In 2020 I decided I wanted to have my house painted. Of course, I am not a painter. On advice from my father “having done it before, I would highly recommend getting a professional to do it. 2 reasons:
- If they make a mistake, it’s on them and they will know how to fix it.
- You’ll get halfway through doing it and get frustrated and end up having to pay someone to do it anyway so you may as well bite the bullet and pay someone to do it.”
So, I found someone to do it, but ever inquisitive as I am I asked them if I could work WITH them so that I could at least learn some of the basics. I actually had a lot of fun and learned heaps, however this exercise proved my father right on what he said – painting has more to it than meets the eye. I am happy to leave it to the professionals. Thanks Dad!
You may be thinking to yourself … “where is he going with this?” Bear with me ..
One thing I am good (or bad) at, is asking a lot of questions. I like to know not just what to do, but also the who/when/where and why that comes with a task. It helps me to understand how I can perform a task to a high standard. But enough about me, let’s talk about my clients.
Whether you are a client of a builder, an electrician, a physiotherapist or a finance broker, there are going to be preconceived ideas of what goes on behind the scenes. Often these ideas are completely inaccurate (I don’t like to suggest to people they are wrong). He’s the twist though … it goes both ways. While a client may have an inaccurate understanding of the role of a service provider, the service provider can have an inaccurate understanding of the client and their individual needs. How do we open the lines of communication so that we understand each other more accurately and work together towards a common goal? Good question.
Stephen Covey wrote a book called The 7 Habits of Highly Effective People which I do highly recommend. Habit number 5: Seek first to understand, THEN to be understood. This notion has been a cornerstone in my career dealing with people. It’s amazing, and scary how little we understand each other and how many relationships fall apart as a result. To first have the genuine desire to understand where someone is coming from can be pivotal in the success or failure of an exchange or transaction. Have you ever done business with someone who you felt couldn’t care less about what you want? I know I have, and I have also dealt with clients who have. All the time.
The finance industry has had a major overhaul since the royal commission. A lot of the brokers of old have had to really lift their game. I started in finance just after the changes. We as financial service providers have a lot more scrutiny on what we do and how we do it. A lot has changed – for the better. I am still disappointed to say that there is still shonky stuff happening, although not as bad.
Have you ever dealt with a broker that has made a habit of being super vague and seemingly evasive when it comes to questions that any logical person would think could be answered quickly and easily? What about when it comes to the day to sign your loan documents and there are suddenly fees and charges that you weren’t made aware of? Everyone raise their hand because it happens every day.
I will make a point of saying that when someone contacts me and asks me what rate they are eligible for, it is not actually possible in 95% of cases to know until I have reviewed things such as credit score, employment, home ownership, current loans etc. What will happen is I will request documentation from you such as consent to access your credit file (this doesn’t show up on it), payslips, address, ID and that sort of thing. Once reviewed, I can then generally give you an idea of the exact numbers/repayments. There may be rates or offers out there in the market that you simply aren’t eligible for. That little Asterix next to things is there for a reason. Oftentimes trickery to lure you in. Sounds diabolical doesn’t it?
I made a promise when I started this business: Professional. Transparent. ALWAYS. If I can give you a straight answer, I will. End of story. But wait … THERE’S MORE!
Not steak knives, but Transparency Through Education. I want you to walk away from speaking to me having learned something. Whatever it is. I need to make statement that I am not a licensed financial advisor so I cannot offer financial advice, but there is no reason why I can’t talk you through what I’m doing and why I’m doing it … is there? It’s interesting how many myths and old wife’s tales are still getting around out there. As I write this, I can reference a client to whom I had to explain the difference in how interest is charged from consumer to commercial loan contracts. His preconceived idea was not accurate, and dispelling this made set his mind at ease and we were able to achieve exactly what he had set out to do. This is only an example, but I sincerely urge anyone who is unsure of anything to do with the finance world to reach out to me and let me help with understanding things better. If I don’t know the answer I will find out or refer you to someone who is legally able to advise you.
My uncle recently turned 77 and he maintains that he is still learning things every day. Things about himself, his farm, business, people … LIFE. We are all learning and understanding things every day. Maybe I can learn something from you?
Dan Charnley
Owner and Founder Funded Finance Solutions.