Financial Advice Blog

5 minutes with Financial Spectrum Financial Advisor, Parker Silk

Financial Spectrum Financial Advisor, Parker Silk, shares his top financial advice, past investing mistakes and what gets him out of bed and fired up in the morning!

In this interview, Financial Spectrum Financial Advisor, Parker Silk, shares his top financial advice, past investing mistakes and what gets him out of bed and fired up in the morning!

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

Spend less than you earn and invest the surplus for the long term. I also like to stress how important it is to have a budget in place. It sounds super boring, but if you don’t know where your money is going there’s a good chance you’re spending more than what you would like on things that might not bring value to you. Its handy to reflect and identify the things that really bring value to you and make sure you’re spending money in alignment with your priorities.

Have you ever made an investing mistake?

Sure have, I bought a sub-optimal investment property because I was young and ‘just wanted to get into the market’. I didn’t know anything about property and believed what everyone around me was saying which was that ‘all property goes up’ when it definitely doesn’t! It wasn’t a disaster, but I learnt how important it is to do your due diligence before investing in anything.

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

Knowing that each day presents a chance to positively impact people’s lives by providing quality financial advice gives me an huge sense of purpose.

When are you happiest?

When I am taking care of my body and mind by working out regularly, eating clean, reading books, listening to podcasts. I also really love playing competitive sports particularly basketball, along with the social element of the sport.

Can you describe your typical day as a financial planner?

My typical day is wake up, say good morning to my dog and give him a cuddle. I’ll have a coffee, then get ready for work. Once I’m at work my day involves meeting clients, preparing financial strategies and generally supporting my clients’ needs. After work I’ll take my dog for a walk, have a workout, enjoy dinner, maybe do some reading or watch TV.

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

Seeing a client’s delight after informing her that though implementing our advice she’ll be able to retire within the next year, when she thought she’d be working for several years longer.

What is your next major goal?

Work on becoming the best adviser I possibly can. Improve my skills so that my clients have the best experience and get loads of value out of the advice process.

What makes a good financial adviser?

Someone who can see past the financial metrics and understand the emotional side well. Clients’ emotions should always be the priority. For example, there’s no point in building a strategy for a client that is optimised for building wealth when the client is constantly stressed from feeling overexposed.

What does being an ethical financial adviser mean to you?

Understanding the clients’ ethical background and ensuring that you operate in that space. Different cultures have different guidelines on what is and what is not ethical, so understanding this is essential.

Why did you decide to become a financial adviser?

I’ve always been interested in investing and optimising my own personal finances. Plus I love helping people, so It was a no-brainer to mix these two together. I feel that financial advice is a cross-section between something that I am interested in, something that I enjoy, something that the world needs (good ethical advisers) and something that I can make a living off.

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