As well as being the owner of and an adviser at 123 Financial Services, Fraser Jack is also the Association of Financial Advisers (AFA) GenXt National Chair. He takes five minutes to tell Wealth Professional about his hopes for the future of financial advice.
Why financial advice?
A passion for helping others, a love of finance and the belief in ‘what we do transforms the lives of others’. If we don’t provide this advice the consequences to everyday Australians can be financially devastating.
How would you sum up advisers in three words?
Professional, personable, teachers.
How would you change the industry?
The biggest issue I see currently is perception of both ‘Advice’ and ‘Product’. As far as product goes, I would make it clear to the public that there is a difference between direct insurance and an advised product. When it comes to advice we need to demonstrate what it is we do and how we can help people. It is in the country’s best interest that financial advice is understood by all.
Best advice you’ve ever been given?
Focus on the outcomes.
What’s the most important thing an adviser can do to develop their business?
Seek advice from mentors and business coaching. One of the truly amazing things about the advisers in Australia is their willingness to help each other grow their businesses.
If you were Prime Minister for one day, what would you do?
Inform the public about the current budget deficit and financial position in terms of dollars per person, rather than in billions, eg the current debt is $X per person. Stop referring to this as the government’s debt, or money and refer to this as our money. It’s our money they are spending; I think the public could relate to someone else spending their money.
What’s the biggest challenge facing the industry today?
Credibility, when different factions or industry sectors undermine others for market position we weaken our overall credibility. Australia needs confidence in our industry.
NRL, AFL, soccer or other?
All! Rugby Union would be number one but I am a lover of all sports, master of few.
What’s your favourite drink?
Coffee, in fact I might just have one right now.
If you could invite three people to dinner, dead or alive, and excluding family and friends, who would they be and why?
Complete this sentence: If I wasn’t in advice, I would be…
- Johnny Depp - a remarkable actor that always plays difficult roles. He seems to approach things from an alternate perspective. I would love to get inside his head.
- Robin Williams - very funny man that would be the life of the dinner party.
- Steve Jobs – Again, I love the way he approached life and business with passion.
In Marketing, Preferably something that involved working with people, developing relationships and helping others.