Todd Stanford of William Buck is into golf and fishing, and once prepared Chevy Chase’s Australian tax return – he tells Wealth Professional all about it.
Why financial advice?
It requires attention to detail, problem solving and ultimately it is very rewarding as it allows you to make a tangible difference.
How would you sum up advisers in three words?
The good, bad and trusted.
How would you change the industry?
Raise education standards to a degree minimum, limit who can use the title advisor and push for self-regulation as a profession.
Best advice you’ve ever been given?
Fees are a meeting place between you the advisor and the client. It is common for advisors that really care for their clients to over-service and undercharge, which can eventually lead to burnout.
What’s the most important thing an adviser can do to develop their business?
Deliver on what you say you will do, aim to exceed expectations, and then ask clients for referrals.
If you were Prime Minister for one day, what would you do?
Make day care/nanny fees 100% tax deductible. Then in the following year do the same for initial financial advice.
What’s the biggest challenge facing the industry today?
The perception gap between what advisors say they do and what the general public believes they do. This is evident in the low take up of financial advice which is not improving. It is not a question of cost, but rather trust.
What has been the highlight of your career?
From a professional perspective being admitted as a Chartered Accountant in 1999 followed closely by preparing Chevy Chase’s Australian tax return!
NRL, AFL, soccer or other?
Golf and fishing.
What’s your favoured style of coffee?
Soy flat white.
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…
- Matthew Bellamy (lead singer of Muse) - I would love to hear his story as an amazing musician that is classically trained.
- Bill and Melinda Gates –philanthropists who are giving something back.
- Oprah Winfrey – she is willing to raise awareness of social issues.
In teaching at some level, most likely within a university or high school.