Pathways to financial advice, inheritances & the sandwich generation
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What does the pathway to financial advice look like?
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You'll find our full disclosure, disclaimer and link to our financial services guide in the show notes.
Mark, welcome onto the Australian Finance Podcast today. It is wonderful to have you here. Thank you for inviting me. Now, you have a pretty interesting background and you've worked in the financial advice space for a long time. Are you able to give us the quick 60 second pitch for what you've done and what you're doing now?
Sure. Well, originally going back 30 odd years ago, 1987, share market crashed back then. I was actually left an electrical engineering career, wanted to get into the share market. But once the share market crashed, I turned to superannuation, which was just starting out there. So right back in the beginning of that and have loved that career ever since. That's 30 odd years. And And pretty well, what a lot of advisors do, their clients are sort of their demographic. And so now that I was approaching retirement, my clients were approaching retirement. So probably the last 10, 15 years, I've sort of specialized in the pre-retiree market, anywhere people in their 40s, 50s and 60s. And yeah, just loved it.
Helped building relationships with clients and helping them reach financial freedom. So that was great.
What are the roles and responsibilities of a financial advisor?
What I am doing now is that I've decided that I wanted one last big challenge and so decided to write a book based on what I was actually doing as a financial advisor because I did find that unfortunately our profession has become expensive for the average Australian mum and dad. And so I wanted to do something a bit different. And so that started on this new career.
Yeah. And I don't think you mentioned, but you were the past president of the Association of Financial Advisors, which is pretty cool.
Yeah. It's one of the leading association bodies in our profession. And I just... One of the good things I always loved about our profession was that older advisors would mentor the newer advisors. And I absolutely had the benefit of that and some of the older advisors. And they just said, yeah, we're not going to charge you for this. We're going to help you as much as we can. But when it's your turn, you've got to give back. And so that was for me, the easiest way was to help with this association and help the younger advisors and their education and experience. And then, yeah, lucky enough to move to the national president for four years. So that was a fun gig because that was actually during the Royal Commission.
So that was a lot of fun times.
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Chapters
8 chapters
1
What does the pathway to financial advice look like?
0:00–3:00
2
What are the roles and responsibilities of a financial advisor?
3:00–5:23
3
How can you determine if it's the right time to seek financial advice?
5:23–8:08
4
What challenges does the sandwich generation face regarding finances?
8:08–10:57
5
How can one prepare for an intergenerational wealth transfer?
10:57–14:28
6
What should you discuss with your financial advisor during the first meeting?
14:28–18:09
7
What are the costs associated with hiring a financial advisor?
18:09–20:43
8
How can you help your children manage their finances and future inheritances?
20:43–45:40
Speakers
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