Young People and Professional Advisers??

[evand]

Professionals will treat you correctly if you have the correct attitude toward them. They react to what they see coming from you. If you look and act like a walkover, that's how they will traet you.

I had the same problem starting out in business at a young age and i'm sure it was worse than investing at a young age. In fact i was doing both.

I was privately managing my first property to tenants much older than myself in my mid 20's. That was fun.

Anyway, let these guys know you are paying them and you are in charge and that's what you expect. Nothing less. Your money is as good as anyone else's. Play hard ball with the if you have to. Try treating them like crap, see how they like it.

Anyway, you're better off not paying a so called self serving 'team of experts' at all and doing the hard yards yourself unless you have no choice.

Why do you pay these people so much anyway?

 

[Twitch]

Reading between the lines perhaps you (the opening poster) are being overly concerned about these peoples opinion of you. I'm not saying this to be unkind as I think in my early 20's I was probably similar.

These kinds of events; a MB doesn't get back to you, a BA is disinterested, a FA makes an incorrect statement are all every day events. Don't take it personally and definitely don't let anything these people say affect your opinion of yourself.

 

[asdf]

Sue78 and FrankGrimes is on to something there. Forget what you read about getting a good team around you. When you first start out you need to know a little about everything then you can pick and choose how well your team is. At the end of the day, you are instructing and driving your team, not the other way round. Good luck mate, keep at it. You're on the right track. The 25 year olds I know are only obsessed with their IPhones, Facebook and who they met at the Ivy Pool Bar.

 

[Propertunity]

Reading between the lines perhaps you (the opening poster) are being overly concerned about these peoples opinion of you. I'm not saying this to be unkind as I think in my early 20's I was probably similar.

There's an old joke that goes something along the lines of:
When you're 20 you are always wondering what other people think about you.
When you're 40 you don't give a damn what people think about you, and...
When you're 60, you realise, no-one's been thinking about you.

 

[letiha]

I have the same problem, although i have more problems as not only am i youngish...29 I also am a single parent with 3 children aged between 4-11. I know this is terrible but i have found that people take more interest when i tell them what i do for work (I'm a lawyer). It also helps when i mention that my mother and i built 4 houses at the same time, that gets them going.

My problem i am finding more often is sometimes the people i am seeking help from know less than me (thanks to this forum). I have had 3 financial planners actually say i'm sorry there is nothing we can really do for you an tell me i'm doing a great job. They did however give me contacts of others that may be able to help.

 

[asdf]

I have the same problem, although i have more problems as not only am i youngish...29 I also am a single parent with 3 children aged between 4-11. I know this is terrible but i have found that people take more interest when i tell them what i do for work (I'm a lawyer).

Wow! Thats impressive Letiha, how did you find time to go through law school AND raise your kids? I don't even have time to scratch my nether- region and we only have one plus mum stays at home full time. Respect!

 

[NOT 2 L8]

I have been using the same ppl for years, know the numbers and addresses off the top of my head and best part is that they double up as JPs and can sign off without us even there. Only recently, we started communicating through sms coz life is just so busy for everyone...who has time for face to face, phone etc?

Could you elaborate please.

Cheers

Chrisv

 

[Alabex]

I discussed young advisers with my partner on the drive home today and we both agree that it is a fine line between youth and experience.

For instance the Financial planner we saw was a young "hot shot" probly my age or a few years older. It was hard to descibe but he tried to act all knowlegable when he wasant! Between my partner and I we have a Masters of Risk management (almost finished), Bathelor of finance, commerce and Law so while we dont claim to be experts at anything we both know @#$% when we see it.

He was one of these smooth @#$% talkers. Id say he would normally get the mum/dads in wooo them with some big words to show how smart he is!

Any way, YMAN i will speak to my partner tonight and see if she is keen.

What is the format of the night?

Cheers,

Matt

Yeah the "hot shots" in their own minds will always be a problem. Which is why i also added companies that foster young employees... not sure how to go about finding them exactly though... i think i have been lucky to stumble on some. I think they need to be old enough to have the experience but young enough to remember being young and ambitious i.e not 12 but not 92!

 

[letiha]

Wow! Thats impressive Letiha, how did you find time to go through law school AND raise your kids? I don't even have time to scratch my nether- region and we only have one plus mum stays at home full time. Respect!

I get asked that all the time, i seperated from my husband half way through my second semester. At the time I had a 7 year old a 2 year old and a 6 week old baby so i suppose even then i was doing things a bit differently then others. In my second year I started working casually doing what ever I can get temping relief child care, still doing 4-5 units (full time study). At the beggining of my 3rd year i got a job as a clerk, stayed there for 9 months till i got a better job as a paralegal with a medium-large sized firm where I still work now as a lawyer.

I spent morning train rides reading texts, late nights doing my assignments. What was even more fun is throughing in building the 4 houses in my final year.

I often get asked how i did it or continue to do it, i think about it and i suppose the only thing i can say is i just did it...didn't think about it just did the work i had too...not much house work though.

The good thing now is that i can manage my time and multy task really well so my full time work alone has become rather boring...i now have too many hours in a day and not enough stuff to do, I miss being busy, I am currently trying to enrol in my masters degree which should keep me busy.

 

[sue78]

Could you elaborate please.

Cheers

Chrisv

My solicitor and bank manager are JPs and with mortgage documents and legal documents, you need to sign in front of a JP. But because we have known them for years, we can just sign off, give them teh doucments and they will witness it and sign off for us. Saves us driving around to find a JP. Especially handy for tight deadlines.

 

[flint]

Similar Experience

What do young people have to do in order to be taken seriously by wealth/business advisers??

I guess the answer has been posted already - you pretty much need to know what you want from the adviser, and get them to be the arms and legs.

I have had similar experiences even with tax accountants. Last one kept on telling me he's got a mortgage and he's finding it difficult to pay (that was last year when the interest rates were still going up). The first time I thought he is making conversation. The second time I thought he forgot he mentioned it already. The fourth time I told him he should see a financial adviser . What was interesting was that this was all said with an air of superiority - like big people like him have big problems. He was also very biased - I mentioned on the site already that he was against trust structures "as a principle", and almost never followed up on his statements - he still needs to get back to us on quite a few things.

I guess there are people like that everywhere. The problem that younger investors like us face is that we are not always surrounded by like minded people in our networks, so getting a recommendation for a good professional is more difficult. In truth, that's probably our best bet - getting some good referrals, and discussing our plans with them. While many top guys would probably not be interested in talking to someone like me - who's just buying the first IP, I'm sure the wiser ones realise that this is the start of the journey for us, and probably over the next 10, 20, 30 - or in our case - even 40 years the journey will be very rewarding for both parties.

And speaking of tax accountants, does anyone know a good one

 

[Sabitor_84]

Hey Guys,

Thanks for the all the advice.

Im well and truely over it now but never the less there is some good advice in there so thank you.

Kind regards,

Matt

 

[BayView]

Hello All,

Here is my question to you all:

What do young people have to do in order to be taken seriously by wealth/business advisers??

Seems simply enough! Now here is the back ground to back it up.

My partner and I are both young, university qualified professionals. She is a Corporate Lawyer and I work as an Underwriter.

We both earn good incomes for our age’s (25ish) and are in good shape financially for our ages. I don’t know the stats but id say we earn more then the average Australian family income.

While we are not millionaires our balance sheet looks ok with ZERO “bad” debt. Ie No non-income earning debt.

That, in it’s self is an achievement with most people our age succumbing to cars, credit cards etc by now!

Back on the story…

We have been on the road of wealth creation for a couple of years now and thus far I have had nothing but bad experiences with the professional advisors we have currently.

I’m talking accountants, Mortgagee brokers, bank people and the final nail in the coffin was today when my buyers advocate seemed dis-interested!! This is the same bloke i was recommending not a week ago!!

My biggest complaint is they seem totally not interested when they realize your only a little fish!! Dont these people realize that little fish grow up into big fat juicy (loyal) fish?

Aren’t they interested in long term relationships??

I’m happy to pay the fees. Hell, I’ve paid my Advocate $15,000 already!! But in exchange when I ring up wanting a quick opinion I expect they will be welcoming even if it doesn’t lead to a sale!!! Its not like I ring up every week!! I’ve called once asking a question!!

The morgagee broker we tried had his lap top crash when he came over and never got back to us. Had he been reasonable he would be looking at his 3rd loan in 18months!! Its hard to describe but he made us feel like we are nothing.

The accountant we have kept telling us about how easy it was because we only have 1 IP (2 now). Making references to the person before us had 14!! (Not in a nice way, I might add).

The financial planner kept saying “the market wont crash” at 5000 points even though it has. Then proceeded to tell me something incorrectly that I have a great deal of knowledge on!! (At least he didn’t snob us due to low net wealth he only flat out lied instead).

The list goes on and on!

So to everyone, have we been unlucky? Should I keep the faith?

To the professionals on this site. What do you think/do when someone like us walks in?

Id be very interested in Michael Yardneys thoughts on this subject. He would deal with a lot of "Big Fish"... How do you handle the little ones?



Kind regards,

Matt

Keep looking for the right people to be on "your team", but in the mean time, you seem as though you have enough clues and income stream to go out and do a lot of this on your own.

 

[Perp]

There's an old joke that goes something along the lines of:
When you're 20 you are always wondering what other people think about you.
When you're 40 you don't give a damn what people think about you, and...
When you're 60, you realise, no-one's been thinking about you.

Good one!

Dr Phil has one along these lines that I quite like: "You wouldn't worry so much what people thought of you, if you realised how seldom they did."

 

[Y33]

The first post seemed to cover a few areas but I will look at it from the other side of the coin.

Although there should never be a compromise on the quality of service given there must be a prioritize of time allowed to each person or request and this needs to be also considered by those asking.

As someone who previously had businesses answering requests online and by telephone, staff needed to be trained on how to allocate time. The same as I allocate my time to certain requests.

It would be nice to be able to handle every little request personally but it is not economically viable. My business time is given firstly to those who give me the greatest returns.

Ask yourself the following question. If you have 2 phones and they both ring at the same time but 1 phone gives you a return of $100 per pick up and the other only $1 per pick up which do you pick up? You can only answer 1 phone so no twisting the question.

The same applies to business meetings etc. It may not favor the small person in the beginning but as they improve their worth to me they go up the order. No harm is as some have done and approached the so called big guns for ideas and solutions but put your self in their shoes and who would you attend to first?

This situation can changes if you are paying a set rate/fee for a set service.

 

[asdf]

we have a Masters of Risk management (almost finished), Bathelor of finance, commerce and Law so while we dont claim to be experts at anything we both know @#$% when we see it.

Hey Matt, where do you guys work? And how come you have time to surf SS?