Financial Advice Blog

5 minutes with Financial Spectrum Financial Advisor, Jessy Wang

Financial Spectrum Financial Advisor, Jessy Wang, shares her top financial advice, past investing mistakes and what gets her out of bed and fired up in the morning!

In this interview, Financial Spectrum Financial Advisor, Jessy Wang, shares her top financial advice, past investing mistakes and what gets her out of bed and fired up in the morning!

What is the key piece of financial advice you would give your friends and family?

The best time to start planning for your financial future is now. You are never too young to start (or too old for that matter). The worst thing you can do is to do nothing.

Have you ever made an investing mistake?

Yes I’ve made a couple of investing mistakes. When I was in my early 20s, I bought a block of land and built a project home on it all site unseen. Location wise, it was a terrible choice, and I barely broke even when I sold it many years later. Luckily, I was young, and the property was relatively cheap, so it wasn’t an expensive mistake.

Another mistake I made in my early 20s was not realising the importance of investment fees when deciding where to invest. The fees may appear small, and a 1% difference in management fee may appear insignificant, and this was certainly how I felt when I first started investing. The reality is, if you invest $100,000 into a managed fund that earns 7% return per annum, after 20 years paying 1% management fee you will have a balance of $317,153. However with a 2% management fee, you will end up with a significantly lower balance of $259,891 – a difference of well over $50,000.

Thankfully, I have learnt from these early mistakes and having continuously invested since those early days means I am now in a far better position financially. There’s no better time to invest than now, because over the long run sitting on the fence and not doing anything will end up costing you more.

What gets you fired up and out of bed in the morning?

Finance has been a lifelong passion of mine, and I feel energised to be doing something that I love every day. Every client has their own unique set of circumstances, goals, and aspirations. It is a great privilege to be able to help shape their journey to achieve a better financial future. This is what makes being a financial planner so fulfilling.

When are you happiest?

I am the happiest when I wake up before my son, and I’m happier still if I can make my cup of coffee and get myself ready before anyone else wakes up in the house (I’m still working on being a morning person).

Can you describe your typical day as a financial planner?

A typical day for me includes meeting clients, designing financial strategies and building financial models to help clients achieve financial success. Responding to client enquires and supporting them to implement their financial advice is also integral to my day.

What is the most rewarding outcome you have achieved for a client?

The most fulfilling outcome for me as a financial advisor is witnessing clients transform from uncertainty about their financial future to a place of confidence and empowerment. Whether it’s realising their dream of homeownership they didn’t think was possible or achieving a better work-life balance by reducing their hours, seeing clients take decisive steps towards their goals brings immense satisfaction.

What is your next major goal?

My next goal is to complete a Master of Financial Planning.

What makes a good financial adviser?

To be a good financial adviser is to understand people and the psychology behind why people do what they do and how to help them overcome certain barriers. A good adviser should have a high level of technical competence and is a good listener who can understand both the spoken and implied needs of their client. Finance can be extremely personal. What works for one person can be completely different to the next.

What does being an ethical financial adviser mean to you?

Trust is at the centre of a successful adviser/client relationship. The best way to earn that trust is to be completely open and transparent in my dealings with the clients. Being an ethical adviser to me means always acting in the client’s best interest and avoid conflict of interest. Common fees and charges such as commissions on insurance, percentage-based management fee and implementation fee can all unduly influence an adviser’s recommendation to the client. Charging a flat fee for service based on the scope of service provided, not how much money someone has to invest, is the best way to have an open and unbiased approach to financial advice.

Why did you decide to become a financial adviser?

I’ve always been interested in finance and economics from a young age. Money Magazine was my favourite pastime reading growing up. When I was in high school, I helped my parents move their super fund from an expensive retail fund to a low lost industry super fund. By the time I started working (in my previous career as a healthcare professional), friends and colleagues would often ask me for money advice. I found myself giving them tips on when to best access their paid maternity leave to produce the best tax outcome and how to set up an education fund for a friend’s newborn baby. When I finally decided I should follow my heart and my passion and become a financial planner no one who knew me well was the slightest bit surprised.

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