Five Minutes With…Simon Russell, Behavioural Finance Australia

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The director of a behavioural advice business that is an Australian first and is set to launch in August tells Wealth Professional about his love of lasagne and making financial advice tax deductible.
 
Why financial advice?
I'm not an adviser. However, I do work with advisers.
 
How would you sum up advisers in three words?
Facing significant challenges
 
How would you change the industry?
Make financial advice tax deductible
 
Best advice you've ever been given?
Wear sunscreen ... ohh, and floss. Skin cancer and fillings are not fun!
 
What's the most important thing an adviser can do to develop their business?
About 20% of the population currently receives advice. It seems to me that the opportunity is finding ways to engage some of the other 80%. That's partly where we come in - giving advisers another way to provide value to self-directed investors through behavioural finance coaching and advice.
 
If you were Prime Minister for a day what would you do?
Remove the proposed paid maternity scheme and pump the money into better child care options, perhaps including nannying. (I am writing this prior to the budget by the way).


What's the biggest challenge facing the industry today?
Changing client demands. People are being more tech-savvy, looking for advice online, wanting to do more themselves. There will always be people who like a face-to-face relationship. But will there be enough of them to sustain the industry going forward? 
 
NRL, AFL, soccer, or other?
I like a good game of AFL, but my primary sport is basketball. I play a couple of times a week.
 
What's your favourite drink?
Is lasagne a drink?
 
If you could invite three people to dinner, dead or alive, excluding family and friends, who would they be and why?
Jesus, Noah and Moses. I have a few questions ... and there should be no shortage of fish and wine.
 
 

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