Dean Hutchins is a Platinum Adviser with 44 reviews and an average customer rating of 97%. He owns and operates Diversified Financial Planners in Frankston in Victoria.
1. Best thing about being a financial adviser?
Unique situations and scenarios which I love the challenge of solving.
Another area that I find the most rewarding is the professional friendships I have developed with a large number of clients over the years.
2. One thing you would like to see improved or changed in the industry?
Higher education standards. People can do short courses and call themselves advisers. I believe this is very dangerous for consumers.
3. The areas on their finances or economy that worry your clients the most?
Overwhelmingly people are concerned about the economy, both locally and internationally. Constant policy fund changes and tinkering to superannuation is also very worrying.
4. What's the strangest question a client has ever asked you?
If I pushed my husband down the stairs and he dies will the insurance claim still be paid?
5. If you could get three things into consumers' heads about what advisers do or don't do what would they be?
a) We are responsible for providing advice, but we are also responsible for educating our clients. As a result when markets are volatile, our clients understand and are better prepared to endure these times.
b) A good adviser will ensure people heading into retirement are comfortable that their retirement incomes will allow them to live the lifestyle they desire, or at least they know what their limitations are. The longer our relationship, the better prepared they are.
c) Many people believe their accountant is the best source of advice, or that we do the job of an accountant. The best advice and outcomes can come between collaboration between an accountant and planner. We deal closely with accountants which ends up a better result for our clients. We don’t compete with each other we work together.
6. How do you describe your job at BBQs?
Most people want to talk about their share portfolios be it their wins or failures. Everyone has a “hot tip” for me!
Most of my discussions are about how we help people live the lifestyle they want in retirement (or better than they would have had without seeing us). Often talking about the holidays of my thankful clients I’ve recently met with.
Whilst we have lots of strategies to reduce tax and increase savings, encouraging people to contribute more ultimately makes a big difference.
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