The industry has faced no shortage of challenges over the last few years, yet you would quickly forget that adversity when talking to some of Australia’s leading financial advisers about the state of the profession.
Financial planning week commenced on 3 October and World Financial Planning Day will be celebrated on 5 October, giving the industry a much-needed chance to reflect on the value it adds to the everyday life of Australians.
Personal Financial Services director Angela Martyn says being a financial adviser is an honour and working with clients through the advice process is rewarding.
“Seeing those same clients over the years as they refine their plan and make use of legislative changes and market opportunities builds a close and enjoyable working relationship,” Martyn says.
Story Wealth chief executive Anne Graham says it’s been easy to lose sight of the positive difference advisers make, especially over the last few years.
“Having said that, two things that motivate me are the impact we have on our clients’ lives and the teams that make it all happen,” she says.
Graham says the profession is more than numbers and compliance, it’s about guiding people through the big and small transitions in life.
“It can be something said in passing to a client that shows them you’re on their side, or a grand retirement plan which has come to life – either way, we make a positive impact,” Graham says.
Having started in the industry 35 years ago, Integra Financial Services co-founder Deborah Kent says she saw it as a career she could enjoy because she loved dealing with people.
“People come to me with their problems and I love solving them and I totally enjoy seeing them achieve what they want in their life, especially financially so they can retire and enjoy their life,” Kent says.
“I love doing the job. It’s not a job to me; it’s something I really enjoy and love the interaction with clients. They become an extended family.”
Life-changing experiences
Financial Planning Association CEO Sarah Abood was never an adviser herself but was the CEO for Profile Financial Services for almost a decade and now leads the largest adviser association.
She says having a financial adviser since she was 18 years old shaped her perception of the industry early in her adult life.
“I attribute that to being financially organised, knowing what my goals are, knowing whether I’m on track for retirement,” Abood says.
Rising Tide director Matt Hale says financial issues are one of the leading causes of stress which good advice can help alleviate.
“If we can help people make a positive impact that’s great,” Hale says. “Selfishly, I love getting to be close to people achieving great things, particularly the ones that probably never though they could before they engaged.”
Pro Bono Financial Advice Network chair and FMD Financial senior adviser Nicola Beswick says she has a deep sense of satisfaction from helping people.
“We are in a position of trust and people turn to us to help them change their lives for the better, whether that’s someone who is approaching retirement or someone going through some kind of life disruption.”
Beswick says she still believes in the profession because of how advice can change a client’s life.
“There’s so much reward and opportunity in that, that it is a true profession,” Beswick says. “We really do help people and really want to make sure are making the most of their situation. That’s why I’m so positive and a strong advocate for what we do.”
More to keep offering
Kent says the industry has come a long way towards being recognised as a profession in Australia.
“People will continue to need advice, no matter what, whether they’re younger or pre-retiring or retiring they need advice because finances are so complicated these days that they need someone who they can trust to achieve their goals.”
Abood noted the negativity the industry has faced over the last few years, but she says she sees the great planners in the industry and the important work they do.
“I’m so passionate about that,” Abood says. “Financial planners make a huge difference to people’s lives. They make people better off, but they also give a lot of people comfort and security in their financial affairs.”
Hale says the reforms the industry has faced has meant it is heading in the right direction.
“We’ve gone from transactional values to goals-based which is just better conversations,” Hale says. “To be able to help people and feel good about it is a pretty good job.”
