Financial planning is a very personal service, finding a Planner who listens to you and aligns their advice with your goals and desires is critical to helping you achieve success and ultimately increase your wealth. Charles Badenach is an award winning Certified Financial Planner based out of Hobart in Tasmania, and through his very successful boutique financial planning practice Main Street Financial Services he provides professional, tailored advice to each of his clients.
Jason Penna from PropertyBooks.com.au has interviewed Charles to gain an understanding of the type of advice Charles provides and what the important things to look for when selecting a Planner. Charles has also offered our readers two Free E-Books;
How to Choose your Financial Planner – Download here
Secrets of Successful Investors – Download Here
1. Charles, you are the Author of the book ‘Old Head on Young Shoulders’ can you tell us a little about the book and why you chose to write it.
“This book outlines the key issues you need to consider to build, grow and control your finances” – Charles Badenach
Old Head on Young Shoulders is a self help financial book that gives readers an insight into some of the smart decisions that you need to consider throughout your life. Throughout our lives we are inundated with financial advice from family, friends, associates, professionals and the media. Some advice is good, some bad, and some simply misleading. Financial information overload can be both daunting and confusing to many . This book outlines the key issues you need to consider to build, grow and control your finances, all in a highly readable style that won’t confuse you.
2. Being an Award Winning Financial Planner your business Main Street Financial Services prides itself on not being influenced by third party relationships, can you describe this a little further.
“a financial planning business that was aligned with our goals and personal values.” – Charles Badenach
Main Street Financial Solutions is a boutique financial advisory business which was founded with a former colleague from the Shadforth Financial Group Rebecca Fergusson. We established the business with a shared desire to create a financial planning business that was aligned with our goals and personal values.
We wanted to establish a business that was unaligned in the sense that we are not influenced by third party relationships, in house products, or other conflicts of interest. Rebecca and I had discussed what we would want if we were in the clients shoes and that would be to receive advice from a business that offers unaligned, personal, professional, accessible and cost effective advice. A client needs to understand what advice they are getting and what this costs and in many cases this is not understood by the clients. Listed institutions have different drivers than a boutique business but at the end of the day with technology you can offer the same strategic solution, the same back office solution with Xplan, the same investment and insurance solution in a fundamentally different environment.
3. Selecting the right Financial Planner is critical for people to ensure they plan correctly for their future, what would be your advice to people who are currently in the process of finding a Financial Planner?
“The only key question I would always ask every financial planner though is how do they invest ?” – Charles Badenach
To help clients with this process we have prepared an e book titled “How to Choose your financial planner” , but choosing a financial planner that is compatible with your personal circumstances, objectives and needs is important. My advice would be to talk to family and friends, look at the ASIC website, do some background research via Google, check they are a member of either the Financial Planning Association of Australia or the Association of Financial Advisers and importantly go and meet them. At the initial meeting I would go through the checklist outlined in the e book and hopefully if you follow that process you will find a financial planner that can help securing your long term financial future.
The only key question I would always ask every financial planner though is how do they invest ? As you wouldn’t see a mechanic that can’t fix their own car and financial planners are no different. The financial planner you use should be financially independent in their own right and as a client they should be able to explain to you generally how they have achieved this.
There are financial planners throughout Australia making meaningful differences to the lives of people every day and it should be one of the best decisions you ever make if you do your research.
4. There are four main asset classes, Cash, Fixed Interest, Property and Equities can you describe if it is important to have all of these in a financial plan and why and how investors can get access to them.
Every client is different so what works for one client make not work for another. It is important to consider every clients particular personal circumstances, needs and objectives and as part of that you would normally talk about an asset allocation strategy, working through this with the client. Each of the asset classes performs differently under different economic conditions and as to what exposure a client had the respective asset classes would really depend on what they are trying to achieve.
5. Over your many year’s experience providing clients with Financial Planning advice, can you describe the biggest mistake you see clients making and how can people be aware and avoid this?
“adopting a one size fits all approach” – Charles Badenach
Unfortunately you see different people before they have received advice making the same mistakes over and over again. We have prepared an e book titled “The secrets of Successful Investors “ which aims to educate people on the impacts of these decisions. However probably the most common mistake you see is people taking advice from family and friends, and adopting a one size fits all approach. We are all different, so what works for one may not work for another.
6. Thank you Charles for your time and sharing your expertise, can you tell us where our readers can learn more from you and if they would like to arrange a meeting with you how they can contact you.
As you can probably tell both Rebecca and I have a passion for helping people and trying to make a meaningful difference to people’s lives. Probably the easiest way to contact us is via our website www.mainstreetfs.com.au, via email firstname.lastname@example.org or just call us 03 61730070.
DISCLAIMER: Information here is for general use only and should not be relied upon. One should see an accountant/financial advisor for their own personal circumstances which will be unique to their circumstances, please refer to our full legal disclaimer for more details.