Rob Pyne is a Platinum Adviser with 44 client reviews and an average customer rating of 99%. Rob is a director of Perth financial planning firm HPH Solutions.
1. Best thing about being a financial adviser?
Meeting great people with shared values and then helping to enhance their life. In the end, the true measure of wealth is the depth of our relationships and the number of people we have helped along the way.
2. One thing you would like to see improved or changed in the industry?
The single biggest challenge in financial planning is the unrestricted use of the term “Financial Planner/Adviser”. Legislating the standards and professional use of “Financial Planner” would provide greater clarity for advice-seeking consumers and much-needed separation for those that have the qualifications and experience, from those that have not.
3. The areas on their finances or economy that worry your clients the most?
Anecdotally, there are two things that worry my clients the most. The first is the most obvious, “Will I or do I have enough to live a comfortable life?” The second area of concern is the constant change to superannuation legislation.
4. What's the strangest question a client has ever asked you?
Two strange questions come to mind. The first was early in my career with a prospective client when I met him in his home. He was an eccentric and wealthy medical specialist who was wearing a bright green suit and clown shoes when I arrived. We held our meeting in his living room and before I left, he insisted on playing a George Gershwin composition on his grand piano and finished our meeting with “Do you think George would have approved?”
The second odd question came from a wealthy client, also in his home. He asked if I wanted a cup of tea or coffee and because I don’t drink either, I told him no thanks and explained that I don’t drink tea or coffee. He said “What! Are you a Methodist?”
5. If you could get three things into consumers' heads about what advisers do or don't do what would they be?
a) Increase wealth
i. Provide a good investment experience through better portfolio allocation
ii. Maximise a client’s capital and cash-flow by interpreting legislation and providing strategic planning advice (e.g. tax, super, income support)
b) Protect wealth/prevent loss
i. Avoiding bad investments
ii. Reducing insurable risk to mitigate financial loss from unexpected events
iii. Minimise or avoid the damage of clients’ wealth-limiting behavioural biases
iv. Ensure adequacy of emergency funds, before and during retirement, for a margin of safety if impacted by personal or external events
v. Effective debt management to manage overall financial risk
c) Financial Life Management
i. Help our clients set, prioritise and achieve their life goals
ii. Help them become and feel more financially organised
iii. Build their confidence in their financial future
iv. Provide savings advice to prevent a substantial decrease in future spending capacity
v. Provide withdrawal advice on retirement savings to reduce the chance of outliving funds
6. How do you describe your job at BBQs?
I help people get their financial life in order by helping them prioritise their goals and then provide ongoing financial advice to maximise the chance that they will achieve those goals.