Guy Rasmussen is a part of a new generation of independent adviser who will attend the Independent Financial Advisers Association of Australia’s (IFAAA) Symposium in Brisbane on October 28.
Rasmussen learned the value of proper financial planning early in life, and more recently, the role independence plays in creating powerful outcomes for clients and a sustainable advice business.
When Rasmussen was a boy, his family moved from New Zealand to Australia. While others who made the move struggled, Rasmussen’s parents became successful in their adopted country.
There was a key factor in their success: financial literacy.
“I saw the difference that proper financial literacy made,” Rasmussen says. “My parents were financially literate. But if you look at other people who came to Australia, with the same income and same skill sets, they had very different outcomes.”
Rasmussen only ever considered one career. “I always wanted to be a financial planner.”
He studied a Bachelor of Commerce at Wollongong University, majoring in financial planning. He then spent five years as a paraplanner at Delta Planning and Ardent Private Wealth in Sydney.
Distance from ‘scandals’
Rasmussen wanted to use his technical skills to become an adviser, and an opportunity arose to work with Neil Salkow at Roskow Independent Advisory in Brisbane.
“Neil explained to me how their services were truly independent, and that really spoke to me,” Rasmussen says.
He has found that adviser independence has a number of positives for the client and the planning business.
“Being independent allows you to shed any doubt and fully commit yourself to the service of getting the best outcome for your client,” he says.
It also allows the adviser to focus on strategy and what’s important to the client rather than selling product.
“I found that really appealing, being able to focus on the client and not having to worry about product. Clients can really see that now. It’s a point of difference, a competitive advantage.”
In a broad sense, independence allows advisers to distance themselves from the major banks and scandals like Opus Prime and Storm Financial.
But, most importantly, independence engenders trust. “You build instant trust with clients. From there you can focus on the important things to the clients.”
Rasmussen says that Roskow’s independence has helped drives Roskow’s strong organic client growth.
“Independent advisers are quite a rare breed, but there is a huge demand for them. Clients have become educated and are more aware of fees and commissions; they’re not falling for slick salesmanship.”
Professionalism ‘underlying thread’
Being an independent adviser is already allowing Rasmussen to have a big impact on his own clients. One client, a couple, were trying to get a mortgage. Rather than trying to sell them super and insurance, he could focus on the outcomes they really wanted from the financial planning process and the various options they faced in buying a property.
Rasmussen has just joined the IFAAA, making him one of the body’s newest members. He believes advisers need to be independent to be truly professional, and he says the body’s influence will grow, with regulation moving the industry away from commissions.
Rasmussen says the October 28 Symposium has “a great line-up of amazing professionals” with more than 200 years of combined experience.
“The underlying thread is professionalism,” he says. But there are also specialist sessions on topics such as estate planning, succession planning and healthcare. A sub-theme is change, including the change into professionalism for advisers, but also demographic changes in Australia.
“I’m looking to gain some knowledge and get some insights and solutions that really help my clients.”
Strong role to play for young planners
Rasmussen says he is particularly looking forward to hearing Ann Janssen from Estate First Lawyers. “She’s a very good estate planning professional”; but also Claire Jackson, the past president of the Royal Australasian College of General Practitioners; and Deen Sanders, chief executive of the Professional Standards Council, who will talk on what it means to be a professional.
Rasmussen says there is a strong role for younger independent planners.
“I think we need to spread awareness to the public about independent advisers,” he says.
“We need to show that there is an alternative to the banks; there is an alternative to conflicting pay, like commissions. That they can have an adviser whose best interests are aligned with their own and truly wants the best outcome possible for them.”
