Our Adviser Profile this week is Karyn Nimmo. Karyn has 5 client reviews with an average client rating of 95%. Karyn is the owner of WCN Financial Services and works out of the Enterprise Business Centre in Wangara in WA.
1. Best thing about being a financial adviser?
I love helping people, and I am good at numbers. Also, having my own practise, I have the flexibility of being able to spend time with my family when I need to. Being a financial adviser allows me to use my talents, help people and live the lifestyle I love.
2. One thing you would like to see improved or changed in the industry?
I still come across many people who have a bad attitude towards financial advisers. I would like more to be done to show the general public how much of a fantastic difference we can make to their lives. Financial reform is great, but some marketing showing what improvements are being made to the industry would be fantastic.
3. The areas on their finances or economy that worry your clients the most?
Many of my clients, particularly the ones in or nearing retirement, worry that there will be another GFC, and they will never recover.
My younger clients are willing to take investment risk, however they are risking being underinsured as they are working on paying off their mortgages and other debts rather than paying much needed insurance premiums. I guess they are worried about their cashflow, particularly when job security is quite low in Western Australia at the moment.
4. What's the strangest question a client has ever asked you?
There is no question that is too strange. I aim to educate my clients so that they are well informed and understand my advice. I don't want them just 'signing on the dotted line' without knowing and understanding exactly what they are agreeing on. So any question they ask, someone else has probably wondered about before.
I do get asked a lot 'how much super do I need to retire on?'. Usually from someone who doesn't want to spend the time or money to seek advice. I just explain that this can be a complex answer and each individual is different. There are many factors involved so they should book an appointment with me and we can discuss further.
5. If you could get three things into consumers' heads about what advisers do or don't do what would they be?
a) Just because I'm licensed by a particular licensee doesn't mean I'm trying to push their products. We advise on the best strategy for the individual, and the best product to suit their individual needs, no matter where that product comes from.
b) We are not miracle workers. If you don't spend within your means it is impossible for us to get you ahead on your financial position. Refinancing your debt is not going to help you if you can't stick to the plan. We can assist you with a budget, but it is ultimately up to you to follow it.
c) After our initial fact find discussions, we don’t just go away and whip up a plan. There are hours of strategy and product research involved, and sometimes we will need to ask more detailed questions just to ensure we get it right. If everyone fit into a neat little box of 'how much insurance' or 'how much superannuation' they needed, then our jobs would be obsolete.
6. How do you describe your job at BBQs?
I'm a financial adviser and I own my own practise. I assist everyday people with ensuring they are in the right position now and develop a plan to improve their financial future, protecting themselves against the unknown along the way.
7. Who is your ideal client?
I get asked this a lot, particularly in the networking groups I am part of. I have found this a difficult question to answer in the past, as I just love helping people from all walks of life and in all life stages. My client book includes teenagers setting up their first superannuation policy for their first job, to retirees, and everything in between.
However, recently I discovered I really connect best with families, the Mums and Dads with kids and a mortgage. People that are generally in the same situation as me, and the same life stage as me. After being through some major life changing events myself, I can guide them to ensuring they don't suffer financial hardship should something similar happen to them. Everyone has a story, and I'm not afraid to share mine, which I believe makes my advice more relatable to the clients.
8. Why did you commence your own business?
I had been employed for 20 years, and most of that time worked with older men. Whilst I don't have any qualms about how I was treated, or my working environment, I did find that they had views on how business should be done, and some of those views didn't align with how I wanted to work. For them it was more about getting new business in the door and was very much income focussed. For me it is about forming long term relationships with my clients, and finishing my working life knowing I have done my utmost best to help improve their lives.
After many life changes, I came to the conclusion that life was too short to waste doing something you are not happy with. Thankfully I had amazing support from my family, and I took a leap of faith into creating WCN Financial Services. I can now make the choices on how I wish to advise clients without the pressure from 'above' on bringing in the big dollars. This allows me to focus more on providing the right strategic advice, that makes sense to the individual client and they can see value for the money they are paying me for quality advice.
I also have the flexibility now to offer pro-bono services to those most in need, such as through the Cancer Council's program with AMP, and through my own program that I have for those suffering severe financial hardship. This satisfies my need in life to make a difference, and I'm a true believer in paying it forward.