Jan 30, 2020
Many people tend to assume that
building wealth for the future means having to sacrifice their
happiness now. Fortunately, with the right advice it is possible to
strike a balance between future goals and current
In today's episode, we have
former lawyer turned Bounce Financial's founder, Ben Brett. He’s
here to share how he and his wife built their advice business and
how you can advise your clients to build theirs while living the
lifestyle they want. He shares everything from the meetings they
hold to the progress reports they send to their clients. Finally,
Ben gives his thoughts on the right mindset for financial advisers
and people who receive financial advice.
If you want to hear about a
focused and well-run advice business, then don't miss this
About Our Guest:
Ben Brett is a
corporate lawyer and financial adviser who owns and operates Bounce
Financial alongside his wife, Cara. Their business provides sound
financial planning to achieve future financial goals while
balancing the present life their clients want to live. His passion
is to simplify the seemingly complicated world of personal finance
to help young families attain the lifestyle they desire and live
both for today and tomorrow.
Ben Brett on Financial Advice Practice
Starting a Business
business started as a blog and took a year to gain
- Expect to start from scratch and have a hard
time at first.
first client in any business is your hardest."
starting, target the people you have already spoken to or met
- Extend your network in any way.
How to Build Your Business
- Action beats waiting or just reading. Get out
there and talk to people.
to your target market and understand what they want.
areas where you can cut costs at the start. If you can, make a logo
or establish your brand on your own.
initial spending as you may have to change or adjust to your
customers in the future.
- Always listen to what your clients want and
suit your business to them.
The Financial Planning Business
first meeting is 90% listening and 10% talking.
to understand your client by asking personal questions such as "How
was money growing up?"
adults are a good market as they want to do everything, such as
having kids and buying a house, in a short window.
Advice on Budgeting
software to be detailed in modelling year-on-year income and
- Different variables will have unexpected
- Seemingly small differences could lead to a
markedly different lifestyle.
your life number, which is the "cost of your life over a
Advice on Spending
you spend more or less against your peers?”
- Social media has drastically changed our
perception, as we compare ourselves to almost everyone instead of
just our immediate neighbours.
your clients not to spend beyond their means. Many people spend
more than they expect they're spending
different accounts to separate bills, savings and "fun spending"
For Clients: On Future Financial Goals
- Everything flows through cash flow. Insurance,
retirement, and investments can eat into your current
- Outsource your financial planning, so you have
fewer things to worry about.
- Having constant advice is best, so you can
adjust your plans at the moment
For Clients: Finding a Financial Adviser
someone who resonates with you and speaks your
financial adviser can be technically excellent and amazing at
planning but if they’re not right for you, it won’t work
- Ask a
lot of questions.
- Getting Financial advice should be a long term
relationship to have a noticeable impact on your life
Advice for Financial Advisers
to the fundamentals, don't get caught in the noise.
people are now reaching out for financial advice, so make the most
on delivering your services in a better way.
Check out Bounce Financial's website
and Instagram. You can also connect with Ben on
Listen to more conversations
with pioneers of the new world of Financial Advice at
Goals-based advice Podcast. You can also listen to the show on
and Spotify. Follow our Facebook page for updates.
If you have more questions,
don't forget to reach out to me on LinkedIn and
to send an email at email@example.com
Thanks for tuning in!