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Goals Based Advice Podcast


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 lifestyle.

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 episode. 

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

  • Ben’s business started as a blog and took a year to gain traction.
  • Expect to start from scratch and have a hard time at first.
  • "Your first client in any business is your hardest."
  • When starting, target the people you have already spoken to or met before.
  • Extend your network in any way.

How to Build Your Business

  • Action beats waiting or just reading. Get out there and talk to people.
  • Speak to your target market and understand what they want.
  • Find areas where you can cut costs at the start. If you can, make a logo or establish your brand on your own.
  • Limit 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

  • The first meeting is 90% listening and 10% talking. 
  • Try to understand your client by asking personal questions such as "How was money growing up?"
  • Young 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

  • Use software to be detailed in modelling year-on-year income and expenses. 
  • Different variables will have unexpected differences. 
  • Seemingly small differences could lead to a markedly different lifestyle. 
  • Know your life number, which is the "cost of your life over a year."

Advice on Spending

  • “Do 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.
  • Tell your clients not to spend beyond their means. Many people spend more than they expect they're spending
  • Use different accounts to separate bills, savings and "fun spending" money accounts.

For Clients: On Future Financial Goals

  • Everything flows through cash flow. Insurance, retirement, and investments can eat into your current lifestyle.
  • 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
  • Track your expenses.

For Clients: Finding a Financial Adviser

  • Find someone who resonates with you and speaks your language.
  • A financial adviser can be technically excellent and amazing at planning but if they’re not right for you, it won’t work out.
  • 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

  • Stick to the fundamentals, don't get caught in the noise.
  • More people are now reaching out for financial advice, so make the most of it.
  • Focus on delivering your services in a better way.

Resources

Check out Bounce Financial's website and Instagram. You can also connect with Ben on LinkedIn.

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 Apple Podcasts 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 jacqui@adviceintelligence.com

Thanks for tuning in!