put me
in this position.
Speaker 2 (01:08):
And I was like, big dog, this is exactly where
we need to go.
Speaker 4 (01:12):
So usually Daisy and I have these really beautiful, deep
dive discussions on the couch of how and when and
where booking your first consultation with a financial advisor, and
the ins and outs of the really important stuff when
it comes to financial advice. But like this time, I
just thought, let's do something a little bit different, and
let's ask Daisy some of the slightly unhinged and maybe
(01:36):
morally gray questions that you've been asked in your career
as a financial advisor. And not only have I gathered
our own questions since you've already been acquainted, we have
asked our community to come forward ask me anything style
to ask Daisy about the financial advice you've been asked for,
maybe the financial advice you've given or even had to deliver. Daisy,
(01:58):
my community arguably have not made this easy. I'm really sorry.
They have made it fun, though, So like that's a
step in the right direction, because not only do the
questions range from really normal and honestly fine and reasonable
to oh my god, are actually people doing this with
their cash? Like why did this come into your brain?
Why do you think someone has been asked that? And
(02:20):
while this is all good fun, there might be some
I guess, really substantial things in this for our listeners
who maybe are just too shy to ask particularly niche questions. Now,
I'll give you some time to mull over these questions,
and when we get back, we're diving straight into things.
Welcome back, guys. That was just an ad break. I
(02:42):
didn't actually give Daisy any time to prepare for these questions.
We are doing a deep dive with Daisy from Everest
to Health, where she's answering questions from our community about
the most unhinged advice you've ever been prompted from?
Speaker 2 (02:54):
Daisy? Where do you want me to begin with this?
Speaker 1 (02:56):
Let's start with a boring one maybe, or a more
sensible one to keep things I think.
Speaker 4 (03:00):
All right, fine, maybe we can kick it off with
I guess some pedestrian questions about finance. What are some
of the more stock standard questions you get in your
line of work, like people coming in the door initial consultation.
You know not how much your advice fees, but like,
what are some questions that people usually ask you.
Speaker 1 (03:21):
Yeah, this is a really good question actually, so a
lot of people don't fully understand what a financial advisor
does and where we fretilt it is. Yeah, so I think,
like understanding the difference between an accountant, a mortgage broker,
a lawyer. So like, I think kind of understanding what
actually do you do is a very stock standing question
(03:41):
that we get a lot of people also that come
to see us and maybe like, I don't know if
I'm ready for financial advice, and am I ready for
financial advice? A lot of people are somewhat surprised at
the scope of work we can do as well, so
it made us think that, oh, can you just help
me with my superin insurances? Not understanding the other kind
of goals and lifestyle discussions that we have as well. Yeah,
(04:04):
so yeah, I think it's more around the main questions
I seem to get is kind of what we actually
do as a profession.
Speaker 4 (04:10):
Yeah, and I know I've asked my community for unhinged questions,
but one of the reasons I wanted to do that
is when you're a financial advisor, and for those of
you who maybe haven't met me, and this might be
a first episode for you. I am an ex financial advisor,
so Daisy and I are probably going to have some
very shared experiences here. Our questions can be quite unhinged.
Like one of the coolest parts of when I was
(04:33):
a financial advisor is how.
Speaker 2 (04:35):
Deep the relationship goes with a client.
Speaker 1 (04:38):
Right.
Speaker 4 (04:38):
I don't know if you feel the exact same way,
but for me, it was like, honestly a bit of
an honor for people to be so open with me,
because it's not like your doctor where you just share
some medical information. It's not like your accountant where you're like, well,
here's my taxes. Like with a financial advisor, go I
need your medical history. I actually need to know your
goals and aspirations and what you want achieve in life.
(05:01):
I also need your finances, So like, I'm in everything,
and if you're not comfortable with me, I can't be strategic,
I can't be powerful, I can't have the impact. So like,
I want to be your bestie, and if you're not
comfortable asking me questions, go find a new advisor.
Speaker 1 (05:18):
Yeah, that's my biggest thing, is like, name another profession
where you have that much in depth knowledge around a
client's circumstances because you know, there are state planning, so
you know their family situation. Like yeah, as you said,
you know all their health history from doing insurances, you
know their finances. And the biggest thing for me is
like there is no such thing as a silly question,
and like I know that everyone says that, but like
(05:38):
this is your life and this is your finances, and
like we really want you to understand that. Yeah. I
hate kind of hearing that, oh, my financial advisors did
this for me and I don't really.
Speaker 2 (05:47):
Get it, Like I, oh, no, that I'm.
Speaker 1 (05:49):
Not going to walk away going cool. I've chosen this
route because I want this goal or X y Z
kind of thing, Like I really that education piece is
so important to us.
Speaker 4 (05:59):
Yeah, and that's kind of why I wanted to do
the unhinged question Vibes, because we're just people who want
better for you, Like I want you to ask me
the dumb questions. And I have noticed over the last
few months a really big influx into my inbox, not
from your clients, just to be very clear of people
who have sought financial advice, gotten it and then be like, hey,
(06:19):
v I didn't want to ask my advisor this, but
what does this mean? And I'm like, girl, go back
to your advisor, like they're the ones that should be,
you know, going above and beyond. Like if you're not
comfortable asking to me, that's a bit of a red flag.
So I guess that's a really great place to kind
of frame this conversation. But we're going to go to
(06:41):
the top of the questions that I have because I
don't know, I feel like we want to break down
the fact that financial advisors we're just people who want
the best for you, and we're actually really fun too,
all right, We're fun and we're hip and we're funky
and fresh. Like I promise, I'm not just a regular mom,
I'm a cool mom. But really quick disclaimer because like
(07:02):
both Daisy and I, we have financial services licenses, So
quick disclaimer. We are sharing stories and questions from the community,
right and while Daisy is a financial advisor and is
licensed to provide financial advice, in this situation and in
our chats, the advice that is shared is general in
nature only and does not consider your personal circumstances and
cannot and should not ever be considered financial advice for you.
(07:26):
With that said, Daisy, are you happy to move forward absolutely,
all right, Daisy, What is one of the first questions
that you ask a client. So they come in, they're
filled in your full fact find You've got like all
their data on the table.
Speaker 2 (07:39):
What are you asking them?
Speaker 1 (07:40):
My biggest thing is around goals and what I call
lifestyle design. So to me, that's so important because I
can write a financial plan that is the best numbers wise,
but it may not take into consideration that they want
to start a family in a few years, or may
not take it into consideration that they want to go
to Europe next year and take three months off. So
I think I think really having that goals discussion and
(08:02):
kind of where you want to be, what you want
to be doing, is really important before we actually get
into the numbers side of things, because to me, that
really underpins then the financial plan that we would create
for our clients.
Speaker 4 (08:13):
I've seen a lot of single girls and my dms
replying to this and they're like, what are you asking
single girls?
Speaker 3 (08:19):
Like?
Speaker 4 (08:20):
Is that a specific situation? Like you asking different questions
to the single ladies than people coming in as a couple.
Speaker 1 (08:28):
Not necessarily, but usually having those goals discussion may open
up some things for single women. So a few single
women that I've seen lately kind of either want to
freeze their eggs or want to become a mother by
themselves with like a sperm donor. So that's obviously quite
a costly thing that we have to take into considerations.
I think having that goal discussion really opens up for
(08:50):
the single girls to then give me a bit of
a kind of two sentence answer on what they want
to do over the next few years.
Speaker 4 (08:58):
And that's really important, kind of like putting those questions
on the table to them, because like I feel like
when you come in, I just I go back in time.
Single meet I think would have been like a deer
in headlights going into a financial advice meeting being like,
oh my god, Like Daisy is so smart, she's probably
gonna judge meet.
Speaker 2 (09:14):
She's not. But are you then going, oh, hey, a
few of my other clients are thinking of this. What
are you thinking? Like, how do we open this conversation?
Speaker 1 (09:22):
Yeah? Absolutely, So some people come in they just will
kind of tell me everything, which is really awesome. Otherwise
people may be a little bit kind of guarded. So
that's really then when you start asking a few more
questions around cool like I've had clients that are maybe
similar situation to yourself. They're looking at X y Z.
Are you like something that you're looking at. The holidays
thing is a big one for me as well, especially
(09:43):
for like young single people. It's like, cool, do you
have any holidays book? Is this something that's important to you?
Because again, like people want to live their life now
and it's not necessarily all about kind of scrolling and
saving all their money away.
Speaker 4 (09:54):
Yeah, And like I don't know about you, but when
I was an advisor, I really wanted to get to
know the clients a little bit deeper, like not just
like holidays, but like what type of holidays?
Speaker 1 (10:04):
Like it's a big thing as well. So yeah, how
do you holiday? Like as a holiday? To you just
holiday within your state? Is it going business? Classic Europe?
Like what does that look like? Because everyone does holidays
so differently.
Speaker 2 (10:14):
Yeah.
Speaker 4 (10:14):
One of the questions that we got was what happens
when you see that a client's budget and cash flow
is actually different from what they're telling you they do.
Speaker 1 (10:22):
That is so many of our clients. Yes, So like
we really do a deep dive on people's cash flow,
and I say it's not to be the money police.
It's just to give you an accurate representation of where
you're actually at. So I think doing that deep dive
and then kind of seeing where they think they are
and where they actually are is a really important discussion
to have and people shouldn't be ashamed of that because
(10:44):
that is probably the majority of our clients kind of
think they're in a different position to what they're in. Yeah.
Speaker 4 (10:49):
I remember a client came in and they're like, I'm
so good at saving, and I was like, great, norries
like and I will believe. Like still anything you tell me,
I'll be like, yeah, must be true. Why would you
tell me otherwise? Going through their statements and I'm like
these savings, where are they and then having to go
back and be like, hey, so you said that you
were really good at saving, but like, is there a
(11:11):
separate bank that I'm not looking at because you've provided me,
you know, access, and I can see this and this
and oh yeah uh and like totally normal, totally normal
because I think they're in these situations. Clients often present
who they want to be, yeah, not who they actually are,
because they're like, don't judge, be like I might not
be good at saving. But I really want to be
good at saving and like, we get it.
Speaker 2 (11:32):
We're just girls.
Speaker 1 (11:33):
And I think like the awesome thing is that a
lot of clients know that they need help as well,
and yet, as you said, they might come and present
the version that they want to be. But then once
we deep dive, it's like, cool, this is where you are,
this is where you obviously want to be. Let's work
together and make that happen. And that's why people should
seek financial advice because they want that help.
Speaker 2 (11:51):
Yeah.
Speaker 4 (11:52):
One of my dms here says, how much of a
therapist do you feel like you are on a daily basis?
Speaker 1 (11:57):
Oh? Yeah, a lot of the time. A lot of
the time. We do have a bit of a running
joke sometimes that we can be a bit of a
couple's therapy as well, especially if couples aren't necessarily aligned
on goals and things like that. So yeah, I feel
as though I should have probably gone and done some
sort of postgrading therapy because I definitely need it every day. Girl.
Speaker 4 (12:17):
I feel like when I was working in financial advice,
I would thank the stars every single day that I
had a psychology degree because I would be like, oh
my goodness, like what did I just walk into and
like some of the questions, I'd.
Speaker 2 (12:31):
Have to be like, oh, yeah, I'll catch up with
that client later and then get them one on one and.
Speaker 4 (12:35):
Be like, hey, cool, So I picked up on this vibe,
like how do you feel about that girlfriend?
Speaker 2 (12:41):
It's so awkward but so important.
Speaker 1 (12:44):
Yeah, And we always say there's like a cfo's spouse
in a couple as well, like that's what we call them.
And including the noncfo's spouse is so important because you
can have meetings where one person is just talking the
whole time, so like really kind of the other person
being like, cool, so how do you you feel about this?
What are your goals? Are they different? And it can
create a bit of tension, to be honest, But I've
(13:06):
been in situations where like one person has just spoken
the whole meeting and the other person has then called
me after the meeting and gone, this actually isn't what
I want.
Speaker 2 (13:15):
Yeah, And that can be really hard.
Speaker 4 (13:16):
And I think that's where having a good financial advisor
is important, not because you know you're in a relationship
that doesn't have equity, but more because they can see
around the corner and kind of go hold on something's
cooking here.
Speaker 2 (13:31):
I need to see what's in the kitchen.
Speaker 4 (13:33):
And that's really important because like the CFO, I've never
heard it phrase that way. I kind of love that
the CFO spouse, by the way.
Speaker 1 (13:40):
That's me. It's also me.
Speaker 4 (13:42):
But you know what that has meant for me is
that I have to step back and go, hey, Steve,
I feel like and like I often say, oh, I
feel like I've made all these decisions again. I'm really sorry,
like I've jumped ahead. Are you okay with this? And
like ninety percent of the time Steve will be like, yeah,
why are you asking? I'm like, oh, it's just because
I'm so aware, like this is not a good dynamic,
(14:04):
like I actually want to make sure that we're on
this journey together. Not I've just taken the wheel and
been like, wear this blindfold quick, We're going somewhere.
Speaker 2 (14:12):
And it's a surprise. Someone said, Daisy, ten K just
dropped into your account randomly, What are you doing with it?
Speaker 1 (14:19):
Very loaded question.
Speaker 2 (14:21):
It's for you personally, not for a community member.
Speaker 1 (14:24):
For me personally.
Speaker 2 (14:25):
Ten K just dropped into Daisy's account.
Speaker 1 (14:27):
Okay, amazing. So I got my emergency fund set up.
I have a home loan, but I have some money
in offset. So to be honest, where I'm at the moment,
i'd probably invest that money.
Speaker 2 (14:35):
Oh you'd invest it.
Speaker 4 (14:37):
Oh, I love that you wouldn't in this economy, go oh,
I want more in my offset.
Speaker 1 (14:42):
To be honest, I love diversifying away from just kind
of paying down my debt as quickly as possible. Like,
I think it's very important that people have a healthy
offset and like aware of their debt. But to me,
my homeland doesn't scare me, So I kind of want
to diversify build something outside of my property.
Speaker 4 (15:02):
My home loan at the moment is scaring me, and
that's okay. But I feel like I've I don't know,
given recent economic changes, I've just started adding a little
bit more of my investment money into my offset. And
it's like logically, you would look at my financial plan
on Daisy and you'd probably be like, the why aren't
(15:23):
you investing a bit more? And it's literally my anxiety.
Speaker 1 (15:27):
And I think psychology of its yeah, And like debts
can really scare people, and people can be in really
awesome positions and have good debt and they're still like, no,
I want to pay that down as quickly as possible.
And it's like, again, having that discussion with the client
is just so important because like to your point, like
where you're at, you're like, cool, I just want to
put a little bit of extra away.
Speaker 4 (15:48):
And it makes like on paper, it makes no logical
sense because I could make more money in the share
market and that's a good thing, but it's like a
mental barrier for me at the moment.
Speaker 2 (15:58):
I'm like, oh, like.
Speaker 4 (15:59):
Grateful to have it, can afford it. All is well
and good in the world, but also that number, I
don't like it and it needs to go. And it's
kind of like do you see that with because like
a couple of the questions where about, you know, should
I pay off my hex stet? And we cannot answer that.
But a couple of times historically people would come in
and be like, oh, V I'm really prioritizing paying off
(16:21):
my hex debt. But I know that it's not a
good thing to do because like it's just kind of
an okay debt, it's not bad debt, it's.
Speaker 2 (16:28):
Not good debt. Yeah, what did you do for your
hex debts? Someone wants to know.
Speaker 1 (16:32):
I was in a very blessed position to not have
hex stet.
Speaker 2 (16:34):
Ooh, street under the bus.
Speaker 1 (16:38):
My husband has hextet?
Speaker 2 (16:39):
Oh what are you doing about that?
Speaker 1 (16:41):
So we've just been paying the minimum amount.
Speaker 4 (16:43):
Will you ever up that or will you always just
be like no, you are not a priority in our lives.
Speaker 1 (16:48):
Well, this financial year he's actually paid it off, so
it was a big win for us. But yeah, it's
just kind of been let's channel our money elsewhere. And yeah,
I suppose, like both being in finance backgrounds, we kind of, yeah,
it didn't worry us, and we knew that eventually it
would be paid off. So that has hit this financial year.
Speaker 2 (17:07):
Yeah, very fair.
Speaker 4 (17:09):
And for those of you playing along at home, that
means that your cash flow has increased a little bit.
Can I be super pervy? Have you got a plan
for the cash flow that will be released?
Speaker 2 (17:18):
Yes, so she does, of course she does.
Speaker 1 (17:21):
So to be honest, that has probably gone towards our
mortgage increasing, so it's obviously a bit it's soaked up. Yeah,
it's opened up a bit of cash flow. But I
feel like though as though that's been kind of chewed
up pretty quickly with interest rates increasing. Yeah.
Speaker 4 (17:36):
Yeah, and I love asking financial advisors personal questions like that,
because it's just like, by the way, I'm here taking
my own advice as well, Like we have lives as well.
I think a lot of people look at us or
looked at me when I was an advisor, I was
like the pinnacle of understanding everything, and I'm like, girl,
I'm just arguing with my husband over how much coffee
beans are and why does he always have to pick
(17:57):
the expensive ones?
Speaker 2 (17:58):
Yeah? Still like dude, my dude, why?
Speaker 1 (18:01):
Yeah.
Speaker 4 (18:02):
Anyway, I feel like everyone's money story is really unique,
and we're going to take a really quick break, but
when we return, we're going to get into more of
the morally questionable questions, I guess because those were pretty vanilla.
Speaker 2 (18:13):
Yeah, like those didn't scare youable?
Speaker 3 (18:15):
Hold on.
Speaker 4 (18:20):
I have obviously saved the best ones for this part,
and I'm really glad because some of them carry kind
of a theme and it's I guess, comforting to know
that our community are people that are just like us.
I'm going to be really nice and ask this question,
which I put in the other section of the show,
so this is not morally questionable, but have you ever
gotten money tips and tricks from clients and then been like,
(18:41):
I'm going to use that in my everyday life.
Speaker 1 (18:43):
Yes, definitely. When I was starting out a mixture of
clients and colleagues, I think is definitely kind of contributed
to how I manage my money now. When moving to Everest,
I hadn't really dealt with the younger client demographic before,
so I think, like relating to people my own age,
it's definitely kind of given me more ideas of how
I can do things slightly different because they are similar
(19:06):
age to me, going through similar life stage and everything
like that.
Speaker 4 (19:09):
So I remember a client came in and you know,
had heard of like points stacking before, and they were like, oh,
v I've been point stacking here, here, and here, And
I was like, wait, what like and I said to
the client, I'm stealing that, like I'm going to replicate
exactly that, and she's like.
Speaker 2 (19:23):
Oh, go ahead.
Speaker 4 (19:24):
It took me all this research to like work out
which system goes here, in here, and now like it's
my hyperfixation. Like I am like diving in on that
and sharing it with the community. But I was like,
my queen, you're a genius.
Speaker 1 (19:34):
Yeah, And like one of my clients. I remember when
I first started it. Ever, she introduced me to shop Back.
Oh yeah, and I was like, this is unreal.
Speaker 4 (19:42):
And so many people were like, oh v I thought
shot Back was a scam. And I'm like, no, Queen, no,
Like I don't know, like adore you shot Back and
clearly I've worked with him in the past, but I'm like,
something about your branding makes people think it's not legitimate.
Speaker 1 (19:56):
Yeah, but it is. Yeah, And like I.
Speaker 4 (19:58):
Get legit cash back and then I spend it on
stuff that I don't need.
Speaker 2 (20:02):
It's fantastic.
Speaker 1 (20:03):
Yeah.
Speaker 4 (20:04):
I also want to ask, and this is like getting
into the more spicy questions, what's the most unhinged or
out there asset you've ever seen someone own that you've
had to like plan around.
Speaker 1 (20:14):
Probably like collectibles such as artwork and vintage cars in
people's super funds. Oh yeah, that's probably the most unhinged
thing I've had to like kind of plan around. Otherwise,
like a lot of kind of like, yeah, unlisted assets
where they may have put some money into, like a
(20:35):
friend's business or things like that, and that's like a
non negotiable for them that they keep it.
Speaker 4 (20:39):
And you're like, this is a terrible idea. Barry's not
even good at business, but okay.
Speaker 1 (20:44):
And like Barry's asked for another ten grand and you're
going to give it to him.
Speaker 2 (20:46):
So it's like, and my dude, you're never going to
see that money again. Let's plan for that.
Speaker 1 (20:51):
Yeah, So I think probably yeah, things like that. But yeah,
I had a client previously who had, yes, some artwork
and two vintage cars in they're super fund.
Speaker 2 (21:01):
Wow.
Speaker 1 (21:01):
So like the rules around that, and like the fact
that it's in super so they can't use it personally
and things like that. It's a very interesting conversation.
Speaker 4 (21:09):
Yeah, And I think people like this is like me
just talking financial advice shop. I guess I think people
don't realize that if it is in your super fund,
you're not allowed to touch it.
Speaker 1 (21:21):
Yeah.
Speaker 4 (21:21):
And I remember a client making me and like I
kept saying, I don't think this is a good idea,
Like I don't think we should be putting this into
your super fund, making me put a like wine collection
and there were like lots of vintage wines and stuff
in this collection, and I was like, cool, where do
you keep it? They're like in my home And I
said cool, do you drink any of it? And they're like, oh, no, no, no, no,
we're like storing it. And I said, great, so we're
(21:43):
storing it to sell it? Oh no, no, no, we're
storing it and will open like this bottle on someone's
twenty first birthday. And I was like, cool, that's not
an investment, like and trying to talk down people. They're like, yeah,
but it would be worth so much more and I'm like, yes,
if you sell it, and if it's in an SMSF,
like you can't touch it. And I think a lot
of people will go, well, I could buy a house
(22:04):
in my SMSF.
Speaker 2 (22:05):
Is that not a genius idea?
Speaker 1 (22:06):
Or holiday homes?
Speaker 4 (22:07):
Yeah, you can't use that asset, like not even one
day per year.
Speaker 2 (22:12):
Are you allowed to go and use that asset? You
can't even lease it to yourself.
Speaker 4 (22:15):
Yeah, And they go, hold on, that's not such a
good idea, and you go, I know, yeah, I know.
And it gets a little bit awkward because often people
have like thought of these things in their heads and
they're like, this is a genius idea, Daisy, so what
we're going to do and you're like, yeah, so we're
not allowed to do that. I'm sorry to burst your bubble.
Do you find those conversations awkward or like okay.
Speaker 1 (22:36):
Now, initially I definitely did, but I think kind of
explaining that, like this is not compliant. This is like
you can get in a decent amount of trouble for this.
It's kind of usually scares people off, but there's still
certainly people that will go and do it without advice.
But I think just educating people on the fact that
they can't do it and why most people are usually
turned off from that.
Speaker 4 (22:57):
Have you, and this is another community question. Have you
ever told someone that they can't financially afford to have
a baby?
Speaker 1 (23:04):
No, I haven't, so it's I have. Yeah, it's normally
just around I suppose, like it depends on what stage
they're are, so it depends like it's normally projecting out
their cash flow of what it would look like, who's
going to take time off work? Yeah, the costs associated
with having a baby, so like even like things like
car seat, checking out their nursery, all of that is
(23:25):
so expensive. So it's not necessarily saying no, you can't
afford to have a baby, but I think it's showing
a position that they would be in if they did
choose to have a baby.
Speaker 4 (23:34):
Maybe I was a more blunt financial advisor, like I
would actually prefer to have you not me, because I
remember sitting down with a client and do you know what,
They were really financially focused, and the question was, can
we afford to have a baby?
Speaker 1 (23:46):
Yeah?
Speaker 4 (23:46):
And I basically was like, well, if you put it
like that, no, But if we stretch out the timelines
and we're not talking about having that baby this year,
then it becomes a little bit more feasible.
Speaker 2 (23:56):
But that's what you're paying us for exactly.
Speaker 1 (23:59):
You're not like so many times people will be in
a deficit position whilst one of the parents is on
parental leave, but planning for that and being like, cool,
we need to keep x amount of your offset or
your cash aside to get through those six months, twelve months,
whatever the plan is. I think that's again an important
conversation because then they can plan for that and then
(24:20):
they know, cool, you know that we're going to have
to put forty grand aside for that year. We've only
got thirty grand in the bank. Let's like plan around
when we're actually going to start trying to conceive.
Speaker 4 (24:30):
I feel like that was a loaded question, not from me,
but from the community. Because they're like, oh, it's like
and they didn't give me any nuance on that, right.
But when you're like, oh, have you ever financially said
you can't have a baby? Well yes, because I'm treating
it like any other financial goal. Like my job is
to make sure that you're financially secure and also be
logical and reasonable. And sometimes we have to step back
and be like, hey, cool, so this financial goal that
(24:52):
you've had is not going to work on this timeline
or it's going to look like this, and then in
the future we need to do this to maintain it.
Sometimes we do have to be the big bad wolf
and be like hey, cool, so your idea it's not
going to work in reality.
Speaker 1 (25:05):
Yeah, there's also like prioritizing as well as like cool, yeah,
if you want to do have that child, then you
can't go on holidays for the next two years or
like it's again just having those compromising conversations with people
to kind of show them like you can do this
or this but not both.
Speaker 4 (25:20):
Yeah, all right, are dialing up the spicy levels. As
an advisor, what are your thoughts on pre nups? So
I love these I can see how uncomfortable she.
Speaker 1 (25:31):
Is I think they are definitely important conversation to have.
So they're called bunny financial agreements here in Australia, So
especially if someone's coming into the relationship with significantly more wealth,
I think it's definitely a conversation that needs to be had.
I've certainly had a few clients who have gone down
(25:52):
the path after kind of having the conversation with me.
I suppose it's then just going to the lawyer and
understanding kind of how they hold up is really important
because you can put a pre and up in place
three years time, have.
Speaker 2 (26:06):
A child and everything's changed.
Speaker 1 (26:09):
Yeah, and then things change, and then I think people
have this misconception that a prenup pool last twenty years,
and that's certainly not the case because especially clients that
we see their lives are changing so quickly that Yeah,
I think it's more just educating people on like what
actually a binding financial agreement is and how they hold up,
(26:30):
and then instructing them on kind of what they then
have to do to go see a lawyer and put
it in place.
Speaker 4 (26:38):
Yeah, And I think that there's a misconception that a
binding financial agreement in Australia is as strong as a
prenup in America, and it's just not like if you
sign a prenup in America, we are done.
Speaker 2 (26:47):
We are dusted.
Speaker 4 (26:48):
If you said I don't get any of her assets,
well you're not getting any of her assets. We're in Australia.
It can be contested in a court of law and
things can change. And like, I just think from my
personal perspective. And we've done a few episodes on binding
financial agreements, which I would implore people to go and
listen to. But it's about being on the same page, like, hey,
(27:10):
this is my partner. If everything goes belly up, like
what would we want the best for each other in
And like if then the relationship dissolves, at least we
can fall back on that being no you said, and
then hopefully that's a really good base of conversation for
splitting assets. It's not a nice conversation to have, though.
Next question I've got, I've told you it was going
(27:31):
to get spicy. Someone said, I'm waiting for my grandmother
to die so that we inherit her property.
Speaker 2 (27:39):
What things would I need to put in place now?
Tax wise?
Speaker 1 (27:42):
So it depends on kind of whether they're going to
inherit the property one hundred percent where there's other people,
other beneficiaries.
Speaker 2 (27:50):
Involved, Yeah, I've got questions.
Speaker 1 (27:53):
Yeah, and then whether they're going to inherit the actual property,
whether it's going to be sold in the estate yep.
So a lot of those things kind of then depend
on how the tax treatment will will occur, because if
they're going to sell the property in the estate, then
the estate will deal with the tax consequences if any
if like your grandmother's lived in it the whole time,
there might be a different kind of tax concessions. Whereas
(28:17):
if they are inheriting the property themselves, it would then
depend on whether they're planning on living in it. Yeah,
and like whether they have a spouse or a partner
that they maybe don't want to get access to the
property if they were to split up. So yeah, difficult one,
but I think kind of yeah, it would depend a
(28:37):
lot on whether you're going to keep the property or
whether it's going to be sold. Yeah.
Speaker 4 (28:39):
And I mean, at the end of the day, spicy question,
but I think that one's on a lot of people's minds,
especially because there are so many conversations around and I've
been saying on this podcast for like at least five
years that we are about to experience in the next
I think it's like two years now, Daisy terrifying wealth. Yeah,
the biggest intergenerational transfer of wealth the entire world's ever seen. Yeah,
(29:04):
and that unfortunately comes down to it being quite morbid.
That means a lot of people are going to die
and a lot of inheritances are going to happen, and
a lot of that conversation is actually happening in the
media and happening in Parliament at the moment. I mean,
we've got that conversation about the seventeen percent inheritance tax.
Have you got clients asking about that at the moment?
Speaker 1 (29:24):
Definitely? And unfortunately I have had a few clients at
a young age that have received a fairly decent inheritance,
which is obviously like an awful position to be in.
But like they've there might be in their late twenties
with kind of millions of dollars and that's so daunting
as well when people are grieving and then they receive that.
(29:46):
But yeah, the inheritance tax is a very interesting one.
It's obviously something that we haven't had in Australia, and
like there's definitely talks of bringing that in, so I
think that'll definitely shift things with like the baby boomers generation,
kind of maybe passing on wealth whilst they're still alive
and things like that.
Speaker 4 (30:05):
Yeah, and I think it's also really important to point
that out. I've mentioned this seventeen percent inheritance tax. It
has not been legislated yet, so it's proposed, it was
in the budget all of that fun stuff, but it
hasn't been passed in parliament yet, so it's not a reality,
but it's very close to becoming a reality, and it's
something that we do need to consider. Have you had
(30:26):
clients talking about, all right, well, what do we do instead?
Should we be gifting things to our kids before we
pass away, or like, is this a conversation that's not
coming up yet.
Speaker 1 (30:35):
It's certainly a conversation that I've probably had even before
this proposed inheritance tax came into play. So whether like,
yet people cash out their super if they know that
they're terminally ill and pass it on to their children
or like, yeah, a lot of To be honest, a
lot of clients like to pass on their wealth early
because they like to see their beneficiaries benefit from it
(30:56):
whilst they're still alive, which I think is really amazing.
But I think it's good going to become more and
more a conversation. And there's obviously so many technicalities around
it as well, especially if like the older client is
on Centralink and things like that, gifting can just cause
a whole other realm of difficulties.
Speaker 4 (31:15):
Yeah, all right, what are some sneaky tips to put
myself in the best financial position to break up with
my husband?
Speaker 2 (31:22):
We have two kids.
Speaker 1 (31:23):
First things first, it would be kind of making sure
that you do have your own savings accounts. So with
all of our clients that are couples, we always recommend
that they have a separate account that is just in
their name. So whether they're happily married, going to live
happily ever after forever like, that's still very very important.
So I think it's kind of having that pot of
(31:45):
money put aside is really important. Understanding kind of what
your day to day expenses would look like if you
did separate is also an important thing you need to
take take into consideration. And then kind of a lot
of clients I see, maybe naively don't know where they're
standing from a financial position. As well. So kind of
(32:05):
knowing exactly where the family finances are before you separate
is also really important when you go through a financial
separation divorce.
Speaker 2 (32:15):
This is really nosy.
Speaker 4 (32:17):
What's the largest portfolio size or net wealth that you
or someone everest has ever managed?
Speaker 1 (32:23):
I had a lot of winner, just stop it. So
they won sixty mil. They bought a new.
Speaker 2 (32:31):
Property, but I think I know who you're talking about.
Speaker 1 (32:34):
A relatively modest property, and then they invested the remainder.
So yeah, that's probably the biggest. A lot of zero's
in that account.
Speaker 4 (32:46):
And it would just be compounding over time, and because
like they will be I'm assuming correct me if I'm wrong,
that becomes an ongoing client. Like there's a lot of management,
so you're just going to see them double that in
the next ten years.
Speaker 1 (32:59):
Yeah, And like to be the wife in this situation,
she just got so anxious about the level of money
that's that's in their account. And to her, she wanted
five grand a week in her bank account and that's
all she cared about.
Speaker 4 (33:13):
I mean, slay, what like pervy, what are you doing
with five What did she want five grand a week?
Speaker 1 (33:17):
So she goes on epic holidays oh slay. Yeah, she
goes on epic holidays and yeah to her, like she's
not materialistic at all, Like you would see them in
the street and you would absolutely not know, which I
think is awesome, Like I think that's so amazing. And
when they initially won Lotter, it was like cool, like
do you want to buy a new car? Like what
is that look like? And they're like, nah, we're happy.
Speaker 2 (33:39):
Like it was just more like I love it.
Speaker 1 (33:41):
Yeah, just a crazy, crazy moment and yeah, a lot
of zeros in that bank account.
Speaker 2 (33:46):
Yeah, that is very very cool.
Speaker 4 (33:48):
Another person have said, does Daisy feel really nosy about
why parents don't divide their inheritance to kids evenly? Oh?
Speaker 2 (33:56):
Absolutely, if you see that what it's what you think.
Speaker 1 (34:01):
But like to me, it's also a discussion. It needs
to be had because they need to realize that if
you're giving like Victoria ten percent and Alex gets ninety, yeah,
it's like it's like so what's like what's the relationship?
They're like, why have you given Victoria more money over
the past? Like this will needs to be documented properly
as well, because.
Speaker 2 (34:21):
In Australia be contested.
Speaker 1 (34:22):
In Australia, anyone can contest anyone's will technically, like I
can contest your will.
Speaker 2 (34:27):
As you should, Queen.
Speaker 1 (34:28):
Yes, absolutely, Steve So like, yeah, it's a conversation that
needs to be had because people put it in place
and they're like, oh, well, I haven't spoken to her
in five years, and I'm like, cool, that doesn't mean
that she's only going to get ten percent, Like yeah, so.
Speaker 4 (34:40):
I so you're not just thinking it, you're actually being like, okay, king,
tell me why you're going to make that decision one.
Speaker 1 (34:45):
Hundred percent, because like otherwise I would hate like not
being more boo like but they they're going to be dead,
but like I would hate for them not to realize
what's going to happen with their money as well, because
like they need to make it again an edge decision
on that.
Speaker 4 (35:01):
Well that your wishes, yeah, and your wishes aren't going
to be granted if your structure isn't documented properly and
actually set up properly. And have you ever been like
to a client, No, I don't think that's a good
idea when they're structuring something like that.
Speaker 1 (35:15):
Oh one hundred percent, yeah, one hundred percent. And like, unfortunately,
I've had clients that maybe have children with like drug
issues or gambling issues or alcohol issues, and some of
the time they're like, cool, we're not going to give
them as much, and I'm like, well, there's different structures
that you can put in place that protect them, but
it still means that they're going to get their fair
share of the estate. So I think it's really trying
(35:36):
to get to the bottom of why they're doing things
is so important. And at the end of the day,
it's their wishes, it's their money, and they can put
what they want in their will, but knowing that it's
highly likely going to be contested is kind of where
my job sits.
Speaker 4 (35:51):
Yeah, And that was always my favorite part of the job,
just being allowed to be pervy and ask the question.
Maybe that's why it's given me the confidence now to
be like oh, Like before I was like, oh, I
don't know if I should have asked Daisy about what
she's doing with her extra cash flow.
Speaker 2 (36:07):
But I'm always like, oh, yeah, what about this?
Speaker 4 (36:09):
Don't take me to brunch, Like don't because if you
say I gotta pay rise, I'll be like, yeah, queen,
what are you doing with it? And you'll be like,
why are you asking me? But it's always just like
the structure and how it works. And also I want
to know the drama. I don't want to be involved
in the drama, but I love knowing yours. Tell me
about your cousin, what did she do?
Speaker 1 (36:28):
Like?
Speaker 2 (36:28):
And thank you.
Speaker 4 (36:29):
I'm going to go sleep in my bed at night
knowing that that has nothing to do with me. What's
the wildest thing you've seen someone purchase that you've thought
was about idea?
Speaker 1 (36:38):
To be honest, probably cars, yeah, on finance? I like
very expensive cars on finance. Either that or like boats? Yeah?
Like probably the toys. Yeah, yeah, I agreed, that's probably
the worst thing I've seen from a financial perspective.
Speaker 2 (36:58):
Yeah, absolutely.
Speaker 4 (36:59):
I I remember having a client they weren't mine, they
were a client of the practice, purchased a Maserati for
their mistress on finance.
Speaker 2 (37:10):
Dead dead. I was literally like, did that really happen?
And it did? It did? I don't know what happened
to them, but I wish them nothing but the best.
Speaker 4 (37:21):
Daisy, tell me what is the And this is like
a positive one because I know that I don't have
much time left with you.
Speaker 2 (37:28):
But what's the wildest success or money turnaround story? You've heard.
Speaker 1 (37:32):
I love this because I feel like I've had a few,
so I think it's kind of people coming to me
that are maybe in what they feel is like crippling
personal loans, credit cards after pay. I have one client
in particular that kind of comes to mind, and she'd
broken up with her partner. He had got a car
(37:54):
loan in her name because he was self employed and
couldn't get finance. They'd broken up. It was a kind
of a bit of a financial disaster. But we quickly
put in place kind of a plan and a budget,
and then I think within two years she had her
deposit for a house or for an apartment stopped two years.
Like that is epic, Like she like she seriously put
(38:17):
the work in. She did. Yeah, like she seriously put
the work in. I think it was like yet between
two to three years she had a decent deposit to
then go and buy her own place. But again, like
that took really knuckling down. But she just came to
me and yeah, and I was just like, cool, if
you want to commit to this, this is what we
need to do. And she stuck to it, like to
(38:37):
the dollar, which I think is so awesome.
Speaker 4 (38:40):
Do you go home and tell your husband about cool clients.
Speaker 2 (38:43):
Oh absolutely, yeah, me too, don't worry. I'm like, oh yeah,
quient A, Like he doesn't get.
Speaker 4 (38:49):
The name, but I'm like today, Oh my god, I
remember going home and being like, I don't know if
I can tell you this, but I'm just really proud.
Speaker 2 (38:55):
Yeah, so good. All right. Last question I've got.
Speaker 4 (38:59):
There are going to be some people listening to this
who have wanted to get into the financial advice space.
Speaker 2 (39:04):
What advice would you give to an up and coming
female advisor.
Speaker 1 (39:08):
I love this question. I love that they're thinking about
coming into financial.
Speaker 2 (39:11):
Advice because I join us.
Speaker 5 (39:12):
Yeah.
Speaker 1 (39:13):
I think it's an underplayed industry. And how like in
how much of a difference you can make to people's lives,
Like if we can seriously change lives with kind of
what we do. My advice for someone upcoming would be
depending on what they're studying at university, so you do
need a university degree. If they definitely know that they
want to go and do financial planning, my number one
(39:34):
recommendation would be to do a financial planning major because
it then saves you a whole lot more study afterwards.
Speaker 2 (39:40):
Yeah, so that's what I had to do.
Speaker 4 (39:42):
I had to do a whole bridging course because I
didn't do like a financial planning major.
Speaker 1 (39:47):
Yeah, one hundred percent of people going through accounting and
finance thinking that they can kind of step into the
financial planning profession, which unfortunately you can't. So yeah, depending
on what they're doing at UNI, I would definitely recommend
that financial planning major, and I would definitely like recommend
that they do switch to that, and then if not
(40:07):
they've already finished, you go and do your extra study,
find a place that offers a really good grad program
and like a really good professional year program. That's really
important because you don't kind of want to start with
a financial planning practice that maybe doesn't have those structures
in place. I interview people all the time that have
(40:27):
been promised something and then they maybe haven't fallen into
it as they expected, So kind of really suss out
where you want to work, make sure they have good
structures in place to kind of help you progress in
your career as well.
Speaker 2 (40:39):
Am I allowed to add to that absolutely.
Speaker 4 (40:41):
The other thing I would say is, if you are studying,
try to get like a part time job in the industry.
So even if that is as a receptionist for a
financial advice practice, or you know, doing data entry or
something that you're like, oh, I'm not that keen. It
will give you the exposure to the industry. And Daisy,
you've probably looked at so many resumes. You see that
(41:03):
and you're like, oh, they know the workings of a practice,
they know how that works, and it's going to put
you in a much better position than had you just
done their retail job. At the same time, I know
it's probably harder to get, but like you can see
the hustle and the commitment early d percent.
Speaker 1 (41:17):
Yeah, that's exactly what I did, And to be honest,
it made studying so much easier because I knew that
I was studying for something that I enjoyed and I
was doing on a day to day basis. Albeit I
wasn't obviously a financial advisor or even in a social
advisor at that point. But yeah, being in a practice
is really important. And as you said, like even if
it is data and true or maybe a receptionist role
(41:39):
that you don't want to do, I think kind of
being around hearing, hearing the like the day to day dealings,
like all of our employees get to sit in meetings
if they want to just to kind of learn and
actually experience what we do for clients. And I think
pretty quickly you will know financial plannings for you or not.
Speaker 4 (41:59):
Yeah, one hundred percent, and Daisy, thank you so much
for doing our I guess did dive into our DMS today.
I've literally had so much fun chatting with you, and
I'm so sad that we're running out of time.
Speaker 2 (42:08):
I feel like we've had.
Speaker 4 (42:10):
Some very varied but also very real concerns from our community,
and it is good to know that they are in
very trusted hands. And look, if any of these questions
resonate with you, maybe they did because they were your questions.
Give everest Wealth a call and see if they can
help you navigate your finances with more confidence. We'll make
sure to add any helpful links and mentions made through
out the episode into the show notes to make sure
(42:32):
that you guys can lurk on them later. Until then,
my friends, obviously, what I want you to do is
review this episode if you enjoyed it, and stay subscribed
so that you don't miss a beat.
Speaker 2 (42:41):
Daisy, thank you.
Speaker 4 (42:42):
So much for joining us and my friends. I will
see you on Friday.
Speaker 1 (42:45):
Thanks for having me.
Speaker 4 (42:50):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
If you do choose to buy a financial product, read.
Speaker 5 (43:06):
The PDS TMD and obtain appropriate financial advice.
Speaker 2 (43:10):
Tailored towards your needs.
Speaker 5 (43:11):
Victoria Divine and Sheese on the Money are authorized representatives
of Money Sherper Pty lt D a b N three
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She's on the Money. She's on the Money.
Speaker 2 (00:10):
My name's Satasha Bamblet.
Speaker 3 (00:11):
I'm a proud First Nations woman and I'm here to
acknowledge country. Hello, beautiful friends, we gather on the lands
of the Aboriginal people. We thank acknowledge and respect the
Aboriginal people's land that we're gathering on today. Take pleasure
in all the land and respect all that you see.
She's on the Money podcast acknowledges culture, country, community and connections,
bringing you the tools, knowledge and resources for you to thrive.
Speaker 4 (00:32):
Hello, and welcome to She's on the Money, the podcast
where we discuss all of the issues concerning your personal
wealth goals and yes, even the stuff that you have
been way.
Speaker 2 (00:41):
Too embarrassed to bring up with your accountant.
Speaker 4 (00:43):
I'm Victoria Devine and joining me on their deep dive
couch today is none other than friend of the show,
Daisy Egan, who is also a financial advisor at Everest Wealth.
Speaker 2 (00:53):
My friend, welcome back to the show.
Speaker 1 (00:55):
Thanks so much for having me back.
Speaker 4 (00:56):
I'm also very aware of how anxious you are, because
I said my Instagram stories I'm having Daisy, what are
unhinged questions that you guys have for a financial advisor,
and you were like, Victoria Devine, do not put me
in this position.
Speaker 2 (01:08):
And I was like, big dog, this is exactly where
we need to go.
Speaker 4 (01:12):
So usually Daisy and I have these really beautiful, deep
dive discussions on the couch of how and when and
where booking your first consultation with a financial advisor, and
the ins and outs of the really important stuff when
it comes to financial advice. But like this time, I
just thought, let's do something a little bit different, and
let's ask Daisy some of the slightly unhinged and maybe
(01:36):
morally gray questions that you've been asked in your career
as a financial advisor. And not only have I gathered
our own questions since you've already been acquainted, we have
asked our community to come forward ask me anything style
to ask Daisy about the financial advice you've been asked for,
maybe the financial advice you've given or even had to deliver. Daisy,
(01:58):
my community arguably have not made this easy. I'm really sorry.
They have made it fun, though, So like that's a
step in the right direction, because not only do the
questions range from really normal and honestly fine and reasonable
to oh my god, are actually people doing this with
their cash? Like why did this come into your brain?
Why do you think someone has been asked that? And
(02:20):
while this is all good fun, there might be some
I guess, really substantial things in this for our listeners
who maybe are just too shy to ask particularly niche questions. Now,
I'll give you some time to mull over these questions,
and when we get back, we're diving straight into things.
Welcome back, guys. That was just an ad break. I
(02:42):
didn't actually give Daisy any time to prepare for these questions.
We are doing a deep dive with Daisy from Everest
to Health, where she's answering questions from our community about
the most unhinged advice you've ever been prompted from?
Speaker 2 (02:54):
Daisy? Where do you want me to begin with this?
Speaker 1 (02:56):
Let's start with a boring one maybe, or a more
sensible one to keep things I think.
Speaker 4 (03:00):
All right, fine, maybe we can kick it off with
I guess some pedestrian questions about finance. What are some
of the more stock standard questions you get in your
line of work, like people coming in the door initial consultation.
You know not how much your advice fees, but like,
what are some questions that people usually ask you.
Speaker 1 (03:21):
Yeah, this is a really good question actually, so a
lot of people don't fully understand what a financial advisor
does and where we fretilt it is. Yeah, so I think,
like understanding the difference between an accountant, a mortgage broker,
a lawyer. So like, I think kind of understanding what
actually do you do is a very stock standing question
(03:41):
that we get a lot of people also that come
to see us and maybe like, I don't know if
I'm ready for financial advice, and am I ready for
financial advice? A lot of people are somewhat surprised at
the scope of work we can do as well, so
it made us think that, oh, can you just help
me with my superin insurances? Not understanding the other kind
of goals and lifestyle discussions that we have as well. Yeah,
(04:04):
so yeah, I think it's more around the main questions
I seem to get is kind of what we actually
do as a profession.
Speaker 4 (04:10):
Yeah, and I know I've asked my community for unhinged questions,
but one of the reasons I wanted to do that
is when you're a financial advisor, and for those of
you who maybe haven't met me, and this might be
a first episode for you. I am an ex financial advisor,
so Daisy and I are probably going to have some
very shared experiences here. Our questions can be quite unhinged.
Like one of the coolest parts of when I was
(04:33):
a financial advisor is how.
Speaker 2 (04:35):
Deep the relationship goes with a client.
Speaker 1 (04:38):
Right.
Speaker 4 (04:38):
I don't know if you feel the exact same way,
but for me, it was like, honestly a bit of
an honor for people to be so open with me,
because it's not like your doctor where you just share
some medical information. It's not like your accountant where you're like, well,
here's my taxes. Like with a financial advisor, go I
need your medical history. I actually need to know your
goals and aspirations and what you want achieve in life.
(05:01):
I also need your finances, So like, I'm in everything,
and if you're not comfortable with me, I can't be strategic,
I can't be powerful, I can't have the impact. So like,
I want to be your bestie, and if you're not
comfortable asking me questions, go find a new advisor.
Speaker 1 (05:18):
Yeah, that's my biggest thing, is like, name another profession
where you have that much in depth knowledge around a
client's circumstances because you know, there are state planning, so
you know their family situation. Like yeah, as you said,
you know all their health history from doing insurances, you
know their finances. And the biggest thing for me is
like there is no such thing as a silly question,
and like I know that everyone says that, but like
(05:38):
this is your life and this is your finances, and
like we really want you to understand that. Yeah. I
hate kind of hearing that, oh, my financial advisors did
this for me and I don't really.
Speaker 2 (05:47):
Get it, Like I, oh, no, that I'm.
Speaker 1 (05:49):
Not going to walk away going cool. I've chosen this
route because I want this goal or X y Z
kind of thing, Like I really that education piece is
so important to us.
Speaker 4 (05:59):
Yeah, and that's kind of why I wanted to do
the unhinged question Vibes, because we're just people who want
better for you, Like I want you to ask me
the dumb questions. And I have noticed over the last
few months a really big influx into my inbox, not
from your clients, just to be very clear of people
who have sought financial advice, gotten it and then be like, hey,
(06:19):
v I didn't want to ask my advisor this, but
what does this mean? And I'm like, girl, go back
to your advisor, like they're the ones that should be,
you know, going above and beyond. Like if you're not
comfortable asking to me, that's a bit of a red flag.
So I guess that's a really great place to kind
of frame this conversation. But we're going to go to
(06:41):
the top of the questions that I have because I
don't know, I feel like we want to break down
the fact that financial advisors we're just people who want
the best for you, and we're actually really fun too,
all right, We're fun and we're hip and we're funky
and fresh. Like I promise, I'm not just a regular mom,
I'm a cool mom. But really quick disclaimer because like
(07:02):
both Daisy and I, we have financial services licenses, So
quick disclaimer. We are sharing stories and questions from the community,
right and while Daisy is a financial advisor and is
licensed to provide financial advice, in this situation and in
our chats, the advice that is shared is general in
nature only and does not consider your personal circumstances and
cannot and should not ever be considered financial advice for you.
(07:26):
With that said, Daisy, are you happy to move forward absolutely,
all right, Daisy, What is one of the first questions
that you ask a client. So they come in, they're
filled in your full fact find You've got like all
their data on the table.
Speaker 2 (07:39):
What are you asking them?
Speaker 1 (07:40):
My biggest thing is around goals and what I call
lifestyle design. So to me, that's so important because I
can write a financial plan that is the best numbers wise,
but it may not take into consideration that they want
to start a family in a few years, or may
not take it into consideration that they want to go
to Europe next year and take three months off. So
I think I think really having that goals discussion and
(08:02):
kind of where you want to be, what you want
to be doing, is really important before we actually get
into the numbers side of things, because to me, that
really underpins then the financial plan that we would create
for our clients.
Speaker 4 (08:13):
I've seen a lot of single girls and my dms
replying to this and they're like, what are you asking
single girls?
Speaker 3 (08:19):
Like?
Speaker 4 (08:20):
Is that a specific situation? Like you asking different questions
to the single ladies than people coming in as a couple.
Speaker 1 (08:28):
Not necessarily, but usually having those goals discussion may open
up some things for single women. So a few single
women that I've seen lately kind of either want to
freeze their eggs or want to become a mother by
themselves with like a sperm donor. So that's obviously quite
a costly thing that we have to take into considerations.
I think having that goal discussion really opens up for
(08:50):
the single girls to then give me a bit of
a kind of two sentence answer on what they want
to do over the next few years.
Speaker 4 (08:58):
And that's really important, kind of like putting those questions
on the table to them, because like I feel like
when you come in, I just I go back in time.
Single meet I think would have been like a deer
in headlights going into a financial advice meeting being like,
oh my god, Like Daisy is so smart, she's probably
gonna judge meet.
Speaker 2 (09:14):
She's not. But are you then going, oh, hey, a
few of my other clients are thinking of this. What
are you thinking? Like, how do we open this conversation?
Speaker 1 (09:22):
Yeah? Absolutely, So some people come in they just will
kind of tell me everything, which is really awesome. Otherwise
people may be a little bit kind of guarded. So
that's really then when you start asking a few more
questions around cool like I've had clients that are maybe
similar situation to yourself. They're looking at X y Z.
Are you like something that you're looking at. The holidays
thing is a big one for me as well, especially
(09:43):
for like young single people. It's like, cool, do you
have any holidays book? Is this something that's important to you?
Because again, like people want to live their life now
and it's not necessarily all about kind of scrolling and
saving all their money away.
Speaker 4 (09:54):
Yeah, And like I don't know about you, but when
I was an advisor, I really wanted to get to
know the clients a little bit deeper, like not just
like holidays, but like what type of holidays?
Speaker 1 (10:04):
Like it's a big thing as well. So yeah, how
do you holiday? Like as a holiday? To you just
holiday within your state? Is it going business? Classic Europe?
Like what does that look like? Because everyone does holidays
so differently.
Speaker 2 (10:14):
Yeah.
Speaker 4 (10:14):
One of the questions that we got was what happens
when you see that a client's budget and cash flow
is actually different from what they're telling you they do.
Speaker 1 (10:22):
That is so many of our clients. Yes, So like
we really do a deep dive on people's cash flow,
and I say it's not to be the money police.
It's just to give you an accurate representation of where
you're actually at. So I think doing that deep dive
and then kind of seeing where they think they are
and where they actually are is a really important discussion
to have and people shouldn't be ashamed of that because
(10:44):
that is probably the majority of our clients kind of
think they're in a different position to what they're in. Yeah.
Speaker 4 (10:49):
I remember a client came in and they're like, I'm
so good at saving, and I was like, great, norries
like and I will believe. Like still anything you tell me,
I'll be like, yeah, must be true. Why would you
tell me otherwise? Going through their statements and I'm like
these savings, where are they and then having to go
back and be like, hey, so you said that you
were really good at saving, but like, is there a
(11:11):
separate bank that I'm not looking at because you've provided me,
you know, access, and I can see this and this
and oh yeah uh and like totally normal, totally normal
because I think they're in these situations. Clients often present
who they want to be, yeah, not who they actually are,
because they're like, don't judge, be like I might not
be good at saving. But I really want to be
good at saving and like, we get it.
Speaker 2 (11:32):
We're just girls.
Speaker 1 (11:33):
And I think like the awesome thing is that a
lot of clients know that they need help as well,
and yet, as you said, they might come and present
the version that they want to be. But then once
we deep dive, it's like, cool, this is where you are,
this is where you obviously want to be. Let's work
together and make that happen. And that's why people should
seek financial advice because they want that help.
Speaker 2 (11:51):
Yeah.
Speaker 4 (11:52):
One of my dms here says, how much of a
therapist do you feel like you are on a daily basis?
Speaker 1 (11:57):
Oh? Yeah, a lot of the time. A lot of
the time. We do have a bit of a running
joke sometimes that we can be a bit of a
couple's therapy as well, especially if couples aren't necessarily aligned
on goals and things like that. So yeah, I feel
as though I should have probably gone and done some
sort of postgrading therapy because I definitely need it every day. Girl.
Speaker 4 (12:17):
I feel like when I was working in financial advice,
I would thank the stars every single day that I
had a psychology degree because I would be like, oh
my goodness, like what did I just walk into and
like some of the questions, I'd.
Speaker 2 (12:31):
Have to be like, oh, yeah, I'll catch up with
that client later and then get them one on one and.
Speaker 4 (12:35):
Be like, hey, cool, So I picked up on this vibe,
like how do you feel about that girlfriend?
Speaker 2 (12:41):
It's so awkward but so important.
Speaker 1 (12:44):
Yeah, And we always say there's like a cfo's spouse
in a couple as well, like that's what we call them.
And including the noncfo's spouse is so important because you
can have meetings where one person is just talking the
whole time, so like really kind of the other person
being like, cool, so how do you you feel about this?
What are your goals? Are they different? And it can
create a bit of tension, to be honest, But I've
(13:06):
been in situations where like one person has just spoken
the whole meeting and the other person has then called
me after the meeting and gone, this actually isn't what
I want.
Speaker 2 (13:15):
Yeah, And that can be really hard.
Speaker 4 (13:16):
And I think that's where having a good financial advisor
is important, not because you know you're in a relationship
that doesn't have equity, but more because they can see
around the corner and kind of go hold on something's
cooking here.
Speaker 2 (13:31):
I need to see what's in the kitchen.
Speaker 4 (13:33):
And that's really important because like the CFO, I've never
heard it phrase that way. I kind of love that
the CFO spouse, by the way.
Speaker 1 (13:40):
That's me. It's also me.
Speaker 4 (13:42):
But you know what that has meant for me is
that I have to step back and go, hey, Steve,
I feel like and like I often say, oh, I
feel like I've made all these decisions again. I'm really sorry,
like I've jumped ahead. Are you okay with this? And
like ninety percent of the time Steve will be like, yeah,
why are you asking? I'm like, oh, it's just because
I'm so aware, like this is not a good dynamic,
(14:04):
like I actually want to make sure that we're on
this journey together. Not I've just taken the wheel and
been like, wear this blindfold quick, We're going somewhere.
Speaker 2 (14:12):
And it's a surprise. Someone said, Daisy, ten K just
dropped into your account randomly, What are you doing with it?
Speaker 1 (14:19):
Very loaded question.
Speaker 2 (14:21):
It's for you personally, not for a community member.
Speaker 1 (14:24):
For me personally.
Speaker 2 (14:25):
Ten K just dropped into Daisy's account.
Speaker 1 (14:27):
Okay, amazing. So I got my emergency fund set up.
I have a home loan, but I have some money
in offset. So to be honest, where I'm at the moment,
i'd probably invest that money.
Speaker 2 (14:35):
Oh you'd invest it.
Speaker 4 (14:37):
Oh, I love that you wouldn't in this economy, go oh,
I want more in my offset.
Speaker 1 (14:42):
To be honest, I love diversifying away from just kind
of paying down my debt as quickly as possible. Like,
I think it's very important that people have a healthy
offset and like aware of their debt. But to me,
my homeland doesn't scare me, So I kind of want
to diversify build something outside of my property.
Speaker 4 (15:02):
My home loan at the moment is scaring me, and
that's okay. But I feel like I've I don't know,
given recent economic changes, I've just started adding a little
bit more of my investment money into my offset. And
it's like logically, you would look at my financial plan
on Daisy and you'd probably be like, the why aren't
(15:23):
you investing a bit more? And it's literally my anxiety.
Speaker 1 (15:27):
And I think psychology of its yeah, And like debts
can really scare people, and people can be in really
awesome positions and have good debt and they're still like, no,
I want to pay that down as quickly as possible.
And it's like, again, having that discussion with the client
is just so important because like to your point, like
where you're at, you're like, cool, I just want to
put a little bit of extra away.
Speaker 4 (15:48):
And it makes like on paper, it makes no logical
sense because I could make more money in the share
market and that's a good thing, but it's like a
mental barrier for me at the moment.
Speaker 2 (15:58):
I'm like, oh, like.
Speaker 4 (15:59):
Grateful to have it, can afford it. All is well
and good in the world, but also that number, I
don't like it and it needs to go. And it's
kind of like do you see that with because like
a couple of the questions where about, you know, should
I pay off my hex stet? And we cannot answer that.
But a couple of times historically people would come in
and be like, oh, V I'm really prioritizing paying off
(16:21):
my hex debt. But I know that it's not a
good thing to do because like it's just kind of
an okay debt, it's not bad debt, it's.
Speaker 2 (16:28):
Not good debt. Yeah, what did you do for your
hex debts? Someone wants to know.
Speaker 1 (16:32):
I was in a very blessed position to not have
hex stet.
Speaker 2 (16:34):
Ooh, street under the bus.
Speaker 1 (16:38):
My husband has hextet?
Speaker 2 (16:39):
Oh what are you doing about that?
Speaker 1 (16:41):
So we've just been paying the minimum amount.
Speaker 4 (16:43):
Will you ever up that or will you always just
be like no, you are not a priority in our lives.
Speaker 1 (16:48):
Well, this financial year he's actually paid it off, so
it was a big win for us. But yeah, it's
just kind of been let's channel our money elsewhere. And yeah,
I suppose, like both being in finance backgrounds, we kind of, yeah,
it didn't worry us, and we knew that eventually it
would be paid off. So that has hit this financial year.
Speaker 2 (17:07):
Yeah, very fair.
Speaker 4 (17:09):
And for those of you playing along at home, that
means that your cash flow has increased a little bit.
Can I be super pervy? Have you got a plan
for the cash flow that will be released?
Speaker 2 (17:18):
Yes, so she does, of course she does.
Speaker 1 (17:21):
So to be honest, that has probably gone towards our
mortgage increasing, so it's obviously a bit it's soaked up. Yeah,
it's opened up a bit of cash flow. But I
feel like though as though that's been kind of chewed
up pretty quickly with interest rates increasing. Yeah.
Speaker 4 (17:36):
Yeah, and I love asking financial advisors personal questions like that,
because it's just like, by the way, I'm here taking
my own advice as well, Like we have lives as well.
I think a lot of people look at us or
looked at me when I was an advisor, I was
like the pinnacle of understanding everything, and I'm like, girl,
I'm just arguing with my husband over how much coffee
beans are and why does he always have to pick
(17:57):
the expensive ones?
Speaker 2 (17:58):
Yeah? Still like dude, my dude, why?
Speaker 1 (18:01):
Yeah.
Speaker 4 (18:02):
Anyway, I feel like everyone's money story is really unique,
and we're going to take a really quick break, but
when we return, we're going to get into more of
the morally questionable questions, I guess because those were pretty vanilla.
Speaker 2 (18:13):
Yeah, like those didn't scare youable?
Speaker 3 (18:15):
Hold on.
Speaker 4 (18:20):
I have obviously saved the best ones for this part,
and I'm really glad because some of them carry kind
of a theme and it's I guess, comforting to know
that our community are people that are just like us.
I'm going to be really nice and ask this question,
which I put in the other section of the show,
so this is not morally questionable, but have you ever
gotten money tips and tricks from clients and then been like,
(18:41):
I'm going to use that in my everyday life.
Speaker 1 (18:43):
Yes, definitely. When I was starting out a mixture of
clients and colleagues, I think is definitely kind of contributed
to how I manage my money now. When moving to Everest,
I hadn't really dealt with the younger client demographic before,
so I think, like relating to people my own age,
it's definitely kind of given me more ideas of how
I can do things slightly different because they are similar
(19:06):
age to me, going through similar life stage and everything
like that.
Speaker 4 (19:09):
So I remember a client came in and you know,
had heard of like points stacking before, and they were like, oh,
v I've been point stacking here, here, and here, And
I was like, wait, what like and I said to
the client, I'm stealing that, like I'm going to replicate
exactly that, and she's like.
Speaker 2 (19:23):
Oh, go ahead.
Speaker 4 (19:24):
It took me all this research to like work out
which system goes here, in here, and now like it's
my hyperfixation. Like I am like diving in on that
and sharing it with the community. But I was like,
my queen, you're a genius.
Speaker 1 (19:34):
Yeah, And like one of my clients. I remember when
I first started it. Ever, she introduced me to shop Back.
Oh yeah, and I was like, this is unreal.
Speaker 4 (19:42):
And so many people were like, oh v I thought
shot Back was a scam. And I'm like, no, Queen, no,
Like I don't know, like adore you shot Back and
clearly I've worked with him in the past, but I'm like,
something about your branding makes people think it's not legitimate.
Speaker 1 (19:56):
Yeah, but it is. Yeah, And like I.
Speaker 4 (19:58):
Get legit cash back and then I spend it on
stuff that I don't need.
Speaker 2 (20:02):
It's fantastic.
Speaker 1 (20:03):
Yeah.
Speaker 4 (20:04):
I also want to ask, and this is like getting
into the more spicy questions, what's the most unhinged or
out there asset you've ever seen someone own that you've
had to like plan around.
Speaker 1 (20:14):
Probably like collectibles such as artwork and vintage cars in
people's super funds. Oh yeah, that's probably the most unhinged
thing I've had to like kind of plan around. Otherwise,
like a lot of kind of like, yeah, unlisted assets
where they may have put some money into, like a
(20:35):
friend's business or things like that, and that's like a
non negotiable for them that they keep it.
Speaker 4 (20:39):
And you're like, this is a terrible idea. Barry's not
even good at business, but okay.
Speaker 1 (20:44):
And like Barry's asked for another ten grand and you're
going to give it to him.
Speaker 2 (20:46):
So it's like, and my dude, you're never going to
see that money again. Let's plan for that.
Speaker 1 (20:51):
Yeah, So I think probably yeah, things like that. But yeah,
I had a client previously who had, yes, some artwork
and two vintage cars in they're super fund.
Speaker 2 (21:01):
Wow.
Speaker 1 (21:01):
So like the rules around that, and like the fact
that it's in super so they can't use it personally
and things like that. It's a very interesting conversation.
Speaker 4 (21:09):
Yeah, And I think people like this is like me
just talking financial advice shop. I guess I think people
don't realize that if it is in your super fund,
you're not allowed to touch it.
Speaker 1 (21:21):
Yeah.
Speaker 4 (21:21):
And I remember a client making me and like I
kept saying, I don't think this is a good idea,
Like I don't think we should be putting this into
your super fund, making me put a like wine collection
and there were like lots of vintage wines and stuff
in this collection, and I was like, cool, where do
you keep it? They're like in my home And I
said cool, do you drink any of it? And they're like, oh, no, no, no, no,
we're like storing it. And I said, great, so we're
(21:43):
storing it to sell it? Oh no, no, no, we're
storing it and will open like this bottle on someone's
twenty first birthday. And I was like, cool, that's not
an investment, like and trying to talk down people. They're like, yeah,
but it would be worth so much more and I'm like, yes,
if you sell it, and if it's in an SMSF,
like you can't touch it. And I think a lot
of people will go, well, I could buy a house
(22:04):
in my SMSF.
Speaker 2 (22:05):
Is that not a genius idea?
Speaker 1 (22:06):
Or holiday homes?
Speaker 4 (22:07):
Yeah, you can't use that asset, like not even one
day per year.
Speaker 2 (22:12):
Are you allowed to go and use that asset? You
can't even lease it to yourself.
Speaker 4 (22:15):
Yeah, And they go, hold on, that's not such a
good idea, and you go, I know, yeah, I know.
And it gets a little bit awkward because often people
have like thought of these things in their heads and
they're like, this is a genius idea, Daisy, so what
we're going to do and you're like, yeah, so we're
not allowed to do that. I'm sorry to burst your bubble.
Do you find those conversations awkward or like okay.
Speaker 1 (22:36):
Now, initially I definitely did, but I think kind of
explaining that, like this is not compliant. This is like
you can get in a decent amount of trouble for this.
It's kind of usually scares people off, but there's still
certainly people that will go and do it without advice.
But I think just educating people on the fact that
they can't do it and why most people are usually
turned off from that.
Speaker 4 (22:57):
Have you, and this is another community question. Have you
ever told someone that they can't financially afford to have
a baby?
Speaker 1 (23:04):
No, I haven't, so it's I have. Yeah, it's normally
just around I suppose, like it depends on what stage
they're are, so it depends like it's normally projecting out
their cash flow of what it would look like, who's
going to take time off work? Yeah, the costs associated
with having a baby, so like even like things like
car seat, checking out their nursery, all of that is
(23:25):
so expensive. So it's not necessarily saying no, you can't
afford to have a baby, but I think it's showing
a position that they would be in if they did
choose to have a baby.
Speaker 4 (23:34):
Maybe I was a more blunt financial advisor, like I
would actually prefer to have you not me, because I
remember sitting down with a client and do you know what,
They were really financially focused, and the question was, can
we afford to have a baby?
Speaker 1 (23:46):
Yeah?
Speaker 4 (23:46):
And I basically was like, well, if you put it
like that, no, But if we stretch out the timelines
and we're not talking about having that baby this year,
then it becomes a little bit more feasible.
Speaker 2 (23:56):
But that's what you're paying us for exactly.
Speaker 1 (23:59):
You're not like so many times people will be in
a deficit position whilst one of the parents is on
parental leave, but planning for that and being like, cool,
we need to keep x amount of your offset or
your cash aside to get through those six months, twelve months,
whatever the plan is. I think that's again an important
conversation because then they can plan for that and then
(24:20):
they know, cool, you know that we're going to have
to put forty grand aside for that year. We've only
got thirty grand in the bank. Let's like plan around
when we're actually going to start trying to conceive.
Speaker 4 (24:30):
I feel like that was a loaded question, not from me,
but from the community. Because they're like, oh, it's like
and they didn't give me any nuance on that, right.
But when you're like, oh, have you ever financially said
you can't have a baby? Well yes, because I'm treating
it like any other financial goal. Like my job is
to make sure that you're financially secure and also be
logical and reasonable. And sometimes we have to step back
and be like, hey, cool, so this financial goal that
(24:52):
you've had is not going to work on this timeline
or it's going to look like this, and then in
the future we need to do this to maintain it.
Sometimes we do have to be the big bad wolf
and be like hey, cool, so your idea it's not
going to work in reality.
Speaker 1 (25:05):
Yeah, there's also like prioritizing as well as like cool, yeah,
if you want to do have that child, then you
can't go on holidays for the next two years or
like it's again just having those compromising conversations with people
to kind of show them like you can do this
or this but not both.
Speaker 4 (25:20):
Yeah, all right, are dialing up the spicy levels. As
an advisor, what are your thoughts on pre nups? So
I love these I can see how uncomfortable she.
Speaker 1 (25:31):
Is I think they are definitely important conversation to have.
So they're called bunny financial agreements here in Australia, So
especially if someone's coming into the relationship with significantly more wealth,
I think it's definitely a conversation that needs to be had.
I've certainly had a few clients who have gone down
(25:52):
the path after kind of having the conversation with me.
I suppose it's then just going to the lawyer and
understanding kind of how they hold up is really important
because you can put a pre and up in place
three years time, have.
Speaker 2 (26:06):
A child and everything's changed.
Speaker 1 (26:09):
Yeah, and then things change, and then I think people
have this misconception that a prenup pool last twenty years,
and that's certainly not the case because especially clients that
we see their lives are changing so quickly that Yeah,
I think it's more just educating people on like what
actually a binding financial agreement is and how they hold up,
(26:30):
and then instructing them on kind of what they then
have to do to go see a lawyer and put
it in place.
Speaker 4 (26:38):
Yeah, And I think that there's a misconception that a
binding financial agreement in Australia is as strong as a
prenup in America, and it's just not like if you
sign a prenup in America, we are done.
Speaker 2 (26:47):
We are dusted.
Speaker 4 (26:48):
If you said I don't get any of her assets,
well you're not getting any of her assets. We're in Australia.
It can be contested in a court of law and
things can change. And like, I just think from my
personal perspective. And we've done a few episodes on binding
financial agreements, which I would implore people to go and
listen to. But it's about being on the same page, like, hey,
(27:10):
this is my partner. If everything goes belly up, like
what would we want the best for each other in
And like if then the relationship dissolves, at least we
can fall back on that being no you said, and
then hopefully that's a really good base of conversation for
splitting assets. It's not a nice conversation to have, though.
Next question I've got, I've told you it was going
(27:31):
to get spicy. Someone said, I'm waiting for my grandmother
to die so that we inherit her property.
Speaker 2 (27:39):
What things would I need to put in place now?
Tax wise?
Speaker 1 (27:42):
So it depends on kind of whether they're going to
inherit the property one hundred percent where there's other people,
other beneficiaries.
Speaker 2 (27:50):
Involved, Yeah, I've got questions.
Speaker 1 (27:53):
Yeah, and then whether they're going to inherit the actual property,
whether it's going to be sold in the estate yep.
So a lot of those things kind of then depend
on how the tax treatment will will occur, because if
they're going to sell the property in the estate, then
the estate will deal with the tax consequences if any
if like your grandmother's lived in it the whole time,
there might be a different kind of tax concessions. Whereas
(28:17):
if they are inheriting the property themselves, it would then
depend on whether they're planning on living in it. Yeah,
and like whether they have a spouse or a partner
that they maybe don't want to get access to the
property if they were to split up. So yeah, difficult one,
but I think kind of yeah, it would depend a
(28:37):
lot on whether you're going to keep the property or
whether it's going to be sold. Yeah.
Speaker 4 (28:39):
And I mean, at the end of the day, spicy question,
but I think that one's on a lot of people's minds,
especially because there are so many conversations around and I've
been saying on this podcast for like at least five
years that we are about to experience in the next
I think it's like two years now, Daisy terrifying wealth. Yeah,
the biggest intergenerational transfer of wealth the entire world's ever seen. Yeah,
(29:04):
and that unfortunately comes down to it being quite morbid.
That means a lot of people are going to die
and a lot of inheritances are going to happen, and
a lot of that conversation is actually happening in the
media and happening in Parliament at the moment. I mean,
we've got that conversation about the seventeen percent inheritance tax.
Have you got clients asking about that at the moment?
Speaker 1 (29:24):
Definitely? And unfortunately I have had a few clients at
a young age that have received a fairly decent inheritance,
which is obviously like an awful position to be in.
But like they've there might be in their late twenties
with kind of millions of dollars and that's so daunting
as well when people are grieving and then they receive that.
(29:46):
But yeah, the inheritance tax is a very interesting one.
It's obviously something that we haven't had in Australia, and
like there's definitely talks of bringing that in, so I
think that'll definitely shift things with like the baby boomers generation,
kind of maybe passing on wealth whilst they're still alive
and things like that.
Speaker 4 (30:05):
Yeah, and I think it's also really important to point
that out. I've mentioned this seventeen percent inheritance tax. It
has not been legislated yet, so it's proposed, it was
in the budget all of that fun stuff, but it
hasn't been passed in parliament yet, so it's not a reality,
but it's very close to becoming a reality, and it's
something that we do need to consider. Have you had
(30:26):
clients talking about, all right, well, what do we do instead?
Should we be gifting things to our kids before we
pass away, or like, is this a conversation that's not
coming up yet.
Speaker 1 (30:35):
It's certainly a conversation that I've probably had even before
this proposed inheritance tax came into play. So whether like,
yet people cash out their super if they know that
they're terminally ill and pass it on to their children
or like, yeah, a lot of To be honest, a
lot of clients like to pass on their wealth early
because they like to see their beneficiaries benefit from it
(30:56):
whilst they're still alive, which I think is really amazing.
But I think it's good going to become more and
more a conversation. And there's obviously so many technicalities around
it as well, especially if like the older client is
on Centralink and things like that, gifting can just cause
a whole other realm of difficulties.
Speaker 4 (31:15):
Yeah, all right, what are some sneaky tips to put
myself in the best financial position to break up with
my husband?
Speaker 2 (31:22):
We have two kids.
Speaker 1 (31:23):
First things first, it would be kind of making sure
that you do have your own savings accounts. So with
all of our clients that are couples, we always recommend
that they have a separate account that is just in
their name. So whether they're happily married, going to live
happily ever after forever like, that's still very very important.
So I think it's kind of having that pot of
(31:45):
money put aside is really important. Understanding kind of what
your day to day expenses would look like if you
did separate is also an important thing you need to
take take into consideration. And then kind of a lot
of clients I see, maybe naively don't know where they're
standing from a financial position. As well. So kind of
(32:05):
knowing exactly where the family finances are before you separate
is also really important when you go through a financial
separation divorce.
Speaker 2 (32:15):
This is really nosy.
Speaker 4 (32:17):
What's the largest portfolio size or net wealth that you
or someone everest has ever managed?
Speaker 1 (32:23):
I had a lot of winner, just stop it. So
they won sixty mil. They bought a new.
Speaker 2 (32:31):
Property, but I think I know who you're talking about.
Speaker 1 (32:34):
A relatively modest property, and then they invested the remainder.
So yeah, that's probably the biggest. A lot of zero's
in that account.
Speaker 4 (32:46):
And it would just be compounding over time, and because
like they will be I'm assuming correct me if I'm wrong,
that becomes an ongoing client. Like there's a lot of management,
so you're just going to see them double that in
the next ten years.
Speaker 1 (32:59):
Yeah, And like to be the wife in this situation,
she just got so anxious about the level of money
that's that's in their account. And to her, she wanted
five grand a week in her bank account and that's
all she cared about.
Speaker 4 (33:13):
I mean, slay, what like pervy, what are you doing
with five What did she want five grand a week?
Speaker 1 (33:17):
So she goes on epic holidays oh slay. Yeah, she
goes on epic holidays and yeah to her, like she's
not materialistic at all, Like you would see them in
the street and you would absolutely not know, which I
think is awesome, Like I think that's so amazing. And
when they initially won Lotter, it was like cool, like
do you want to buy a new car? Like what
is that look like? And they're like, nah, we're happy.
Speaker 2 (33:39):
Like it was just more like I love it.
Speaker 1 (33:41):
Yeah, just a crazy, crazy moment and yeah, a lot
of zeros in that bank account.
Speaker 2 (33:46):
Yeah, that is very very cool.
Speaker 4 (33:48):
Another person have said, does Daisy feel really nosy about
why parents don't divide their inheritance to kids evenly? Oh?
Speaker 2 (33:56):
Absolutely, if you see that what it's what you think.
Speaker 1 (34:01):
But like to me, it's also a discussion. It needs
to be had because they need to realize that if
you're giving like Victoria ten percent and Alex gets ninety, yeah,
it's like it's like so what's like what's the relationship?
They're like, why have you given Victoria more money over
the past? Like this will needs to be documented properly
as well, because.
Speaker 2 (34:21):
In Australia be contested.
Speaker 1 (34:22):
In Australia, anyone can contest anyone's will technically, like I
can contest your will.
Speaker 2 (34:27):
As you should, Queen.
Speaker 1 (34:28):
Yes, absolutely, Steve So like, yeah, it's a conversation that
needs to be had because people put it in place
and they're like, oh, well, I haven't spoken to her
in five years, and I'm like, cool, that doesn't mean
that she's only going to get ten percent, Like yeah, so.
Speaker 4 (34:40):
I so you're not just thinking it, you're actually being like, okay, king,
tell me why you're going to make that decision one.
Speaker 1 (34:45):
Hundred percent, because like otherwise I would hate like not
being more boo like but they they're going to be dead,
but like I would hate for them not to realize
what's going to happen with their money as well, because
like they need to make it again an edge decision
on that.
Speaker 4 (35:01):
Well that your wishes, yeah, and your wishes aren't going
to be granted if your structure isn't documented properly and
actually set up properly. And have you ever been like
to a client, No, I don't think that's a good
idea when they're structuring something like that.
Speaker 1 (35:15):
Oh one hundred percent, yeah, one hundred percent. And like, unfortunately,
I've had clients that maybe have children with like drug
issues or gambling issues or alcohol issues, and some of
the time they're like, cool, we're not going to give
them as much, and I'm like, well, there's different structures
that you can put in place that protect them, but
it still means that they're going to get their fair
share of the estate. So I think it's really trying
(35:36):
to get to the bottom of why they're doing things
is so important. And at the end of the day,
it's their wishes, it's their money, and they can put
what they want in their will, but knowing that it's
highly likely going to be contested is kind of where
my job sits.
Speaker 4 (35:51):
Yeah, And that was always my favorite part of the job,
just being allowed to be pervy and ask the question.
Maybe that's why it's given me the confidence now to
be like oh, Like before I was like, oh, I
don't know if I should have asked Daisy about what
she's doing with her extra cash flow.
Speaker 2 (36:07):
But I'm always like, oh, yeah, what about this?
Speaker 4 (36:09):
Don't take me to brunch, Like don't because if you
say I gotta pay rise, I'll be like, yeah, queen,
what are you doing with it? And you'll be like,
why are you asking me? But it's always just like
the structure and how it works. And also I want
to know the drama. I don't want to be involved
in the drama, but I love knowing yours. Tell me
about your cousin, what did she do?
Speaker 1 (36:28):
Like?
Speaker 2 (36:28):
And thank you.
Speaker 4 (36:29):
I'm going to go sleep in my bed at night
knowing that that has nothing to do with me. What's
the wildest thing you've seen someone purchase that you've thought
was about idea?
Speaker 1 (36:38):
To be honest, probably cars, yeah, on finance? I like
very expensive cars on finance. Either that or like boats? Yeah?
Like probably the toys. Yeah, yeah, I agreed, that's probably
the worst thing I've seen from a financial perspective.
Speaker 2 (36:58):
Yeah, absolutely.
Speaker 4 (36:59):
I I remember having a client they weren't mine, they
were a client of the practice, purchased a Maserati for
their mistress on finance.
Speaker 2 (37:10):
Dead dead. I was literally like, did that really happen?
And it did? It did? I don't know what happened
to them, but I wish them nothing but the best.
Speaker 4 (37:21):
Daisy, tell me what is the And this is like
a positive one because I know that I don't have
much time left with you.
Speaker 2 (37:28):
But what's the wildest success or money turnaround story? You've heard.
Speaker 1 (37:32):
I love this because I feel like I've had a few,
so I think it's kind of people coming to me
that are maybe in what they feel is like crippling
personal loans, credit cards after pay. I have one client
in particular that kind of comes to mind, and she'd
broken up with her partner. He had got a car
(37:54):
loan in her name because he was self employed and
couldn't get finance. They'd broken up. It was a kind
of a bit of a financial disaster. But we quickly
put in place kind of a plan and a budget,
and then I think within two years she had her
deposit for a house or for an apartment stopped two years.
Like that is epic, Like she like she seriously put
(38:17):
the work in. She did. Yeah, like she seriously put
the work in. I think it was like yet between
two to three years she had a decent deposit to
then go and buy her own place. But again, like
that took really knuckling down. But she just came to
me and yeah, and I was just like, cool, if
you want to commit to this, this is what we
need to do. And she stuck to it, like to
(38:37):
the dollar, which I think is so awesome.
Speaker 4 (38:40):
Do you go home and tell your husband about cool clients.
Speaker 2 (38:43):
Oh absolutely, yeah, me too, don't worry. I'm like, oh yeah,
quient A, Like he doesn't get.
Speaker 4 (38:49):
The name, but I'm like today, Oh my god, I
remember going home and being like, I don't know if
I can tell you this, but I'm just really proud.
Speaker 2 (38:55):
Yeah, so good. All right. Last question I've got.
Speaker 4 (38:59):
There are going to be some people listening to this
who have wanted to get into the financial advice space.
Speaker 2 (39:04):
What advice would you give to an up and coming
female advisor.
Speaker 1 (39:08):
I love this question. I love that they're thinking about
coming into financial.
Speaker 2 (39:11):
Advice because I join us.
Speaker 5 (39:12):
Yeah.
Speaker 1 (39:13):
I think it's an underplayed industry. And how like in
how much of a difference you can make to people's lives,
Like if we can seriously change lives with kind of
what we do. My advice for someone upcoming would be
depending on what they're studying at university, so you do
need a university degree. If they definitely know that they
want to go and do financial planning, my number one
(39:34):
recommendation would be to do a financial planning major because
it then saves you a whole lot more study afterwards.
Speaker 2 (39:40):
Yeah, so that's what I had to do.
Speaker 4 (39:42):
I had to do a whole bridging course because I
didn't do like a financial planning major.
Speaker 1 (39:47):
Yeah, one hundred percent of people going through accounting and
finance thinking that they can kind of step into the
financial planning profession, which unfortunately you can't. So yeah, depending
on what they're doing at UNI, I would definitely recommend
that financial planning major, and I would definitely like recommend
that they do switch to that, and then if not
(40:07):
they've already finished, you go and do your extra study,
find a place that offers a really good grad program
and like a really good professional year program. That's really
important because you don't kind of want to start with
a financial planning practice that maybe doesn't have those structures
in place. I interview people all the time that have
(40:27):
been promised something and then they maybe haven't fallen into
it as they expected, So kind of really suss out
where you want to work, make sure they have good
structures in place to kind of help you progress in
your career as well.
Speaker 2 (40:39):
Am I allowed to add to that absolutely.
Speaker 4 (40:41):
The other thing I would say is, if you are studying,
try to get like a part time job in the industry.
So even if that is as a receptionist for a
financial advice practice, or you know, doing data entry or
something that you're like, oh, I'm not that keen. It
will give you the exposure to the industry. And Daisy,
you've probably looked at so many resumes. You see that
(41:03):
and you're like, oh, they know the workings of a practice,
they know how that works, and it's going to put
you in a much better position than had you just
done their retail job. At the same time, I know
it's probably harder to get, but like you can see
the hustle and the commitment early d percent.
Speaker 1 (41:17):
Yeah, that's exactly what I did, And to be honest,
it made studying so much easier because I knew that
I was studying for something that I enjoyed and I
was doing on a day to day basis. Albeit I
wasn't obviously a financial advisor or even in a social
advisor at that point. But yeah, being in a practice
is really important. And as you said, like even if
it is data and true or maybe a receptionist role
(41:39):
that you don't want to do, I think kind of
being around hearing, hearing the like the day to day dealings,
like all of our employees get to sit in meetings
if they want to just to kind of learn and
actually experience what we do for clients. And I think
pretty quickly you will know financial plannings for you or not.
Speaker 4 (41:59):
Yeah, one hundred percent, and Daisy, thank you so much
for doing our I guess did dive into our DMS today.
I've literally had so much fun chatting with you, and
I'm so sad that we're running out of time.
Speaker 2 (42:08):
I feel like we've had.
Speaker 4 (42:10):
Some very varied but also very real concerns from our community,
and it is good to know that they are in
very trusted hands. And look, if any of these questions
resonate with you, maybe they did because they were your questions.
Give everest Wealth a call and see if they can
help you navigate your finances with more confidence. We'll make
sure to add any helpful links and mentions made through
out the episode into the show notes to make sure
(42:32):
that you guys can lurk on them later. Until then,
my friends, obviously, what I want you to do is
review this episode if you enjoyed it, and stay subscribed
so that you don't miss a beat.
Speaker 2 (42:41):
Daisy, thank you.
Speaker 4 (42:42):
So much for joining us and my friends. I will
see you on Friday.
Speaker 1 (42:45):
Thanks for having me.
Speaker 4 (42:50):
The advice shared on She's on the Money is general
in nature and does not consider your individual circumstances. She's
on the Money exists purely for educational purposes and should
not be relied upon to make an investment or financial decision.
If you do choose to buy a financial product, read.
Speaker 5 (43:06):
The PDS TMD and obtain appropriate financial advice.
Speaker 2 (43:10):
Tailored towards your needs.
Speaker 5 (43:11):
Victoria Divine and Sheese on the Money are authorized representatives
of Money Sherper Pty lt D a b N three
two one six four nine two seven seven zero eight
AFSL four five one two eight nine
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