According to a 2022 Finder survey, over 3 million Australians have a financial planner … an astounding figure considering they have the responsibility of helping you manage your money to ultimately secure your future.
Given this responsibility, one would assume they’d be extensively trained, deeply educated and know EVERY detail and risk that comes with investing. Is that a fair assumption?
I would say so…
However, it came as a MASSIVE SHOCK to me that it was the exact OPPOSITE during my time spent working towards my financial planning certification.
That was just one of many things I learned…
In this article, I’ll be sharing with you my 3 biggest learnings from getting my financial planning cert and how this’ll open your eyes into not blindly trusting a certified professionals on face value to deal with your money.
But instead to make sure you do your research so you’re hard-earned money isn’t put in the hands of someone inexperienced and uneducated.
Why am I saying this?
At the club, our message is SOVEREIGNTY. And taking control over your future.
Sovereignty in its true essence is the idea of being self-governing and independent. It’s about having the power and authority to make your own decisions, rather than being controlled by others.
My goal with this article is NOT to push you away from using financial planners, but instead if you see a financial planner or wealth specialist, you head into it with a new light of being sovereign (taking charge of the process), not dependent.
1: Compliance is FIRST, Education SECOND
It should come as no surprise to you that atleast 50% of the certification I undertook was ensuring I was law-abiding to cover my own ass!
In other words, it teaches me that I should prioritise COVERING MYSELF over delivering the best possible results for YOU. To me, this is ludicrous if you’ve hired me to work for you.
Imagine if you hired a snake catcher to catch a snake in your background … but all they were taught is that snakes are dangerous. See what I mean? Things don’t add up.
With a mixture of tight personal compliance, company compliance and education on the history of development of laws in this area … the primary goal of the certification was to understand how to not get into trouble with regulatory boards.
Don’t get me wrong, these are all essential to both protect the interests of workers and consumers but I personally feel like the foundation of my training was to protect myself and company. NOT my client.
2: I Spent Longer Getting my P Plates than my Financial Planning Certification
The heading itself tells you all you need to know. And to add to humour of it, I’m young but not too young to do 50+ hours of driving required to get your P Plates today. All I had was a minimum of 20 when I was on my learners.
Fortunately, or unfortunately, this is still longer than what it took me to become a certified financial planner. Although I could continue to educate myself in more specific areas, I had the basic minimum requirements to begin working under the guidance of a licensed firm.
To let this sink in … here’s a list of things I’ve done that’s taken me longer to get than my financial planning cert:
- 24 hours of slow cooked meat
- Recover from my first hangover
- Fly from Perth to Japan with connecting flights
- Move houses (for a 1-bedroom apartment)
- Start to end of a buck’s party
- Watch the entire series of Squid Game on Netflix in 2 days (this one I’m least proud of)
- Listen to the “Law of Success” audio book by Napoleon Hill
By now, I think you can see why I put in the title, “don’t trust me with your money.”
3: Further Education is Largely Dependent on the Company & Individual, NOT the Certification
You might think by reading this article I’m strongly against financial planners. But honestly I’m not.
The reason I’m writing so strongly is to get my point across just how important it is for YOU, as a sovereign individual, to do your due diligence and research before blindly trusting an advisor.
I believe there are many GREAT financial planners out there who can manage your money safely and effectively.
But the truth is just because someone is certified, it doesn’t infer they’re qualified to handle one of the most important aspects of your life – YOUR MONEY and FUTURE.
The certification gives you the basic knowledge of financial planning, which we understand is normal for most industries, so if you’re ever using a licensed financial planning firm … ALWAYS DO YOUR RESEARCH.
For all you know, the financial planner you work with might not fully understand how to manage your money.
The essence of what we teach is sovereignty. When it comes to your decision-making, money and planning, this becomes even more important.
After all, we’re talking about your entire livelihood and future.
The 3 BIG things I learned from getting my financial planning are:
- I was taught I should prioritise COVERING MYSELF over delivering the best possible results for YOU
- It took me longer to get my P Plates than my financial planning cert…
- After getting my cert, the onus is on me and the company I choose to work with to further my financial knowledge … not the certification
When it comes to investing and securing your financial future … this is where you need to be sovereign. And always do your research either on the firm, financial planner or specialist you work with.
This way, you’re coming from a position of sovereignty (taking charge of the process), not blind dependence.
Thanks for reading!
Written by Connor Marshall
GWC Advice is Limited to Educational Advice.
The information provided by Global Wealth Club is provided for educational purposes only. It should not be relied upon as financial product, tax, asset protection or legal advice. None of the information provided by Global Wealth Club takes into account your personal objectives, financial situation or needs. You must make your own decision how to proceed.
If you want financial product advice that takes account of your particular objectives, financial situation or needs, please seek advice from an Australian Financial Services licensee before making any financial decision.
If you want tax, asset protection or legal advice that takes account of your particular objectives, financial situation or needs, please seek advice from a licensed professional in the area such as an accountant, lawyer or similar professional.