For Jeff Thurecht and Mia Taylor, Certainty Advisers with Evalesco in Sydney’s CBD, it takes a little time for people to recognise what genuinely valuable advice is. That’s OK for them. They understand quality advice relationships aren’t created overnight.
An experienced property investor approached Mia a few years ago seeking specific investment advice (what Evalesco call ‘transactional advice’).
Whilst the firm’s preferred approach isn’t usually transactional or specific one-off property funding advice, their in-house process helps clients realise the value of an alternative approach – rather than being focused on specific transactional advice.
The first step towards recognising value
“Any good adviser can help people with the first step to understanding valuable advice,” says Mia.
“As most people listen to the ‘noise’ generated by market, they have very little idea or confidence about where they really are financially. So, the first element of identifying valuable advice is getting a professional, non-conflicted opinion of their current financial position.”
The second step towards recognising value
“The next step for advice to be valuable is the tough but necessary step. A willingness to be held accountable to an agreed plan. This took just on two years for our property investor. We are now helping him transition how he earns his income not just advising him on his property decisions.”
Mia says this client would describe the value as moving away from just talking about how to purchase the expensive family home, to advice which is more focused on him and his family’s ongoing journey. The family home is only one part of their now very comprehensive plan.
For him and his partner, they have business assets, personal assets, family assets, a couple of cashflow sources, and a busy life. And that’s the difference. He is now talking about us working together on having the best possible financial life, rather than simply funding the next property purchase.
They describe the heart of valuable advice being an education.
In curating specific advice for specific situations for each of their unique clients, they see that value can and usually is quite different for each member of a couple as well.
“Couples are rarely wired exactly the same when it comes to their financial lives! Respecting each other’s differences while constantly working towards meaningful and collaborate objectives is core to what we believe is valuable advice at Evalesco,” says Jeff.
The Evalesco Team can recognise that there still is a place for Financial advice which is not collaborative, multi-faceted, or based upon education. “It’s even becoming more widespread thanks to technology. But it won’t pass the long-term test of value and consistently better financial lives.”
Mia, Jeff, and other Certainty Advisers recently researched and produced their April 2017 white paper What Price Valuable Advice? which highlights the sort of financial advice clients actually value.
About Jim Stackpool
For nearly 30 years Jim has influenced, coached, and consulted to advisory firms across Australia. As founder of Certainty Advice Group, he leads a like-minded team of professional advisory firms seeking to create greater certainty for their clients. As an author, blogger, columnist, and keynote speaker, Jim is regularly called upon for his professional insights into the advice industry. His latest book Seeking Certainty is available now.