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Adviser Ratings profiles Dominic Mulcahy

Editorial General 10 Dec 2014

Dominic Mulcahy

FINAL 3a Adviser Ratings Profiles (IMAGE) (1)

Qualifications

  • Certified Financial Planner (CFP®)
  • Chartered Accountant
  • Bachelor of Commerce
  • Diploma of Financial Planning
  • Masters in Financial Planning
  • Practitioner Member of the AFA

Best thing about being a financial adviser?

While I have always enjoyed working with numbers and developing strategies to put my clients in the best position, being able to provide people with peace of mind in the knowledge that their financial future is in good hands is probably the most satisfying aspect of my role. I find de-mystifying the financial planning process and educating clients is also really rewarding.

One thing you would like to see improved or changed in the industry?

I feel that the ongoing debate about independence is doing great damage to the industry as various parties push their side of the conversation predominantly out of self interest. I’d like to see the industry more united as a professional body and the conversation turned to more productive topics.

The areas on their finances or economy that worry your clients the most?

On the whole, my clients aren’t real worriers fortunately. Many clients are seasoned investors or retired/current business owners so are reasonably experienced and pragmatic in their approach. We share a keen interest in the local economy and a desire to see Tasmania prosper and achieve its full potential.

What's the strangest question a client has ever asked you?

I was once asked to clarify for a client whether they were reading their cash statement balance correctly - they were not sure whether it was $2,000 or $2,000,000. Unfortunately it was the former and to this day I’m still not sure how the confusion arose. 

If you could get three things into consumers' heads about what advisers do or don't do what would they be?

I will give you four:

1. An adviser’s primary objective is to gain a deep understanding as to a client’s key aspirations. Strategic advice needs to be custom designed for each individual based on their unique personal circumstances and outlook. Once we understand what people are fearful of, what motivates and inspires them, the need for strategic advice becomes clearer, and often this will include areas of advice that had not been previously considered.

2. Following on from the first point, financial planning advice should never revolve around financial products. Advice should be all about the provision of solutions and outcomes that meet a financial problem or objective. Financial products are often generic, a means to an end and a small part of the overall equation. A much bigger part of the provision of financial planning advice is education and the presentation of options.

3. Advisers do not possess investment super powers. It is not their role to be stock pickers and their key proposition to clients should never be about product or performance.

4. A Financial Adviser should always work in collaboration with accountants, solicitors, mortgage brokers and other professionals to achieve the best outcome for a client. We often act as the ‘Chief Financial Officer’ for clients and help to co-ordinate action items among the network of professionals to ensure that cohesive, well considered strategies are put in place.


How do you describe your job at BBQs?

I’m not really one for elevator pitches to be honest or cheesy one-liners. When asked what I do I’m inclined to say that I’m a financial adviser; I help people manage and protect their wealth.

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