Mary & Luke on finding a financial adviser they could trust.

Trusted adviserBack in 2012, Mary and Luke had recently sold a property and their business, and were ready to enjoy retirement.

“We’d parked the proceeds in a bank account, but wanted it to perform better in order for us to have the income we needed to live on,” said Mary. “Initially we spoke with one of the bank’s financial planners who recommended we invest the money in the bank’s investment products.”

Mary and Luke mentioned these plans to their daughter-in-law who knows many financial planners through her work with a major financial institution.

“Our daughter-in-law urged us not to go ahead with the bank’s advice,” said Mary. “She suggested instead, that we talk with Jason Petersen, a wealth management adviser at 5 Financial, as she said that in her experience, he would be the best adviser for us to deal with.”

Mary and Luke met with Jason who looked at their retirement goals and what they needed to put in place to reach them. “Jason was able to show us that about $24,000 p.a. in fees was buried within the products the bank was encouraging us to invest in,” said Luca. “We were really shocked by these hidden fees, and we were also concerned that the recommended investment was unlikely to create the income we wanted.”

Another option the couple was considering was to invest their money in property. “Jason ran the numbers for us, and it quickly became clear that this option would not give us the income we needed either,” said Mary. “In hindsight, it would have been the worst possible choice for us to have gone down the property route.”

Jason looked at different tactics that Mary and Luke could employ to provide them with their desired income, and that also protected their nest egg.

“We felt comfortable with Jason and appreciated his ability to explain complicated things very clearly,” said Mary. “Our daughter-in-law’s recommendation meant a lot to us too, and so we went ahead with the strategy Jason advised for us.”

A strategy that yielded an unexpected benefit

Jason structured Mary and Luke’s investment and superannuation in a low-cost administrative environment that made the most of the capital they had to invest. The fees were transparent and amounted to around a third of what the bank’s recommendation would have cost them.

“What was a real bonus for us was that our investments have been set up in a way that makes us eligible for a part pension. We hadn’t really expected that, so it’s nice to have the extra income, especially as Luke and I have been working our whole lives. It also means we are able to access other benefits like discounted rego, council rates and pharmaceuticals.”

Over the three years that Mary and Luke have been clients, the strategy that was developed for them has consistently generated the income they wanted in retirement.

Mary and Luke have also appreciated being able to pick up the phone and run decisions by Jason.

“We want to do things the right way to keep us in a good position,” said Luke. “For example, if we have a large expense coming up, Jason helps us work out which ‘bucket of money’ we should use to cover it, or when the best timing would be for us to make the transaction. Having his help has meant we’ve keep our entitlement to the part pension.”

Mary was especially grateful for the support offered by Jason and the team this year when she was unwell for an extended period of time. “Ros stepped in and took care of a lot of the things that needed to be done. She helped us so much and even called by our home so I could sign some urgent forms. I was very relieved to have people who were there for me when I wasn’t able to look after things for myself.”

Mary and Luke said that the best thing about having chosen Jason as their adviser is the “peace of mind” and that they are able to live comfortably and without money worries.

“You hear a lot of horror stories about financial advisers, but we’ve never had that concern,” said Mary. “And it’s not just Jason we appreciate – it’s Amber and Ros, and the others who are part of the wealth management team. It’s brilliant to be able to pick up the phone when we have a question and they sort it out and make it easy for us.”

“We don’t know a lot about financial matters, and we were looking for someone we could trust our life’s savings to,” adds Luke. “As you can imagine, it was a really big decision and we’re both very, very happy that we chose Jason as our adviser.”


If you’d like to know if you are as well prepared for retirement as you can be, book a free, no-obligation consultation with one of our experienced wealth management advisers. (If they believe you are doing things well, they’ll let you know. Or if there are things you could change to put you in a better position, they’ll give you an idea of what those improvements might be. Either way, the time you spend will help you feel clearer and more confident about the path ahead. Book an appointment today to learn more.)

2018-06-09T12:56:47+00:00 December 3rd, 2015|