Sally Huynh - raising the bar in financial planning
Sally Huynh’s dedication to raising the level of professionalism in financial planning scored her the title of runner-up in the 2013 Financial Planner of the Year awards.
Sally Huynh hates hearing the financial planning profession referred to as an ‘industry’.
“I always ask, why are we any different to a health professional? We’re not just looking after peoples’ money here, we’re looking after their wellbeing,” she said.
“Until advisers out there see this and understand this, you won’t get that same level of respect that other professionals get.”
The Shadforth financial adviser has made it her personal mission to lift professional standards and direct fellow planners away from simple product offerings towards holistic advice.
It was this desire to improve the profession that impressed this year’s Money Management Financial Planner of the Year judges, who awarded her the runner-up title.
Huynh said that when she meets a new client, their first question to her is usually “which investment do I buy?”, when it should be “how can you help me meet my goals and objectives?”.
“One of the things I frequently do is educate new contacts and clients about not focusing on products,” she said.
On occasion, the Brisbane-based adviser has even declined clients who refuse to adopt a holistic approach.
“This is because I am absolutely passionate about improving the reputation of the financial planning profession and I believe such objectives can only be achieved if financial advisers truly commit to professionalism,” she said.
The “short-sighted” product orientation adopted by some is to the detriment of planners, as it kills loyalty and long-term client-adviser relationships.
“Whatever advice I give to the clients, it has to be the advice I would implement for myself and for my own family,” she told Money Management.
“When you approach everything from that perspective, you’re always putting the client first and that is what we should all be striving for.”
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
