Our Adviser Profile this week is Venus Wong, a Platinum adviser with 13 reviews and an average client rating of 4.9 out of 5 Stars. Venus works at AMA Financial Services in Perth.
- Best thing about being a financial adviser?
It is a privilege to have a client share their life story and their circumstances with me and, through my expertise, see a real difference made to their life not only financially but also in the way begin to realise their opportunities.
- One thing you would like to see improved or changed in the industry?
As a profession, we need to re-gain the trust of the public and present ourselves as guided by a strong ethical code where we act in the client’s best interests.
- The areas on their finances or economy that worry your clients the most?
More than 3!
a) Feeling they lack sound financial habits (e.g. budgeting) and that change will be too difficult
b) Concern over whether they are on track to their financial freedom in their retirement
c) Poor debt management (e.g. how to pay off their student loan, credit card debt and mortgages)
d) Having weak risk management (e.g. how to protect their income)
e) Confusion over investment management (e.g. what is the best investment option and strategy for them)
f) Whether they are paying more tax than they need
g) Poor estate planning (e.g. will the right money go to right person at the right time)
- What's the strangest question a client has ever asked you?
How come your remuneration is not linked with a commission as I don’t mind money being taken out to give you a commission for doing a great job.
- If you could get three things into consumers' heads about what advisers do or don't do what would they be?
a) Financial Advisers adhere to strong ethical code. They act in the best interest of the client, not any other interest groups.
b) Financial Advisers don’t do anything that isn’t covered by the law.
c) Financial Advisers are holistic in their approach. They work towards goals which are tailored to their client given the client’s circumstances, aspirations and dreams. They don’t have a simple approach for everyone, i.e. no one-size fits all approach.
- If you were at a barbecue with friends, how would you describe your job?
To help people achieve “freedom from financial worry”.
Generally, I help medical professionals achieve financial prosperity and peace of mind, and therefore allow more time to do what specifically brings meaning to life for that individual. The job involves understanding the individual through a discussion of what makes them tick in addition to simply providing financial expertise.
- What is your number ONE tip for doctors to financial success?
You must spend less than what you earn. It’s not what you earn. It’s what you save!
- What are your 10 essential financial tips for doctors?
- Continue delayed gratification
- Manage credit wisely
- Paying yourself first
- Automate your savings
- Make time work for you
- Don’t procrastinate – start investing now
- Be realistic and avoid risky schemes
- Do not under-prioritise insurance
- Maintain a cash safety net
- Find your purpose of money