EP 041: What Does a Financial Planner Actually Do? – With Ray Regmi

I might need to apologise to all the financial planners out there.

For many years I have thought of them as the dregs of society.

Taking a clip off the hard work of others.

Before you judge my opinion
Let me explain my reasoning.

Bianca (my wife) worked in the financial planning industry.

I got to take a peek under the hood.
…And I didn’t like it.

I would often hear stories.

They would give “advice” based on how not to get sued and what was compliant with ASIC.

It wasn’t necessarily what was in the best interest of the client.

Which is a huge conflict of interest, in my view.

If a financial planner has to choose between the survival of their business and getting clients the best result.

I know which one they will pick.

To enhance my bias further…

I did see a financial planner, and the “advice” he gave me was projected to get a lower return than what I was currently getting.

When I asked him why I would follow his strategy when mine gets better returns, he didn’t have a good answer.

I don’t think anyone had ever challenged him on the advice.
I’m pretty sure he was just reading from the brochure…

These 2 experiences lead me to the belief that financial planners are a waste of time and money.

However…

After a conversation with my accountant, I changed my mind.

I was wrong.

It turns out I had just had a bad experience with a few bad apples.

Just like that time I had a bad meal at a restaurant.
I never ate another meal again… 😜

What came to light from this conversation with my accountant is that I didn’t know how a financial planner could help me as a business owner.

I didn’t realise all the areas they could have an impact on.

I asked my accountant for an introduction to a financial planner he knew was serving clients well.

He introduced me to a financial planner named Ray, and I booked a chat with him.

10 minutes into a conversation with Ray, he confirmed my suspicion that I just had a bad experience previously.

The financial planning industry isn’t trash.

It also highlighted I need to make some changes personally when it comes to protecting my wealth.

Just one of the areas I didn’t realise financial planners could have such an impact on.
(I’ll be sure to do a podcast on this at another point)

Anyhow…

I realised later in the day that the insights and experience he has is not spoken about in the business owner community.

I suspect many business owners don’t actually know what a financial planner does for business owners or how to work with them effectively.
(Just like me)

For that exact reason, I have brought Ray onto the podcast this week.

Understanding the role and outcomes of a financial planner is critical information for business owners.

I highly encourage you to check out this episode.



DISCLAIMER:
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.