Our Adviser Profile this week is Ronald Pratap, a Platinum adviser with 14 client reviews with an average client rating of 4.88 out of 5 stars. Ron is the founder of RP Wealth Management, based on Oran Park, NSW and thinks people should never stop setting and achieving their goals...
1. Best thing about being a financial adviser?
The ability to have a rewarding career and help everyday Australians in all areas of financial advice is enjoyable for me.
The reason I set up my business RPWM is around the philosophy of helping people to Invest, Protect and Enjoy their life.
2. One thing you would like to see improved or changed in the industry?
The current perception of the Financial advice industry. The control the banks have over the industry and some of the commissions that have been placed in products has recently come into light and the fact that this is changing for the better should change the way Advisers are looked at going forward with the separation of product and advice.
I feel there are so many clients that benefit from Financial Advice and these stories are not heard enough because of the bad noise currently around.
3. The areas on their finances or economy that worry your clients the most?
Clients are worried about several things like not having a plan in place to deal with being sick/injured, having the right investment strategy or not having enough in retirement.
Being a Financial Adviser, you hear the opinion of different Investment managers who have differing opinions of where the financial markets will go and there are also 100’s of insurance products, superannuation platforms and investments to choose from. For the average Australian it is hard to filter all this information and choose the right options, it is my job to educate the client and help simplify this process while making the appropriate recommendations.
4. What's the strangest question a client has ever asked you?
A common question I get and still find it somewhat strange is when a potential client or client asks me “How are they compared to someone else their age?”
There are a number of factors to consider such as assets, liabilities, children, employment, location etc. so there is no easy answer. The only thing I can say is that we can look at your situation and see if you are doing everything possible to maximise your position.
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 not Stockbrokers; however, we look at your investment objectives and the timeframes around this to advise of appropriate asset classes and make recommendations around this to help achieve your goals through investment professionals.
b) We are Educator’s and our task is to help our clients create good habits and stick to this in the long term. We act as a sounding board to stop you from making bad decisions and assist in providing professional advice around significant events in your life including purchasing your first home, getting married, having children and dealing with change of assets.
c) Seeking Financial Advice is an investment and the cost of this should be outweighed by the benefits provided. Advice shouldn’t be seen as expensive if a good Adviser can show you the value. Financial Adviser’s usually offer a complimentary appointment to show you how we operate and how we can help, so it is worthwhile taking advantage of this if you think you may benefit from an ongoing relationship.
6. How do you describe your job at BBQs?
I try not to talk shop unless asked at a BBQ because the last person anyone wants to hear from is a Financial Adviser unless it is free Advice, although if asked I do say my job is to look at your overall situation and identify any issues or areas of concern that I can assist with.
Every person should see themselves as a celebrity with an A team around them consisting of a Mortgage broker, Accountant, Solicitor and Financial Advisor who they trust and can help to better their situation taking into account all aspects of their financial position.
7. What is the Best Advice you can give to someone?
Never stop achieving and setting yourself goals, no matter how big or how small they are- It is what separates us from animals.
I personally like to always be out of my comfort zone, so I am striving for something.
8. What can a client expect in a first appointment with you?
A client should bring details regarding their assets, liabilities, income, insurances etc so that way we can paint a picture of their current situation. The initial meeting is usually treated as a fact find meeting to get as much information from you as possible about where you are currently and what you would like to achieve going forward. We can then talk about options and costs, so you can decide whether you want to proceed with a Statement of Advice. This also gives you a chance to see how you get along with myself and if you see any value moving forward.