Our Adviser Profile this week is Wayne Leggett. A Platinum adviser with 13 reviews and an average customer rating of 98%, Wayne was the inaugural National President of the Association of Financial Advisers (AFA) and regularly appears in media in his home state of WA. He is a Director and client adviser at Paramount Financial Solutions in West Leederville in Perth.
1. Best thing about being a financial adviser?
Almost every working day, I get to go home comforted by the knowledge that today I made someone’s life better.
2. One thing you would like to see improved or changed in the industry?
It is an anomaly that it is in the client’s best interests that we are paid commission on risk implementation, then credit the client with it, as opposed to dialling it out of the policy. I look forward to the day when that is no longer the case and I can recommend insurance policies with all the remuneration-related costs removed.
3. The areas of their finances or economy that worry your clients the most?
Most clients I meet have two key issues that command their attention; getting rid of debt and having enough to retire in comfort. They are eminently pleased when we tie both issues together in our advice to them.
4. What's the strangest question a client has ever asked you?
I don’t know about strange questions, but I’m continually intrigued as to why clients don’t ask MORE questions. Maybe that speaks to trust, but it seems most people take advice at face value without question.
5. If you could get three things into consumers' heads about what advisers do or don't do what would they be?
a) The really good ones can advise on almost every aspect of your financial life.
b) You’re nearly ALWAYS better off to have sought advice before acting.
c) The worst that can happen is that they validate your decisions.
6. How do you describe your job at BBQs?
While I have never been keen on the whole “elevator pitch” concept, our Mission Statement covers it pretty well; “We help you build a better tomorrow by making the most from what you have today!”
7. How can I be sure that the advice I’m being given is not conflicted by pecuniary interest?
While this is no guarantee, if the fee you pay for the advice is not determined by the decisions you make, you can be reasonably confident that there is no “recommendation bias” in the advice you are being offered.
8. Does appointing a new financial adviser mean I have to change financial products?
Under a “fee for service” arrangement, you should be able to engage the services of an adviser without necessarily replacing any financial products. That said, there may be compelling reasons to do so. As long as adviser remuneration is not one of them, you can usually be confident in accepting that advice.
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