Nick Georgiou

speaker

242 appearances 1 recordings 1 series first heard Sep 2020 last heard Sep 2020

Nick Georgiou’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · The Role of Financial Counselling with Nick Georgiou · 14 Sep 2020 podcast

Take this amount of money and put it in this certain product for this period of time and we will expect to see this

potential return.

Whereas financial counsellors, we work with people who are in debt or in some form of financial hardship, have some sort of financial stress and are unable to meet typically ongoing expenses.

Financial counsellors, if we're going to get technical, typically also don't need a licence to offer financial counselling because we do operate under a licensing exemption from ASIC through the Australian Securities and Investments Commission.

But we do need to follow

strict conditions, and they are that we are free, we don't charge any fees to our clients, we don't receive any payments or commissions from banks or credit companies or other third parties for the services that we provide, and we don't recommend specific products either.

And generally, financial counsellors all have to have an appropriate

set of qualifications and training and keep up with the continuous professional development requirements like all professionals.

But that's the key difference is that we aren't prescriptive on the advice that we give to people.

Our role is typically to sit next to a client, sit alongside them and say, here's a clearer picture of your financial situation than perhaps what you otherwise were working with.

Here are the options that you have.

There might be options A, B and C. Now,

Option A might make more sense to me looking at your situation on paper, but you're the expert on you.

So maybe option B might make more sense to you.

You're the one that has that inside knowledge of what's your family responsibilities.

What community responsibilities do you have?

What are your real health prospects?

What are your real future intentions with employment?

That sort of thing.

So here's all the options.

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