"He’d probably still be running the business, stressed as ever, and I’d be still wondering if anything was ever going to change…"
Paul feels that for advice to be truly valuable, it must be more than the execution advice – such as people setting up a SMSF, buying shares or a property, or managing their superannuation.
Valuable advice has more to do with making things happen and discovering what will hinder people from achieving what is meaningful for them in their financial lives.
Julie and Paul often see this when meeting clients for the first time.
“They usually say that our advice conversation is the first time they have really had the opportunity to hear each other talk about their long-term dreams or short-term fears."
“Unfortunately, it’s usually the woman in the partnership who says they have just never spoken like this before. And with someone who can not only properly facilitate these important conversations, but also put them onto the best path forward to help them achieve what is most meaningful for them”.
They recall two clients in particular, who needed to embrace a lot of change in their lives.
The husband had built a successful small business that was running him into the ground. It was causing a lot of stress, and his wife in particular had wanted a real change in their lives for some time.
“Us helping them understand how to go about getting out of the business, being able to best let go of that income from the business, and receiving a sale amount, allowed them both to move down the coast to Walpole, which they said they’ve always wanted to do when their kids had grown up."
“Without our conversation, it would have impossible to build the possible paths they could take and then put the process into its proper context.”
Paul and Julie’s process worked so well that their clients’ long-held dream of moving to Walpole changed. Following their conversations (as they started to really talk about the alternatives open to them) the couple realised they didn’t want to be more than an hour from their kids and grandkids. The Hywood Partners advice process helped them realise this.
“Because we don’t charge based upon assets, we aren’t conflicted by any particular element of the advice. When we don’t charge commissions on any property or products, our advice is totally based upon what they want to do – which we find continually develops.”
“For us at Hywood Partners, valuable advice triggers the opportunities and possibilities. It helps people face limiting beliefs and mindsets, but is fundamentally unconflicted to help people achieve what they define as meaningful in their lives.”
Paul, Julie 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 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.