Our Adviser Profile this week is Troy Scott, who would thinks more “40-somethings” should seek financial advice to plan for their retirement. A Platinum adviser with 24 reviews and an average client rating of 4.93 out of 5 Stars, Troy is a Director at Scott Glen Financial Advisers in Newstead in Brisbane.
1. Best thing about being a financial adviser?
The satisfaction of working with clients who listen and follow our advice and see the rewards is easily the best thing. We have made a clear and conscious decision since we started the business in 2017 to choose very carefully who we work with. We want to work with clients who ‘want advice’ and want to better themselves financially and nowadays, mentally and emotionally. We see a clear correlation between these clients whose financial position is improving and goals are being met, just how much happier they are.
As we do a significant amount of asset protection the other things that is very satisfying is seeing how much our advice helps clients when they are desperately in need due to accident, injury sickness or disability. We are averaging about 1 claim a month, which is significant. The comments we receive when it has all gone through is very much worth it
2. One thing you would like to see improved or changed in the industry?
Personally I would like to see Licensee’s and Adviser Groups spend more time on good news stories. There are so many out there! There are number of significant things that they are working on but unfortunately it’s an area that I feel is under used. From a small business perspective, we can do it to an extent but these Licensees have scale and utilizing that more and more is definitely required
3. The areas on their finances or economy that worry your clients the most?
Generally speaking, I think it is retirement and not having enough to retire on. Unfortunately though, many Australian’s leave this so late. There is enough information out there to recognise this is a huge worry, but many still get caught up on their day to day activities that they push it aside, or hide from the facts. Hopefully over time this will change, it would be nice to see more ‘40 something’s’ coming to see us with longer term retirement goals. While that space is growing, it is still very much a minority
4. What's the strangest question a client has ever asked you?
I can’t say I have had any strange ones that come to mind. Maybe the prospective client who asked me after our initial meeting would I want to invest into his ‘business idea’. considering I chose not to work with this client, it was fair to say it was a polite no!
5. If you could get three things into consumers' heads about what advisers do or don't do what would they be?
a) There are so many good Advisers out there. Do you research, find someone and work with them. They want great outcomes just like you do!
b) There is so much consumer protection out there now with the way compliance and auditing has gone / is going. To make recommendations we do a huge amount of ‘due diligence’ which protects both the client and Advisers – it is a win, win for both parties and hugely minimises future issues
c) Most Advisers will do a complimentary consultation. This is to ensure that they understand you, your goals and will know there and then whether going forward is something the client will benefit from. You have nothing to lose by going and seeing one!
6. How do you describe your job at BBQs?
As an Adviser, if you are at X and want to get to Y (financially), we help you get there and keep you on track