David de Kretser is the managing director of Condor Finance Partners, which are authorised representatives Synchron, Australia’s largest independently owned adviser group. He spends five minutes with Wealth Professional giving his opinion on the industry.
Why financial advice?
I’m also a qualified chartered accountant but found the advice given in this space was too compliance oriented and retrospective rather than value added financial advice regarding one’s future. That is we can use a person’s financial statements and tax returns prepared by their accountant to put in place a strategy to assist with their financial freedom and well-being.
How would you sum up advisers in three words?
Professional, considerate,client focused
How would you change the industry?
Limit the amount of changes each government brings to our superannuation legislation otherwise some will lose faith in what it is trying to achieve.
Best advice you’ve ever been given?
Work smart as well as hard.
What’s the most important thing an adviser can do to develop their business?
Stay visible and don’t just sit in the office working on client files. You need to dedicate time to work on your business by meeting the right people and then the right clients.
If you were Prime Minister for one day, what would you do?
Publicly congratulate Don Trapnell from Synchron for his pro-active stance against the former government’s proposed FoFA legislation.
What’s the biggest challenge facing the industry today?
Apart from the obvious I believe we need to increase the concessional contribution limits to encourage clients to fund their own retirement.
NRL, AFL, soccer or other?
Definitely AFL…go Pies
What’s your favourite drink?
A retox…all the good stuff like beetroot, celery, ginger etc but with a splash (or three) of vodka.
If you could invite three people to dinner, dead or alive, and excluding family and friends, who would they be and why?
Steve McQueen – the guy just oozes cool.
Jennifer Hawkins – apart from her natural beauty she appears to be a switched on business owner and entrepreneur as well as the public face of Myer.
Steve Waugh – to listen on how he led the Australian cricket team through one of its most successful eras.