Steven Nickelson is a a Platinum adviser with 50 client reviews and an average client rating of 4.83 out of 5 stars. Steven is a Managing Partner of Income Solutions in Richmond, Victoria.
1. Best thing about being a financial adviser?
Being able to help people achieve tangible outcomes that they wouldn’t have been able to achieve on their own. For example, I was speaking to a couple today who are contemplating taking a 12-18 month break from work now (at age 40), because with our help, they have created a passive income to more than meet their annual income requirements, meaning they can work if and when they want to, not out of necessity.
2. One thing you would like to see improved or changed in the industry?
The industry is on the path to Professionalism, which is a huge step in the right direction. I look forward to further change to the public perception that Advisers consistently put their own interests ahead of their clients, as for the most-part, it’s simply not the case. This can only be driven by the Advisers in the Industry and I look forward to playing a role in this change. Consequently, the Industry will then be viewed in a greater light.
3. The areas on their finances or economy that worry your clients the most?
The most common concern I get is that people just don’t know if they’re on the right track, and if they can be doing things better to improve their future. We often talk about pivot points; that is, making a number of small adjustments, that collectively, change the path of their wealth creation significantly. It is very common for people to want to benchmark against others in similar positions, which I explain is great, but what is most important is to determine how they can achieve theirgoals.
4. What's the strangest question a client has ever asked you?
Do you offer matchmaking services as well? I want to know where you are meeting all these people who are like-minded!
5. If you could get three things into consumers' heads about what advisers do or don't do what would they be?
a) Product, Portfolio and stock selection is only a fraction of what an Adviser does and is arguably the area where we deliver the least value. A good Adviser helps you make well-informed, educated decisions.
b) Passive Investing and ‘doing nothing’ is not lazy; this is particularly true when markets are volatile, and you feel like you just need to do something (i.e. Sell).
c) Most successful strategies should be able to be explained to a friend in under a minute. If you don’t understand it and can’t clearly articulate what you are doing and why, it’s probably not a good idea.
6. How do you describe your job at BBQs?
Reluctantly, I am usually the chef…
When people ask about my other job, I usually tell them that my job is to stop people making bad decisions with their money, because the reality is, without professional advice, most people muck it up.
7. What can you be found doing when you’re not helping people with their Finances?
I am passionate about work/life balance and leading by example. As such, I enjoy spending Friday’s and the weekends with my family including two young daughters, Scarlett & Willow, playing golf and bike riding. I am also a Carlton Football optimist, although it’s getting harder and harder to stay that way!