Profile – Ralph’s on the right track to success

Name:

Ralph Wilson

Job title:

Executive manager financial planning

Dealer group:

Westpac Banking Corporation

Age:

37 years

Qualifications:

Bachelor of Business, Certified Practising Accountant (CPA), Certified Financial Planner (CFP), completing graduate diploma of Applied Finance and Investment (Securities Institute)

Number of clients:

Around 300

Remuneration:

Salary plus bonuses

How long in profession?

Six years as a financial planner proceeded by 10 years in tax and accounting

What attracted you to financial planning?

The investment industry always had a certain attraction, especially compared with accounting. It was something I always wanted to get involved in, as I felt that I could help people achieve financial prosperity.

Background:

I started work in the tax department as an assessor in 1983. I was there for a number of years working in audit and finishing up in company assessing. After a brief stint with KMG Hungerford in Perth I got the travel bug and left for London where I worked for a German bank. Upon my return to Australia two years later, I was appointed the finance manager for McCain Foods (Aust) Pty Ltd, a position which was primarily concerned with treasury and taxation functions.

A desire to return to Perth and the career change got me into financial planning with Bain and Company.

Who is your target market and how do you reach them?

Primarily bank customers with more than $200K to invest, with the referrals being via the internal bank network. Other referrals are through existing customers.

Do you have any superannuation clients?

My client base would be split roughly 50/50 between superannuation and non-superannuation.

List the top five issues facing financial planners:

1.Keeping up to date with legislation and regulations,

2. Keeping customer focus,

3. Time management,

4. Staying abreast with product innovations and enhancements,

5. Finding time for a break.

Do you think these issues will remain paramount in 10 years time?

Whilst financial planning remains primarily a relationship business, these issues should still remain.

What motivates you as a financial planner?

Helping customers achieve wealth and improving their financial situation. This can be particularly satisfying with bank customers, who have suffered in recent years due to low interest rates on cash and term deposits.

What has been your best and worst move for a client?

The best move or perhaps one of the most satisfying was convincing a recently widowed young mother, who had received a lump sum compensation payment to invest into a growth portfolio in late '95. She was extremely risk averse, but knew she had to invest in growth assets mainly for the sake of her children. Since then her lump sum has grown by around 50 percent and she seems a lot more relaxed from when I first met her.

My worst move for a client would be letting him convince me he should stay in a cash portfolio when the market corrected in October last year, because he thought he could pick the market.

How long is your working week?

Between 50 - 60 hours

How much money under your direct advice?

$100 million

Best marketing tip for attracting new clients:

Focus on your particular area of expertise; in other words, 'play to your strengths'. Furthermore, once you get a client make sure you look after them.

Do you use any portfolio management technology?

All technology provided is inhouse, provided by Westpac Financial Services. It is continuing to be modified and upgraded, which seems to be the case with most software that is available in the market.

Any outsourcing or external services used?

I have a number of accountants and lawyers that I know, who I refer to on a regular basis. A great aspect of this business is that there are a lot of people you can ask and who are willing to help you if you need it. Most of the fund managers provide excellent resources.

Any clients from hell?

I think most of us would have some clients that 'test us' from time to time. However, I was surprised once when I did a portfolio for a couple once who won lotto of $1.4 million only to hear their disappointment when I told them that it would stop them receiving any more age pension!

Do you have any role models?

I think my father is my best role model - he has always been hard working, honest and diligent which I think are important attributes in any job, especially this one.

Any extra industry involvement or activity?

I do investment seminars from time to time. I think all planners have a duty to help and educate the general public. By putting some of my knowledge back into the community, even if to a minor extent, may help somebody in the future.

Any pet hates?

I get frustrated with bureaucracy.

What other issues create success for you?

Having a work ethic where I'm always looking to improve and learn and always keeping your mind open to new ideas and information. I also try and do some form of exercise every day which is a great release from the job.

On a day to day basis, having a few support staff that do a great job in what can sometimes be a difficult environment.