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Tristan Scifo | Andrew Hingston | YouTubeToText
YouTube Transcript: Tristan Scifo
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Core Theme
Purpose Advisory offers a unique financial planning service that integrates life coaching with financial advice, focusing on a holistic life plan before developing a wealth strategy to help clients achieve their goals and live their best lives.
hello today we have tristan schifos from
purpose advisory talking to us
about financial planning skills welcome
tristan thanks for inviting me in it's
nice to be here
yes so tell us a bit about what you do
at your work
so we're financial advisors but
we probably do a slightly different
version of advice we've since the
beginning of our business in february
2018 intended to be 50 financial
advisors and 50 life coaches so we bring
those two
similar but different skill sets
together and we've created a hybrid form
of consultation which doesn't just focus
on someone's financial life it takes a
first look at their whole life and i
mean relationships career health
health
finances all the bits in between and
then build a life plan which then is
followed by a wealth plan in order to
execute the the strategy and to achieve
the goals
that's very interesting that's what i
how i usually start my students to think
a bit broader not just about money so
that's exactly what you do and
that's very good and
what inspires you to do it this way
yeah it's a great question it always
starts with a story i'm a big believer
that anyone that gets into this industry
and succeeds and stays with it is only
because they have their own personal
story of
what they were looking for what they
received and then what they're wanting
to give so i grew up in a
loving family with not much financial
acumen i wasn't given much guidance at
all what i was given was
a generous example especially from my
mum she's one of those people who just
give and give and give financially with
her time with everything that she has
and i was a great recipient of that i've
been very generously given to and in
seeing that example i was also quite
generous so i gave a large portion of my
money to causes i felt passionate about
but then in my university studies i went
abroad and came back it was a great year
of study
in my third year and when i came back i
came back with a thousand dollars of
debt and for the first time in my life i
went from positive to negative and then
three and a half years later i still was
carrying debt only two and a half
thousand on my credit card but it just
never left i never had been sat down by
someone to be talked to about how to
manage debt i thought i was smart enough
to manage it myself but obviously i wasn't
wasn't
and without the right foundation the
education the support and accountability
i was flailing i wasn't building wealth
i was still giving a lot of my money but
not in a wise way i wasn't mindful of
growing wealth for
the purposes and passions i only had i
had myself and um and then i met my wife
and obviously i got challenged with new
possibilities and new responsibilities
and that's when i actually changed
careers to becoming a financial advisor
to be honest i didn't really know what
it was when i shifted
but i knew it was a chance to work with
individuals and to help them live their
best lives which i knew already i wanted
to do
the financial acumen the skill sets um
they came in my training year and i
realized what i was learning was not how
to help people it was actually how to
help myself
and it took me a while to catch that but
i was very privileged to have a whole
year training experience not like at uni
it was actually very much on the job
there was a three month academy
experience where we pretty much got
grilled and challenged on financial
details but also on what's our life
purpose our passion our 10-year life
plan our business plan all the soft
things that you rarely get challenged to
create but is so useful if you can and
then the next nine months i was
responsible for starting my own business
from scratch from beginning to end from
prospecting right through to creating an
advice document right through to
implementing it for the client we have
to do everything it was very
overwhelming it drained a lot of my time
my wife was very upset with me for that
year because she rarely saw me wish i
did that a little bit better but what i
learned from that was
firstly this has changed my life it's
really made me a better person more
capable of caring for my family
but it's also
given me a taste of a skill set i can
offer to people and that was the i guess
the entry into realizing i've got
something to offer and if i can help solve
solve
even just simple problems for people
around their budgeting around you know
wanting to get a home that they don't
feel they can possibly get such a big
daunting task for a lot of people is the
idea of getting a home
or even as simple as not being able to
talk properly in their marriage or in
their relationship about finances you
know it's often a topic a lot of
contention um if i can help people in
those areas then what it does is it
opens up
a whole new layer of trust where they're
ready and willing to receive more than
just some practical tips they're ready
for in my belief they're ready for
seeing an example of a different way to
live which helps take them to the next level
level
and they're ultimately ready to be
coached and guided to living their best
life which is what we're really all
about excellent so
so
what does success means to you in this
in financial medicine advisors
yeah that's a challenging question
success isn't a term i think about too
much to be honest i think a lot about
what fulfillment would look like
which is a slightly different term but
but
if i had to answer what does success
look like to me
it would be
a business which achieves what i wanted
to achieve for my family
for my community and for the world
and for my family i really want to build
a business that enables me to be
integrated and involved and well
connected with my wife and my kids we've
only got one little one at the moment
she's 12 months old and she's adorable
but we plan to have more and i would
love to be
a teacher a homeschooler for my kids
right at least in primary school and i
would like to build the business such
that it enables me empowers me to do
that financially and timelines
i'd also like to know that i'm impacting
my community directly and that is both
through the one-to-one interactions with
our clients helping them live better
lives helping them have more flexible
fulfilling lives
but also being an active part in
employing members of our community and
overall increasing i guess the education
of finance around our community and then
finally i do hope to leave a legacy so
success would look like creating a
system and a whole bunch of tools which
are more user-friendly more accessible
um really empowering so that
anyone around the world whether they met
me or not whether they pay us or not can
utilize these tools to
do better with their finances and to
live a better life
that's awesome um
that's why you're here i suppose yes
that's right and
tell us
what do you see in clients what are the
common mistakes or
misconceptions that they have yeah there's
there's
many mistakes but it's not the right way
to think about it i think
most people don't know what they want and
and
a mistake requires a benchmark you know
if you've done something the wrong way
you need to know what the right way is
and without knowing what we really want
and being clear on that it's hard to
know what's a mistake you might take a
course of action you might even lose
money but it might not be the wrong thing
thing
if you're aiming for a certain goal so i
would say the greatest misconception is
that it's black and white that there's a
clear this is the right thing and this
is the wrong thing
we all know that our lives are different
and complex but i think deep down in our hearts
hearts
both men and women feel a lot of
pressure to
meet certain expectations from family
community meet their own personal
expectations to feel significant to feel
like they're doing something or
providing and these internal
expectations tend to become the
yardstick by which we measure our activity
activity
but sadly we're not aware of what those
expectations are they're very
subconscious and so many people many of
the clients that we see
when they come in they they tell us what
they feel is not working or what they're
frustrated about but they're not really
sure exactly what they actually want or
how to get there
so the how to get their part we often
say is easy
if we can get crystal clear on who you
are what makes you tick what your
beliefs are and what you really want
then we can build a strategy you know if
you're not interested to learn the
technical side of finance we can do a
lot of it for you we will educate you
we're gonna we're gonna put the pressure
on you to have to come up with some of
the answers because they're not as hard
as you think but what we're gonna focus
on up front and where i think the
biggest misconception is is that people
think they already know what they need
and you can dig layer upon layer it's
like that idea of how many times do you
need to ask why before you get to the
bottom of something if you ask why
another time there's always going to be
more that comes out and we definitely
front end our interactions with clients
with that process of
asking why and discovering who they are
and what really makes them tick
to an extent that most clients wouldn't
be comfortable with in in most
environments and wouldn't be expecting
so they come to us thinking they're
going to get a solution
they're open-minded to probably getting
guided on a path that doesn't feel
comfortable for them but most of them
after a few sessions are really
surprised like well i was not expecting
to go on that road and i'm glad that i
did because you know what i can see
things way clearer and as a result i
feel so much more confident
and i still haven't got my goal but at
least i know what i'm going for and i've
got a sense of belief that i can do it
me and my my spouse as a team that's
very interesting
when he had a jet we talked about personality
personality
differences or models that you use in your
your
framework to discuss with clients can
you talk a little bit more about that
yeah so this is quite cutting edge stuff
as far as we're aware
we don't know of any other practices
that integrate personality the way that
we do
which is frustrating because i i want to
i want to connect with and collaborate
with as many people as possible on this
but my business partner and i are very
passionate about the topic of
personality it's
another frustration point for our
spouses who have to put up with the
conversation all the time
but we've both found it to be so useful
for understanding our own
preferences and biases
in the last six months in particular
we've moved from
personality being a passion on the side
that we'll sort of chat about behind the
scenes comparing our view of certain
clients and just getting a better
understanding of how personality works
to now a point where we've begun
integrating it into the process so we're
actually at a point where i think quite
soon we're going to have all of our
clients who want to work with us we'll
we'll
have to go through a personality typing
process which we'll provide for them
we've been doing individual personality
typing for clients and friends for about
six months now
but we're probably about to make that mainstream
mainstream
because we're finding that the the
outcomes the the points that we come to
conclude after the personality process
from our point of view give us so much
more of an understanding of how to work
with them and what types of strategies
or approaches are going to best work
but then more importantly because we're
all about empowerment as i said before
we we don't want to just solve someone's
problem we want to help them get clear
on what they need and then help them to
work out how to do it i don't want to be
you know the
the parent who keeps their child as a
five-year-old for the rest of their life
and babies them i want to really see our
clients grow to become mature fully
fledged financial managers of their
future and to do that we need to empower
them to see what makes them tick and for
them to know what strategies will work
because budgeting is a great example
there's so many ways to build a budget
and most people hate the whole experience
experience
there's a very select few people who
just love it and they'll sit on their
spreadsheet four hours a night i include it
it
i'm glad we got someone in the room i'm
probably in that category too but don't
tell anyone but
but
for the majority and even those there's
some ways that will work very well in
some ways it just won't work
and we have to be able to flex and
adjust and
as an advisor you can't be responsible
for coming up with every detail of
what's going to work for a client at the
end of the day i i'd like to come back
to you are the ceo of your world and you
can outsource you know a board of
director role to me or a cfo or a
consultant external consultant depending
on how close our relationship is but
you're still the boss and you're still
responsible yes
the vision has to be true and authentic
otherwise it doesn't nothing works right
yeah that's right and
one last questions
what can you
tell us students what they need to learn
what are the main skills that they
should add to
technical knowledge
to to do well
in this field
there's many the way that i approach
this industry is broader than most i'll
acknowledge that
i would like to hope that what we do is
an example of what can be possible and i
would also like to hope that a lot of
students in your course are
listening to this and going hey that's
the sort of advisor i want to be not just
just
a specialist in one specific area it's a
great thing to be but a generalist and a
specialist who's so effective at the
generalist that they can be the most
impactful personality to change
someone's life
you know perhaps in the whole of the 30s
of one of our clients i would love to
know that we could be that pivotal like
impact or catalyst that sends their life
from whatever trajectory was on to a
whole new trajectory and i believe that
advisors get that ability more than
almost any other skill set i guess
doctors also have a deep trust with
their clients but they get four minutes
to have their chat psychologists
definitely get a lot of depth with their
clients but it's only certain context
you really have to chat and there's so
much to cover i think you get bogged
down in a lot of the past and that sort
of thing it's hard to be able to be
pragmatic and future focused as a
psychologist whereas a financial advisor
i think unrivaled it sits in the gap
between the two
they're they're both the technical
specialists but also the generalist
that really is like a life coach and a
specialist together and so what soft
skills i would say from my point of view
the main things are authenticity you
know you mentioned it before and that
begins with going on your own journey
what i have to offer is limited by what
i've already been through i can learn
from reading and experiencing and i can
relay that to a client but it's always
going to have a limited impact whereas
when i live something out and i share
from my experience and i open up my
wallet and i show them what i do when i
open up my bank accounts and i show them
what i do which i do with my clients not
to show off it's not all pretty you know
some parts are great some parts are
average but i'm transparent with my
clients and i say this is the journey
i'm on this is how i've learned to do it
i want to inspire you it's possible for
you to then you have a human connection
with your clients and it's not just you
know like being a replaceable robot
sadly a lot of advisors believe that our
industry will be replaced because all
they have is a technical skill set
no what what clients want is a human
they want a relationship that's going to
change their life so what are the skills
that make relationships thrive it's
learning how to do intimacy well is
being aware of your emotions yeah what
makes them tick and how to connect with
others is having empathy along with that
it's about obviously being well time
managed and and being effective in your
communication um but on top of that i
would say
um the the main thing is interacting
with people and learning how to
how to take them to the next level on a
personal level and if if you're wanting
to be an advisor and you don't know
where to practice because you know it's
hard to have that sort of opportunity
where someone trusts you that much i
would start with people in your world
you know even just your friends
as a peer you're not you're not coaching
someone but you can ask yourself what
influence do i have my friends to at
what part of my life do i probably have
something to offer you know you might be
really great at health because you're
passionate about health and maybe one of
your friends is struggling you know how
do i act as a role model and an
influencer to them and if you can start
thinking about those contexts as a place
to grow and learn
then what you've done is you've gone from
from
segregating your work life and your
personal life to them being you know
what i'm an advisor i'm a coach i'm an
inspirer no matter what context i'm in
i'm the same person i've got that on authenticity
authenticity
and so you'll always bring more impact
wherever you go
it's a
scary and challenging road but i i
believe it is the road to fulfillment
and i think it's the best way to do advice
advice
next time
it's very inspiring to
hear someone that
has a very comprehensive
life approach and
best of luck with uh
creating so many more loving and
financially abled families
thank you very much thank you for
sally
peter so great to meet you in the flesh
thanks for making in today have you been today
today
oh yeah i mean pretty good yeah we're
excited to hear all about what you do oh
great look not everyone's excited it's
glad to hear that um and how about
yourself peter yeah yes i'm really
interested to see what comes out of this
yeah okay well look i know that you um
peter was your friend actually um
alfred who referred you so i'm glad that
he was able to share a few things about
what we did
my hope today is to let you know a bit
about how we operate but most
importantly this is your time today we
want to
go a little bit deeper i guess than our
previous conversation into your current
situation we're going to be looking at
your current income situation your
assets and investments we'll do a bit on
the budget as well um not the most um
enjoyable of all topics but i i got a
sense from you know the pre-work that
you did that that's probably an area of
stress and i'd love to help bring some
clarity for that today
um it's an amazing thing to get clarity
you know clarity tends to lead to
confidence and i would love to know that
you guys could walk out of today feeling
more confident about your financial situation
situation
and as well as that uh if at any point
throughout this conversation you've got
questions i really want you just pose
them to me you know some people are quite
quite
willing to dive in and ask questions and
other people are probably more i guess
agreeable and wouldn't feel comfortable
but if there's something that matters to
you i really want to say this is your
time so pose it to me if i can answer it
on the spot i will if i can't because
you know we need to do more research or
there's some limits to what advice we
can offer um we'll we'll let you know
but we'll definitely help you how we can
is that fair enough that sounds really
good cool yeah great so i've got a bit
of an agenda today but it's also quite
flexible so i'll be taking some notes as
we go um so just so you know if i'm
doing this it's probably just so i can
capture things both for posterity sake
but any of our records you're able to
access as well so if after this meeting
if you wanted to double check things
you're always welcome to ask and we can
send you a record of our meeting
the first thing i want to start with is
just really get a sense of what will
make this meeting as valuable as
possible for you so whichever you want
to start what's what's probably the main
well i think i related to what you said
about clarity because we've you know had
some kind of major changes in the past
year we've recently bought our first
house and we're
you know we have some ideas for the
future but
readjusting our budgets
to i guess reflect you know the new
mortgage situation has been um
yeah like a bit of a bit of a blind side
we're still living paycheck to paycheck
which isn't really in line with where
certainly i wanted to be at this point
what about you yeah yeah it's an
adjustment period i think yeah
definitely i think yeah we really do we
you know we just want to get ahead of um
at all in a way and figure out how we
can make the situation better okay no i
hear that um it was
march this year that you purchased the
property is that right it was yes yeah
cool how is it how do you find the home
yeah it's nice living in your own home
it's really good to have your own four
walls and a roof yeah so we're pro
we like that but yeah the the budget
situation has you know changed quite
drastically so that's that's interesting
yeah okay look i'm hearing quite
consistently between the two of you
there's a fair amount of stress when it
comes to the budget um
um
can you talk to me what's going on there
like how much uh focus have you been
putting on this in the past few months
since you moved into the house
i mean it's something that i've talked
about um quite a bit with i have quite a
good relationship with um some mentors
at work who've been you know trying to i
guess like guide me
in this but
i really just felt like you know i
needed to
have like more of a focus rather than
just like an informal conversation over
coffee you know like kind of consult
with somebody who can really give me i
guess the best guidance when it comes to budgeting
budgeting
okay about you yeah i guess that's why
my mate alfred um suggested this service
because it really you know sounded like
um what we need at this point in our life
life
i'm glad you're here look we'll
definitely focus today i think primarily
on that there's a lot of other areas i
want to touch on as well um but it
sounds like if we could bring more
clarity to your budgeting and hopefully
come up with an amount of money that you
could theoretically save
and then find a way to do it that will
make this time valuable is that fair
absolutely okay cool well just really
quickly before we dive in i want to show
you how we work
so this is a simple visual model of what
we do
and we'll walk through most of this
today as you can see in the first stage
step one getting to peace of mind
there's like that that flame and the
smog and sometimes you got you know
fires in your life um what's going on in
the budgeting situation i don't know
what's causing the issue just yet we'll
dig into that but there's got to be
something that's causing the fire um but
that's not the only issue the smoke is
often where the frustration comes not
being able to see what's going on
feeling like you're not getting ahead
and not knowing how much you can save is
also another frustration especially like
you know i've seen from your numbers
that you're putting a lot of time at
work and you're both earning good income
so you would probably hope and expect
that you can be moving ahead right
and it's very frustrating to not feel
like you are so that smoke typically
makes it very hard to plan
because the step two in the process is
to come up with a whole of life plan
and what we find with our clients is you
can't get there until you clear up the
haze so that's again my hope today and
maybe we can touch on some of your goals
and your plans for the long-term future
because once we have a much clearer
picture of what matters to you most and
where you want to be that's when we can
finally get around to this step three
in this case it's a cute little yellow porsche
porsche
but the point is it's a vehicle that
gets you there it's your wealth creation
strategy and that's the last step it's
actually the easiest part a lot of
people come to us because we're the
financial guy but what we believe is the
hardest two steps is step one and step
two and we wanna make sure we build that
life plan with you before we get down to
the details of how we're gonna do it is
that is that clear yeah
yeah
no i mean
yeah i'd never really thought about it
in terms of a wealth plan but i'd be
interested to hear more about that
cool we'll definitely make sure we cover
it's great to meet you guys um tristan's
my name um it was uh uh sorry it was
peter and sally is that right um hey how
was it getting in today you managed to
find parking out on the street i know it
can be a bit challenging parking down there
there
yeah it's all right you know traffic was
bad as usual but sydney you know yeah
traffic man it's the bane of my
existence that's why i live just down
the road i kept it really simple
really easy um oh good so um yeah life's
doing pretty well i imagine things are
pretty alright for you guys
well we just bought our first home
earlier this year um
and it's you know like transitioning
from renting to a mortgage it's it's
been a bit of an adjustment hasn't it
yeah i can imagine it's difficult to do
that sort of thing for sure uh you know
we see a lot of clients that go through
that transition and um we we have a lot
to help them with because it's such an
overwhelming kind of experience you know
do you feel the same it's kind of
overwhelming experience
um yeah yeah i guess so um i mean you
know it takes some getting used to the
yeah it takes getting used to it yeah
yeah yeah definitely yeah okay well good
it's good to know a bit of you know how
you're feeling in life at the moment so
um maybe tell me what what what brings
you here today what do you want what
kind of what can we do to help
um i guess um i guess we're just sort of
trying to get ahead of the game i
suppose and um we lived sort of paycheck
to paycheck um so yeah that's been an
adjustment you know especially with um
none of our budgets really working the
same way as they did when we were
renting out in ashfield and now with the
new the new place um
yeah it's um it's been an adjustment and
it's also been
yeah just a new territory for us
so what was that what you're wanting
then like what's the main thing that you want
want
i mean what would you say babe like
um i guess i think
you know
we want a bit more clarity of how um you
know all of this is going to play out in
the next couple of years so just trying
to figure out you know where we're at
and um how we how we can get to where we
want to be into a more comfortable kind
of stage i guess yeah okay all right you
feel uncomfortable is that what you're saying
saying
not in our current situation it's um
it's odd you know because um i mean
homeownership it's the dream but
yeah it's just been um
yeah very very discomforting this past
year like that and that too yeah okay yeah
yeah
all right
well um
i've got an idea of what we'll do um let
me show you something this is um this is
how we work this is kind of like our
model for doing things so
you see here this is like a diagram of
what we see a lot of clients go through
we want to get you obviously through
every step um step one is getting peace
of mind step two is designing a life
plan and step three is designing a
wealth plan and we found that works so
well with every client we interact with
it's um it's a real killer of a model
so that's what we want to help you with
today and hopefully beyond today as well
you know i'd hope we get the chance to
work together that'd be nice
um so
i guess to start with the first point i
want to get a better sense of you know
what um
what your life is like at the moment in
detail you know we talked a bit about
the pleasantries just now but we want to
go into like the in detail like what's
really going on and how you're feeling
about it is that okay
yeah that sounds good yeah okay all
guys thanks for putting so much time and
energy into the pre-work for the session
i know that it takes quite a while to
think through those questions about
life purpose and your goals
and bits about your belief sets and
personality and even your vision for the
future we're going to spend a fair
amount of time with each of you getting
more clear on what they are and if you
remember the vision is that we want to
build a life plan
so that we can build a wealth plan and
the life plan is really about you it's
not about my ideas or other people's
ideas we want to integrate what you know
what you're inspired by but i'm most
interested in finding out what matters
to you guys so um i'll be sort of
reading from some of the pre-work you've
done and then also so getting your input
and building on it and then at the end
of today this is your document the one
that we've we've started and you've had
a look at so you'll be able to run with
it and and keep it can i ask do either
of you you know once a year or maybe
every now and then sit down and plan for
the year ahead
not really not as much as we should yeah okay
okay
look it's it's not a an easy thing to do like
like
like with the budget like with marriage
to be honest
these are things you don't get taught
officially some people had an example
from parents
i was lucky enough to not have a family
example but i had a mentor who forced me
to sit down and do it and i didn't do it
very well and so he sat down with me and
pointed out how it could be done better
and then he kept touching me for a few
years and every year he'd check in on
how it was and i'm so glad that he did
that i was when i was 17.
so what our encouragement is is not just
to make this a one-off experience but to
make this the beginning of a new habit
you guys can keep and run with the rest
of your life because i guarantee you it
will change things for you
you'll change things the first time and
then the second time and then every time
you do it thereafter
so at the end of today we'll talk about
when and how you'll fit that in your
calendar but for now i want to get
things started so first question was
about your life purpose life mission statement
statement
who wants to go first and share what you
came up with
um i think you know we we just want to
become a little bit more stable and i
don't i don't really want to um you know
work as much as i do at the moment so i
think you know getting to a point where
we can be more comfortable with um what
we have and um um
um
yeah just you know not have this intense
focus on work um and you know have the
finances to do that i think that would
be good okay so
so
you want to get rid of a bit of the
stress and not feel you're having to
spend as much time as a work um great
sally so um what is what is your life purpose
purpose
i mean we'd love to be able to like live
a bit more comfortably in the
medium to long term but i think you know
something that i've really
that has really kind of gotten to the
core of what i want our life to look
like is
you know i see i see pete's parents and
and
they were able to retire at 60 and
just getting to see
you know they get to they get to travel
so much they're really involved in the
community they get to you know pete's
mom is um you know she is
leading like this pottery workshop that
i just think is like a beautiful kind of
creative passion and they get to really
enjoy their grandkids as well you know
our nieces and nephews and
i know i want that for us but our
situation seems so different to theirs
that you know it can kind of seem like a
pipe dream but i guess you're here to
tell me whether it can be
well no i'm not so i i'm really glad
that you're willing to share that um
what i'm most interested in today is
what you want and what do you see the
reality of the finances and all the
stuff between now and then we don't know
none of the three of us know you know i
would hope that you guys have a
confidence that it's doable but i've
come to the conclusion that the best way
we can get there or to maximize our
probability of getting there is to at
least explore it and see what it would
look like
because there's stuff in each of our
hearts which we desire and in my own
experience i have held back from really
pursuing my dreams and desires because
probably the fear of failure
i failed my first subject in university
in my first year and prior to that i
feared failure like nothing else it was
actually one of the best things that
ever happened to me because i had to
confront why why did it happen and what
does that mean about me am i really the
miserable failure that that that test
represented to me and obviously not
since then i've really started to shift
my perspective and i've challenged any
time i've had that fear of can i achieve
my dreams i'm like well why not give it
a crack
so i'm interested you know you talked
about this image of um pete's
grandparents parents parents um
and it's more creative life
um what what's important to you about
that picture why does that resonate for you
you
i mean
i i've always been a sporty person but i
think that getting to
maybe not so much the creative life but
getting to have more of an impact in the
community i just don't have the time to do
do
what i would have done in high school
you know i coached my little sister's
netball team and being involved in the
community in that way i guess having
that creative purpose of like guiding
you know these girls who are coming up
and you know really sort of imbuing them
with that confidence was
so incredibly important to me but it's
just you know kind of become a sideline
and then retreated further into the
background you know because
work and our mortgage and our marriage
has come first since then and
i'd really i think
i focused on being able to regain that
in the future but i'd like the future to
be sooner than i had originally intended
i hear
yeah look i have that frustration as
well okay so what i heard from you is
you would like to
be able to have more of a creative
environment and bring in your passion
for sports um and be able to do that
together i got a strong sense of we
there's a real sense of team in the way
you talk about the future
and i guess to be able to transcend
beyond the
the limitations of your current work
life balance is that fair to say i think
so yeah okay look that's a pretty good
first draft you know this life purpose
thing um i've rewritten mine over 100
times to be honest and every time i'm
asked to do this i start from scratch i
don't copy what i had before i just sort
of dig in the well and see what comes
out so i'll encourage you to treat that
as like
the first layer and the next time we do
this you'll just go a little bit clearer
a little bit deeper is that cool yeah
hey guys good to see you again
how are you each feeling today i mean
the last couple of sessions have been
really good talking about you know our
goals and um
yeah you know the different strategies
for achieving them so i'm really
you've said that we're going to get like
a little bit more detailed yes a little
bit more concrete today yeah i've been
really looking forward to this yeah good
been really eye opening so yeah we're
really looking forward to what's coming
out of this one i'm so glad to hear that
and all that hard work we've done is
going to really come alive today
because we've got a clear map of what we
want to do if you remember when we did
the life planning session we came up
with a whole list of milestones things
that we want to achieve and you're both
like surprised in how how much clarity
you got we even had like a total amount
of savings you're going to have to build
up in the next 10 years so that's going
to be used today to work out with your
investments with your superannuation and
then also with your risk so protecting
for risk like insurances and estate
planning what do we need to do to get
there right that's the point today if at
any point as we go along your questions
or things don't make sense please ask
i will probably go a little bit faster
through it but i'm relying on you to say
hey if that like doesn't make sense i
need to know right
um so
let's start with the estate planning
conversation um i remember the first
time we met up we talked about wills and
you both said you hadn't really thought
about it but now that you're married it
makes sense you know
i think you'd mention that your
uncle had gone through uh a well had
passed away and you had to get involved
in assisting with doing the estate right
um did you manage to have a chat with
anyone in your family and and then as a
result think about doing a will for yourself
yourself
it was it was a real struggle both like
pitching in and helping but also seeing
you know my aunt and um and
my uncle's step kids after after he
passed away and you know everything they
went through trying to get you know
things in order and get access to the
accounts and stuff and i just really
rather avoid that if i possibly can
yeah definitely well i i mentioned when
we first met that we could put you in
touch with a professional who can help
there's two ways to do it really you can
diy it's possible
it's much cheaper you know it's only
about 30 or 40 bucks and you can either
do it online or in paper you will need a
physical printout at the end of the day but
but
the catch with the cheaper price tag is
most people don't finish it they don't
follow it through and they never feel
really confident that it's done right so
what us and the team have always tried
to focus on is finding the right
professionals who charge i think a fair
price but who you know from the very
first time you call them or email them
that they're going to guide you along
just like we're guiding you through this
financial map they'll help you to get
the will sorted out
so would you be motivated if i put you
in touch with one of our professionals
to get them involved and help out
i think so i think um you know
the way that you put it that you know a
lot of people don't end up finishing
these things that's really concerning
after after what happened with my aunt
i'd rather not so yes thank you i think
it would be really good to be put in
touch with your colleagues okay that's
great um pete just checking in do you
feel the same way you're motivated to
work with a solicitor for this yeah
absolutely i mean i know that you're a
bit uncomfortable with it but i've
already looked up some of the people
that you suggested and reached out to
one of them so yeah i'm hoping that we
can get started on this soon okay great
well let's move on to the next step so
getting that estate plan is important as
like a bottom catcher but
but
one of the main assets that you'll be
distributing if you ever were to pass
away um not just your super not just the
cash you have a bank but would probably
be the insurances that you have in place
now we're going to start by looking at
the four main personal insurances we did
mention this in our first meeting and
i've shown you this diagram once before
so that's the the four main insurances
that we've discussed did you have any
questions about either the covers what
they're for or how they work i mean i
think you've you've given us a lot of
detail to go away with so if i think of
anything i'll ask but um not not right
now i think i've got enough information
to go on cool well we're going to dive a
little bit deeper now and work out how
much you need for each of these so i've
got a tool that will work through i'm
going to ask you a handful of questions
and i'll be explaining to you each step
along the way
what are the main terms so we know
[Music]
okay today is all about taking action
um sorry so yeah today's all about
taking action for you guys um obviously
we spent a lot of time with all the the
planning and the life stuff you know all
that sort of soft stuff um we're going
to get much more practical now we're
going to get like our sleeves rolled up
you know that sort of thing so um oh gee
this person keeps calling me that's so
interesting um where was i
oh yeah that's right
the sorry the planning the planning yeah
i'm sorry sorry a bit distracted today um
um
so let's um
let's start with um your your wills i
remember i asked you the first time when
we caught up had you got wheels sorted
out and neither have you done it um you
probably haven't done that just yet have you
you
i've started on mine yeah oh really yeah
you mean you actually got the will
kitten because i know you said you
wanted to do it yourself you didn't want
to waste money on your solicitor you
wanted to just do no i actually got in
touch with the solicitor that you
recommended and um yeah i'm really
surprised it's good great
okay so but you haven't finished it yet
no no okay so when you're gonna finish
it uh i think in the next couple of
weeks yeah okay all right
i'm just gonna put this away i'm sorry
um yeah um and then how about you have
you done it yet um not as yet no i still
had some questions okay all right well
good well let's move on um okay let's do
the insurance
so um
you guys understand a bit about
insurance now we've covered a lot but
i'm going to show you this image it's
important you know how insurance works
so that image kind of explains most of it
it
you guys get that right you know what
the four types of cover are and how it
all works yeah i actually already have
income protection and
the life insurance and i also have
trauma insurance okay well i looked at
the ones you have and um look it's a bit
complex but they're not the best types
of cover um they're actually there
within the industry fund well there's
two types of insurance you got like
industry fund insurance and you got like
the the proper insurance that are done
by that you know like the big companies
that you see in the city you know those
tall buildings with like towel and um
yeah yeah yeah they're like the
the premium insurers and if you have an
injury fund then um the insurance in
there just probably won't cut it so
you're saying then the insurances that i
have at the moment are no good well i'm
not saying that no i i'm not like
recommending that they're not right but
i just think we should probably look at
the premium covers
as an option and then see which one's
going to work and we can do that
research for you if that's okay
yeah okay
cool um so um
yeah we're going to ask you some
questions about what you need with your insurances
insurances
okay so look i know i know that was like
a really long conversation around
insurances but i think it's worth
pressing through and making sure we do
the investment part as well right you
guys are good for that yeah both of you
yeah okay
all right so um i'm going to ask you
some questions and based off how you
answer the questions we're going to come
up with the right
investment style for you all right so
in your case uh uh let's let's go to you peter
peter
do you
want to take on high-risk investments or
low-risk investments i think it's really
about the payoff so if if you tell me
that the low risk investments won't pay
off then i think i'm more willing to go
for a higher risk investment so yeah
because you've got 30 years until you're
going to reach retirement age that's a
long time and your investment is going
to go up and down in that time but you
may as well just go for the high risk
down well you know because markets like
like
investment markets um can lead stock
prices up and you know about stock
prices right
yeah yeah like stock prices like yo-yo
they're up and down quite a lot so um
okay from all those questions i've asked
you both i think it's it's near enough
that you both fit into the higher risk profile
profile
and you guys would agree right it's
probably going to be best for you
for our investment choice uh
i mean i i think so i'd be willing to
hear more okay all right well look when
we present our advice back to you we can
explain it a lot more detail i just
wanted to get a sense today before we do
our research you know work out what's
going to be best because we do a lot of
like in-depth research we compare all
the markets and then we'll present that
to you and don't feel like you need to
make a decision today we're going to
have that chance later on
so thanks for bringing your laptop
that's really helpful today i wanted to
be able to look at the document together
with you guys looking on your side and
i'll also be looking here the main point
of this is to make it clear for you what
we're recommending and why we're
recommending it and then also make clear
all of the product details so there's a
lot of documents i know i put as
attachments um and we want to make sure
we're clear on what's in them but also
be clear on all the fees and all the
implications of what we're doing because
don't forget this whole process we've
been through of identifying your goals
and then coming up with a strategy to
achieve them
has to revert back to why are we doing
it and will this help us achieve our
goals right
as as always if you've got any questions
just throw them at me and um slow me
down and we'll do that i guess if i
could jump in there
i noticed while going through them that
the advice about the super funds um i
think if i understand it correctly
i'm supposed to put it in two different
super funds um could you talk a bit a
little bit about that as to why i
wouldn't just be moving it into one i
was unclear on that as well yeah okay
for sure um so what i might do is pause
that question for just a sec i'll do the
executive summary and then we'll dive
straight into that is that right yeah
sure cool so the main objective here was
now that we've got a budget that works
and you've told me you've already
started saving you've got 50 bucks every
week going into your site account right
so one of the main things was making
sure we can do the best possible with
that money right
aiming to build towards getting you guys
a new home in about three years and you
want to provide for family and then you
had some travel goals that you wanted to achieve
achieve
so that's probably the most exciting
part of what you guys are now taking
steps towards and you've already done
the heavy lifting of setting aside that
regular transaction so well done
on the other points there was a few
areas that we brought up so one of them
was the super and then also the
insurances now as it turns out for your
say peter you had some insurance inside
your super already but because of
remember we had that health conversation
around some of your medical history and
some of the incidents you've had in the
past yes because if we go to a new
insurer today and apply for a new set of cover
cover
we're expecting that you're going to get
a whole set of exclusions and probably
even some additional prices so some
loadings that's what they call them
and that cover won't be as useful as
your current cover
even though we need more we're going to
have to retain both insurances
keep the current and get the new ones
right as a result we need to keep the
super fund that is holding those covers
for now so i wish we didn't have to do
it obviously we're going to keep a
minimal balance in that super fund and
then we'll have another super account
that will be able to fund the other insurances
insurances
but it's just the price to pay given
your health situation
does that make sense yeah that makes a
lot more sense yeah so in your sake in
your case um you already have two super
funds and we're going down to one so
that's the sort of outcome we want we're
going to be you know cutting back on
some of the fees you might have did you
get to see the fee comparison page of
the products that we looked at
in both cases your overall fees are less
than what they used to be from a super
point of view so that's good and we've
also invested well recommended that
you'll invest in line with your risk
profile and um i know when we chatted
about investments you were both
interested in ethical investments in
particular you were quite keen on
sustainability yeah that's right right
and then you'd mentioned that there was
a few companies and categories you
didn't want to invest in so you had some
negative screen categories so we've
incorporated that in our recommendations
so when we go through them i'll outline
what are the investments we've chosen
and then i'll leave it up to you as to
how much you want to ask because i could
spend the next three hours explaining to
you about this stuff it's a passion of
mine in ethical investing and i know
it's of interest for you as well but
it's just a matter of you know what
you're most interested at for now what
we find with our clients is after we've
got everything set up the first time
it makes enough sense
there's i guess a minimal understanding
of what's really going on it's only when
we meet up regularly in our progress
meetings from now on at least once a
year and then sometimes mid-year that
you start to get a deeper and deeper
understandings of the investments
but i'm going to throw it on you if you
guys are keen to learn more now then i'm
here for you right
okay so let's have a quick look at the products
hey guys it's so lovely to see you again
it's great to see you tristan yeah um
how was the the first start of this year
been i mean it's been a good year so far
like i've had a raise at work yeah we
talked about that yes a few months ago
yeah congratulations it's i'm sure
you've taken on the new responsibilities now
now
yes i'm i'm managing a team of five
which um
yeah has been certainly an adjustment
but um not as stressful as i would have
thought honestly you know with this um i
guess with this like plan ahead that
we've been working on with you um it's
kind of let me
put more of my emotional energy into my
work which has um yeah worked out well
on the home front for us right well i'd
love to hear how are the conversations
going between the two of you i remember
the first time we met you'd mention that
budgeting was the stressor but when we
dug deeper it was actually that it
wasn't you weren't able to sort of
connect in your money conversations
there's a lot of stress that you're each
feeling um 12 months on how are things
doing for you now when you talk about
money i feel like there's definitely
less stress i feel like
things are sort of
falling in place a little bit better right
right
it's easier honestly to talk about money
now that we have more of the baseline
knowledge that we would need before we
were a little bit mismatched in um in
where we were coming from on this and it
made it
i guess just a drag to have to talk to
each other about money but um yeah now
we can have like pretty productive
conversations and yeah it's been just a
whole lot better cool
when we did put the the plan out there
we suggested a few i guess regular touch
points um remember there was the the
weekly check-in like just the
five-minute weekly check-in then the
monthly sort of budgeting sit down and
see how we've done um and we used that
app money brilliant to get you set up
with things and then we also suggested
that you know whenever there was a major
shift like when we talked through your
raise what what do we do with the extra
that there were the times that we would
uh re-look at the budget really
i'm most interested in that first weekly
check-in do you think that's become a
part of your habit now you have that
regular touch point every week
it's been nice honestly yeah yeah we um
it's usually on friday morning i go into
work a little bit later that day so we
yeah touch base over coffee and it's um
it's been yeah it's a nice little part
of our routine now i think wow i'm
stoked to hear that congrats guys look
that's i think where all the heavy
lifting is done it's creating that space
in your lives to to just keep the
conversa the communication channels open
um great well before we get into the
detail of tracking your progress really
looking at your goals and then seeing
where all your investments and
insurances are at which we're just going
to make sure we cover up on today i
wanted to recap what our services are
what they've been for the year how much
you paid and then also what it's going
to look like moving forward because
we're never under the assumption or
impression that you are stuck with us
forever we're here to help you and your
empower you every step of the way but
only as long as you're engaged wanting
it and needing it
our hope is that obviously you're able
to do this all by yourself but we know
and believe that we're always going to
have something to offer to help so
firstly let's just recap on the package
you guys signed up for
you know we we finished our initial
advice process went for a few months if
you remember and then we set you up on the
the
financial essentials package um and
we've had a couple of times to catch up
this year which has been great and i
know we had to talk a little bit about
your insurances last month you know
before they reset we needed to make sure
the payment details were right so
you get access to us anytime throughout
the year and i'm glad that you felt
comfortable to use that but i want to
throw it back on you and say there's
more you know once you're on our team
you're with us for whatever you need so
just make sure you don't hesitate to
contact me okay you've got the link so
you can book with us anytime online and
we can have that 20 minute chat like
what we did around your salary
and as well as that you've got access to
this meeting so once a year we'll do the
progress meeting
i noticed in our backend portal that
neither of you have logged into your
online wealth access just yet
if you can recall when we first got
everything set up
we mentioned that all of your
information and your live feed of your
financials were available in a portal
and we set you up with access codes i'd
encourage you tonight or at least in the
next few days to relog into that and
just check in with it it's obviously not
something you have to do but it's a
really great place when you need to take
stock of where your finances are to have
it all in the one
place um
did you both have the login details or
passwords for that
or do you want me to send through a a
new set of them oh that might be good to
send that honestly might be a good idea
cool i'll do that we'll make sure in our
follow-up meeting from today that we'll
send that through
and then the last thing i wanted to
touch on was
we do have a lot of coaching sessions
that we offer
when we first met up we mentioned that
the property coaching session might be
quite useful for you and it wasn't for
straight away because you just bought
your house last year but i know you
mentioned you were interested in taking
on maybe an investment property you are
looking to upsize your home in the next
few years but i know in particular peter
you are motivated to look at a
renovation and there was that
opportunity that came up yeah yeah there
was a development that was really into i
i think it will probably a good time to
consider whether you want to sit down
and work out a strategy for your
investments in property
does that resonate do you think that's
something to be looking at at this point
absolutely yeah i think so yeah okay
good well we'll still work through all
the content we had today um but maybe
we'll look to line that up in the next
few months and given that you're on our
essentials package you actually get 50
off all that coaching session so that's
just another value add for you
so they're all the main benefits you've
had in the last year and assuming that
um you're still interested to move
forward you'd be able to get all that um
same access in the next 12 months and
the price would remain the same we
haven't increased it um so i just wanted
to check firstly how have you found the
service has it been useful for you in
the last 12 months oh absolutely i mean
um you know just having someone to guide
us through this process and you know you
you've been so helpful with all of our
questions and you know having to
book the extra sessions you know i
really felt very welcomed here and
yeah your the
service has just been fantastic i'm glad
i'll make sure i tell my team um
um
i just want to check in the next 12
months is this a service you think is
right for you it's still worth
continuing on
i think so i mean you know with
considering starting a family and with
our investment property i think we're
going to need to continue with the
service and i'm honestly pretty excited
about that yeah good well i'm really
glad because i think there's still more
for us to achieve together so we'll send
you documents tonight just to formalize
what we just discussed it'll just
outline the price you paid in the last
12 months and what you've got for it and
then it will just be a really simple do
you want to continue or not so i'm glad
to know that we're going forward
so let's move into the rest of the
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