1.Name:
David Treacher.
2. Job Title:
Financial planner.
3. Dealer group:
AMP Financial Planning.
4. Age:
41.
5. Qualifications:
DFP 1-7 completed, DFP 8 to be completed May 18.
6. Number of clients:
About 400, of which 200 are active.
7. Remuneration:
Mainly commission, some fee-based.
8. How long in profession?
16 years.
9. What attracted you to financial planning?
Initially started as an insurance agent, however, I was gradually attracted to financial plani
1.Name:
David Treacher.
2. Job Title:
Financial planner.
3. Dealer group:
AMP Financial Planning.
4. Age:
41.
5. Qualifications:
DFP 1-7 completed, DFP 8 to be completed May 18.
6. Number of clients:
About 400, of which 200 are active.
7. Remuneration:
Mainly commission, some fee-based.
8. How long in profession?
16 years.
9. What attracted you to financial planning?
Initially started as an insurance agent, however, I was gradually attracted to financial planing over the past six years as a result of interest in Department of Social Security and taxation issues.
10. Background:
Various occupations, mainly unskilled between ages 18 to 25, before answering advertisement to become life insurance agent in 1983. No previous financial ex-perience, all knowledge acquired through AMP and industry accreditation.
11. Who is your target market and how do you reach them?
Retirees, pre-retirees and independently wealthy clients. About 95 per cent of all new clients come via personal referrals or recommendations from other pro-fessionals.
12. Do you have any superannuation clients?
We look after 10 managed funds, ranging from 40-200 employees, as well as dozens of corporate or personal superannuation funds, with assets ranging from $20k to $600k.
13. List the top five issues currently facing financial planners;
1) Switching to fee-based remuneration processes 2) Maintaining professional standards 3) Succession planning 4) Improving review process 5) Monitoring proc-esses and true specialisation as well as the need for quality staff.
14. Do you think these issues will remain paramount in 10 years time?
I think professional standards and succession planning will remain important is-sues. However, in 10 years time, commission will be a thing of the past and we will all be more professional. Quality staff will always be important, as well as specialisation.
15. What motivates you as a financial planner?
To give quality advice, solve clients problems and assist in achieving their goals. Financial rewards are assured by doing these two skills properly.
16. What has been your best and worst move for a client?
Worst move was allowing clients to be excessively weighted in equities prior to the 1987 stock market crash. We are now far more conscious regarding asset allo-cation. Best move was reducing a client’s massive tax bill from more than $260k to zero and maintaining it there.
17. How long is your working week?
5 days, 60 hours average. Currently working too many hours.
18. How much money under your direct advice?
Close to $20 million including superannuation AUM.
19. Best marketing tip for attracting new clients?
To me, new clients are gained as a result of establishing new or improved rela-tionships with accountants. Seminars are a good way to provide accountants with new information which in turn is passed on to their clients. Having our account-ants kept up to date is the most valuable marketing tool we can use.
20. Do you use any portfolio management technology? If so which one(s) and why?
We use FPI software for new presentations, however we have yet to establish a formal review service using this stored data. This is a key initiative we will be addressing in the next six months and one which will benefit us and our cli-ents enormously if it is implemented properly.
21. Any outsourcing or external services used?
We have recently contracted an independent business consultant to work on im-proving our office systems and marketing initiatives to accountants and clients. All our other services we offer are in-house at present.
22. Any “clients from hell”?
We occasionally become frustrated with prospects who decline to proceed with a plan after initially agreeing to do so. Fee-for-service arrangements will essen-tially solve this problem. Fortunately it is a rare occurrence.
23. Do you have any role models?
None particularly in this industry. We are all so different, it is hard to emu-late any one person.
24. Any extra industry involvement or activity?
President of the Nerang Chamber of Commerce, chairman of School Business Connec-tions Group and speaker at various Centrelink FIS seminars.
25. Any pet hates?
Dishonest or unprincipled behaviour by professionals, particularly those who use industry membership as a means of proclaiming their qualifications or integrity.
26. What other issues create success for you?
A good working relationship with the numerous AMP support staff in the areas of marketing, technical, compliance etc. Without this type of support, our success would be far more limited than it has been.
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