Another great frequently asked question – who exactly are our clients?
Some think that we look after people with a high net worth. And while in some cases that’s true, most of our clients would describe themselves as being ‘everyday people’ – they earn a wage in an average income job. We look after teachers, nurses, engineers, as well as people running their own business.
Usually our clients are around 10-15 years away from retirement. Or they’ve just passed some sort of milestone – for example, turning 50, or having their last child move out of their home (which in some cases is followed by a huge sigh of relief!).
Why do we love working with these clients so much? We love the fact that often they come to us with $500,000 in their super and only 10 or 15 years left to work. We love being able to ‘bridge the gap’ and aim to get them $1.5 million for their retirement, or whatever the amount is that they are planning for. It’s satisfying work, and we can honestly say we love it. On occasion, we do get people who come to us with a much larger figure in their account already, and we love working with these clients too, but we know that generally they would be okay with or without us. It’s the clients whose balances are lower than they’d like that really gives us our job satisfaction. Essentially, that’s the reason we started focusing on clients at this particular stage of their working lives in the first place.
Often, those with a regular income or yearly wage are somewhat better off because they know exactly how much more they can earn before they retire. Sometimes business owners rely on selling their business, and they have an amount in their mind that they don’t always end up getting. Similarly, a fluctuating income can be harder to work with. It’s not impossible to achieve the goal, but there are different risks to those earning a wage.
When we started the company, we never had an intention to work with over 50s specifically, it’s just what we became really good at over the years. And at Money Over 50 we genuinely believe that we are the best financial advisers in all of Australia for people at this stage of their life.
We have perfected our art over the years, and we are uniquely qualified in many aspects. When our clients come to us with their retirement plans, we know from experience what other things they might need or want that they haven’t considered.
Lots of our clients are social people with many hobbies. They might be part of a sporting club, or love to travel extensively… or just love their wine. We don’t tell them what to do with their money – we just guide them in achieving the best possible outcome for their retirement.
Take the example of Dallas’s client who met with us and made a financial plan – and then the next day bought a racehorse with the cash instead. You do have choices: invest your money for retirement – or buy a racehorse. We’re not here to judge – we’re just here to help. We’re not horsin’ around.
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