Our Adviser Profile this week is Conaill Keniry, a Silver adviser with 8 client reviews with an average client rating of 5 out of 5 stars. Conaill practises from What If Advice, based on Richmond, Vic and finds working in Financial advice to be rewarding, fulfilling and humbling.
- Best thing about being a financial adviser?
I got into Financial Advice thanks to an interest in finance and I liked the idea of “helping people” – however after a number of years in the industry you realise it is so much more. Its hard to explain the feeling of being the first person a family calls in crisis or being told (and on more than one occasion) that you ‘probably saved their marriage’. It is rewarding, fulfilling and humbling.
- One thing you would like to see improved or changed in the industry?
It still surprises me when I go to the Doctor and they don’t prescribe “good food and exercise”. Instead after a 15min chat they prescription drug XYZ – technically they are right, but is it good advice?
I feel the same way about financial planning – I’d like compliance to focus more on ensuring advisers are ‘giving good advice’ rather than appropriately ticking compliance boxes, crossing the I’s and dotting the T’s.
All the file notes in the world shouldn’t save an adviser (or an accountant) for giving advice to a client that they wouldn’t give to their friends & family; a far better litmus test.
How do we track this? I’m not sure, maybe peer-reviewed SOAs? Where the feedback is ‘did you consider this strategy?’ or ‘why didn’t you consider XYZ?’
There has to be a better way.
- The areas on their finances or economy that worry your clients the most?
The most common concern I get from young people is their ability to purchase a home.
While at the same time, I’m hearing a lot of older clients worrying about the Labor Government getting into power and removing ‘Negative Gearing’.
An interesting (false) dichotomy.
- What's the strangest question a client has ever asked you?
From a client: “I received a cold call from another adviser, he said I can use all of my income tax to pay off my home loan, why haven’t you suggested this strategy?”
I’ve had a (surprisingly) large amount of calls from clients who believe the things scammers tell them.
- If you could get three things into consumers' heads about what advisers do or don't do what would they be?
a) Time is your number one financial resource and advisers are trying to help maximise what you do with it.
b) Financial advice isn’t just for the rich and is often less expensive than a Personal Trainer.
c) It would be great if clients knew the differences and the overlaps between Financial Advisers, Accountants, Mortgage Brokers etc.
- How do you describe your job at BBQs?
I try to tell them ‘how’ I help. Eg “I help people purchase property with their super”
I attempt to tailor this to the person I’m talking. I consider their life stage or try to add something I believe they might find interesting.