Mike Aitken, Founder of Magus Wealth in London, chats with your hosts, David and Aden about the key to good financial advice: getting to know clients.
He put it this way: "If I don't understand where you want to go, why it matters to you, and what values are driving you, it's a bit like a Chinese takeaway. You eat it, but half an hour later you're hungry again because there's no real substance."
At Magus Wealth, they focus on four main areas: want, plan, invest and behave. The 'want' part is all about figuring out their client's values, vision and any hurdles they might face.
Aitken pointed out, "If you're talking about investments and performance for more than five minutes, you're in the wrong meeting. Clients don't really care that much about what's going on under the bonnet."
His book, 'The Level-Headed Investor' dives into this client-centred approach.
Michael wraps up by saying, "You don't want to be the richest person in the cemetery. What are you going to use that money for? Understanding clients, their families, and relationships is crucial - and it's not always smooth sailing."
The discussion explores the key principles of Mike's "Invester's Compass" and the importance of understanding one's values and vision, developing a comprehensive financial plan, and cultivating the right investment behaviours.
- (0:58 - 5:00) Mike on his background and journey into the financial services industry
- (5:00 - 12:00) "The Levelheaded Investor"
- (12:00 - 20:00) The importance of understanding client values and vision
- (27:00 - 35:00) The rewarding aspects of building long-term client relationships
- (35:00 - 41:00) The importance of financial education
Resources:
The Investors Compass
For more information on Capital Partners visit capital-partners.com.au.
Have a question? Email us ask@capital-partners.com.au.
This episode provides general advice only. Always refer to your financial adviser for advice about your personal circumstances.
Capital Partners Consulting Pty Ltd AFSL 227148 trading as Capital Partners Private Wealth Advisers ABN 27 086 670 788.
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