Q & A – Getting to know the person behind the adviser

Q & A – GETTING TO KNOW THE PERSON BEHIND THE ADVISER

We sit down and chat to adviser George Sovechles about the nitty gritty of being a Financial Planner

Click on each question below to read an answer from George

You have been involved in insurance and financial planning for over 30 years, is it still important to you?

Every time you help someone, it doesn’t have to be a big thing, as simple as a conversation to reassure or to put something right, makes it worthwhile.

What is common to find in these interviews?

I see that all of the insurance is only what has been built into the super, which is generally the right spot.

However, most people are not aware how much cover or that how inferior group cover is when compared to retail insurance options.

Also, wills are often thought of something that you should have when you’re older.

What might a review unfold for a first time advice customer?

Often there are multiple super funds, usually established from previous employment.

There is usually existing insurance associated with these funds. It’s not just two lots of fees and two lots of insurance premiums.

A lack of understanding and the general complexities overwhelm the desire to establish a more appropriate option and then there are the usual time constraints.

There have not been consideration of the implementation of tax effective measures, little if any estate planning apart from beneficiary nominations.

It’s about awareness, understanding, the simplification of what is wanted and reliance that this can be achieved.

Is there anything that disappoints you with your work?

Claims are always more drawn-out than many people expect. There is a lot of do-it-yourself and then when something’s not insured or where money is lost, often there is not a lot that can be done.

So you feel that you can make a difference?

I started in insurance, completed an associateship, finished number 1 in NSW, all those years ago but I found I had a very good understanding of insurance contracts and I have helped quite a number with their claims and losses over the years.

Today let’s say if I were to see five people I will probably be able to improve the position of at least three of them. Yes, so I think what I do makes the difference.

How can you help someone, make that difference?

Let’s consider that Superannuation is almost a given, employer super contribution inflows are building for their retirement.

However, there are other things to consider. Savings, debt, family, illness, employment, unemployment, marriage, children, home, education, financial support, investment, retirement.

These things might all happen or just some of them.

What can you suggest that makes a difference?

A good place to start is a conversation, from here, to set out a plan. Lots may not know what they want, rarely does somebody have all the answers or situations change.

What can somebody do, to make a start?

I suggest that you put all of those documents and associated mail into a folder and make an appointment.

1250

Customers serviced since 1997

115

FUMs

13,000

Pages printed per year

$32,200

Average client super balance