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Financial Advisor Q&A
May 31, 2021
It was such a pleasure to interview the advisors on our Financial Advisor list recently and we hope that you enjoy getting to know them a little better just as much as we did.
Ben Herzog – Blue Ocean Wealth
| Please tell us a little bit about yourself and your business. |
| I am passionate about improving lives. I have worked in financial planning for close to a decade and prior to that I was a commissioned officer in the Swiss Armed Forces.
I love the great outdoors, I’m a hopeless foodie and I am the first person to laugh at my own jokes. I started Blue Ocean Wealth Management several years ago with two fellow advisers. Our aim was to have a business that specialises in helping Accumulators (those in their 20s to early 50s) achieve financial independence. We believe this is where we can have the greatest impact on people’s finances while having a long-lasting relationship them.
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| When would you say is the right time to speak with a Financial Advisor? |
| Short Answer: The sooner, the better.
Long Answer: Financial advice is like planning a holiday; you start with the destination in mind and plan backwards from there. We help shift your focus from living for next week/month/year to concentrating on your end goal, giving you a broad view on your life’s journey. The sooner you speak to an adviser, the better you can understand your goals and the path you want to take to achieve them. This helps to prevent you from procrastinating by giving your actions purpose, enables you to better understand the consequences to your decisions, and allows you to be proactive and prepared rather than reactive and at the mercy of the economy, the government, your job (insert any other excuse here). There is an unfortunate yet common misconception with financial advice which is that you need a high level of wealth to see an adviser; this could not be further from the truth. You don’t wait until you’ve lost weight or become fitter to see a personal trainer, you see them now so that you can improve your health today; the same principle applies with financial advice.
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| What services do you provide? |
| Like with most financial planning practices, we can provide an extensive range of services from superannuation to investing to debt management, personal insurances, tax minimisation, the list can go on. Our core expertise however, revolves around achieving financial goals and building wealth.
One of the most valuable aspects of our interactions is strategic. We first ensure your goals are SMART (specific, measurable, achievable, realistic and within a timeframe), and we then develop a plan to achieve them in a manner that fits within your lifestyle. Before engaging with us however, we do expect our clients to have already taken the first step and have mastered their cashflow as this is a fundamental that cannot be missed.
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| What makes your business unique? |
| Us, our approach, and our integrity.
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| How much does your service cost? |
| Before anything is charged or put together, we always ensure that you understand the value we create, and the cost associated with it. Our initial consultation will be at our cost with a follow up meeting being billed at $195.
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| How do you measure success with your clients? |
| The way we measure success can be broken down into two distinct categories: quantitative and qualitive success.
Quantitative success involves assessing how your portfolio has grown; whether your assets have increased in value and/or whether your liabilities have decreased. Qualitative success involves measuring what financial goals have been achieved, how it was achieved and most importantly, if you are happy.
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| What areas do you think are the most important for people to focus on in relation to their money? |
| Money touches every part of our lives, so we take a holistic approach rather than focussing on specific areas; for us, having a healthy relationship with money is crucial.
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| What’s your favourite part of being a Financial Advisor? |
| People and seeing them prosper.
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| Where is your favourite place to eat in Melbourne? |
| There are SO many places that I want to write down but in the interest of keeping it simple, I will nominate Epocha on Gertrude St in Carlton. Their menu changes every 3 months, it is the perfect combination of casual and formal dining, the staff are passionate about food, friendly and knowledgeable, and the meals are superb!
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Nicole Heales – Nicole Heales Financial
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David Currie – Wealthy Self
| Please tell us a little bit about yourself and your business. |
| I’m a young professional financial adviser who loves hats, dogs, bagpipes, travelling, coffee, equality, sustainability, and all things finance. I’m passionate about helping young professionals and young families plan for their future, so you can feel organised, clear and financially secure and spend more time doing the stuff you love!
Wealthy Self is a new way of thinking for Gen Y, Millennial’s and Young Professional Families. We listen to your needs and put this at the heart of everything we do, so we can help you to achieve your dreams, whilst still living in the present. We are a young professional family, growing our own family and finances and we can help you do the same. We’re honest, open-minded and love working with a diverse range of amazing people with incredible goals! Together, we’ve travelled the world, lived and worked abroad and love combining our health, wealth and happiness to create flexible and secure financial futures. We have clients all around Australia, thanks to our remote based working setup – we can work with you, wherever you are. I thrive on working with my young professional clients to create good financial habits and to nurture a healthy relationship with money, so you can achieve your goals.
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| When would you say is the right time to speak with a Financial Advisor? |
| If you’ve ever thought about chatting to a Financial Advisor, it’s a good time to get the ball rolling and start sorting out your finances and setting financial goals to work towards. In particular, if you want to buy a home, invest in the stock market, start a family, or make sure you and your family are protected financially, these are the right times to engage with a Financial Advisor that understands your position and the goals you want to achieve. Any big life changes or purchases are worth seeking expert advice on.
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| What services do you provide? |
| I provide overall strategic financial advice including:
– Goal setting – Cash flow tracking (through the Wealthy Self App) – Investments – Super advice (including ethical portfolios) – Asset Protection (insurances) In summary, I help you identify your goals and make smart, logical decisions to reach them, so you can grow your future finances.
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| What makes your business unique? |
| We’re not your “traditional” financial planning company. I work exclusively with young professionals and provide a highly tailored and personal advice service based on your needs. The Wealthy Self team is run by myself and my young professional family so we really “get” what other Gen Y and Millennials want and need. I create long-lasting and trusting relationships with my clients which is built on honesty, mutual trust and respect. We have great relationships with our clients and I love working to empower other young professionals and their families through personalised, goals based and relevant financial advice.
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| How much does your service cost? |
| As each client receives a unique and personalised service, the costs vary depending on the level of services and complexities in their financial situation. I provide all clients a Scope of Advice based on the specific areas of advice required and provide an accurate quote, so that they are aware of the costs before they agree to proceed.
Some services may be able to be paid from your Superannuation, otherwise my hourly rate for young professionals is $220 (including GST).
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| How do you measure success with your clients? |
| There are many ways in which we can measure success and the tangible successes tend to be, if a client has achieved their goal, if they are in a stronger financial position and if their overall wealth has increased.
We recognise that working with the numbers is only half of the story. Other success measures which we work closely with our clients on, are helping them to feel more in control of their money, having a clearer path and creating healthy financial habits that support their goals.
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| What areas do you think are the most important for people to focus on in relation to their money? |
| Firstly, identifying what is really important to you to set a strong financial goal that you can stick to. Once you have this, then you should be more motivated to save towards your goal and cut down on unnecessary lifestyle costs to help you get there. From there, it’s all about growing your wealth. This can be from starting an investment portfolio, utilising your Super or getting onto the property ladder.
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| What’s your favourite part of being a Financial Advisor? |
| I love talking to like-minded people, which is why being a young professional myself, I really enjoy working with other young professionals. We understand our clients as we’re at the same stage of life which makes for a strong and trusted relationship. That’s the reason I started Wealthy Self, because we’re different from your parent’s financial advisor and I want to give our generation the best chance for financial freedom, in a really challenging economic climate.
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| Where is your favourite place to eat in Melbourne? |
| That’s a tough one! If I had to choose, my favourite for authentic pho is Pho Chu The in Footscray – it’s the best noodle soup in Melbourne hands down! Otherwise, my classic cafe go-to is Alfa in Seddon and Yarraville.
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If you’re interested in speaking with any of the Financial Advisors you will find the contact list here.