Changing Landscape of Retirement #4 – Nicola Beswick – Transcript

Episode details

SUMMARY KEYWORDS

people, clients, advisors, retirement, decisions, talking, financial planning, convey, understand, money, superannuation, advice, financial planner, retiree, helps, benefit, emotional stress, life, completely, absolutely

SPEAKERS

Fraser Jack, Nicola Beswick

 

Fraser Jack 

Welcome to the x y advisor podcast, a global community of financial advisors sharing and learning with one another to drive the positive evolution of financial advice. To get involved, go to X Y advisor.com or simply download the x y advisor.

 

 

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Fraser Jack 

Welcome back to the x y advisor podcast we are talking all things about the changing landscape of retirement and I am joined by a CFP self managed Superfund specialist and aged care accredited professional, senior financial advisor and competent I love the competent part. Welcome Nicola Beswick.

 

Nicola Beswick 

Thank you. Great to be here.

 

Fraser Jack 

Tell me about the confident part. How does that how does that work

 

Nicola Beswick 

in I think it’s works by showing clients exactly what we do. If you look up the definition of confidence, it’s about trust and people sharing trust and, and having complete faith and what we do particularly in the financial planning space. as advisors, we’re so hung up on our titles, and we love like all the leaders behind our names and all of those, you know, showing that we were accredited, and we know the technical side of things. But I think that ultimately, it’s about creating trust and relationships with with clients.

 

Fraser Jack 

It’s amazing. Cool, you got plenty of letters after your name, and you got plenty of titles and accreditation. And then that to me that what stood out from the human being point point of view, was that personalization part where you just say Yeah, actually, I’ve got a nerd brain, but I’m also actually a human being and I’ve got empathy.

 

Nicola Beswick 

Exactly. That’s ultimately, a big thing for us financial advisors is that that empathy piece and, and putting ourselves in the client’s shoes and saying, you know, I get Yeah, I hear what you’re saying. I understand it. Ultimately, I feel that’s what clients want more from us is for them to know what we’re, we’re saying and what they’re saying and that we get them.

 

Fraser Jack 

Yep, yep. Fantastic. Now, I couldn’t help notice there is a an accent day coming through from from my home land, actually from New Zealand. Tell us about Tell us about your story had a j sort of end up in in in Australia.

 

Nicola Beswick 

I ended up in Australia, because I was I was offered a job. And now when through a law firm. Sorry. So I I’ve had a few career changes throughout my life so far. And that went initially from intellectual property law working in a company in initially in Christchurch. And then coming over to Melbourne, in the middle of the GFC of old times. But completely great, great decision.

 

Fraser Jack 

Yeah, so intellectual property law to financial planner, I guess this is probably moving towards your personal values and, you know, having a human connection with the client versus just a the legal side of things.

 

Nicola Beswick 

That’s right. I, I changed careers purely because I really saw the benefit that financial planners have for people. And my change from law, essentially into financial planning was quite random, but really has set me on a on a path to where I am now. It’s, it started with my dad. He was diagnosed with multiple sclerosis at the age of 55. He didn’t fit the box. It took a lot of medical professionals to work out exactly what had happened with him. But that initial point of his diagnosis, it started with him losing essentially a lot of the use of his right side. So he lost his capacity to use his right arm, his leg and when you think about most right handed people That can really have a huge impact on day to day life, including your working life, there was one of these really fortunate people to have income protection insurance. And that’s completely changed his outcome in terms of working when we know as financial planning is the benefit of income protection. But to actually see that benefit someone that’s changed my thinking with looking after myself selfishly, to start with. And then the more I learned about finances, the way I just went so many incredible things out there that even little simple things that people just don’t know. And I realized that you can, no disrespect to lawyers here, but you can actually make a huge difference in the financial planning space. And I went, yep, full support. And my partner and I made the major change, and, and it was just incredible. I don’t regret it for one second. I absolutely love what I do. I love the people I work with I work for in terms of my clients. It’s just it’s just such a rewarding profession.

 

Fraser Jack 

Yeah, absolutely. And tell me about your dad. Like, how, how old was he when he was diagnosed?

 

Nicola Beswick 

He was 55

 

Fraser Jack 

Yep. And opposites tend to get income protection in the first place. Like how was he used to pay for it?

 

Nicola Beswick 

I think he was one of these people that had a part of his employment. And I think that he would have at the time seeing the benefit of of having that because he was the primary income earner through our family. I’m one of three I’m the oldest to sigh could imagine at the time we’re talking he was one of these people that worked for telecom back in New Zealand so you could imagine just being in that role and and having that as part of your package it would be one of those no brainers and carrying it on?

 

Fraser Jack 

Yeah, fantastic. So that that shaped you as a human and said okay, I want to follow this and I want to help people in that situation or you know, people in general and and the more you got into financial planning you realize the more different ways that you can help people and you’re very much looking after people in that pre retiree space and retirement and all the way through to through to aged care. Is this is this almost like you’re helping people like you did?

 

Nicola Beswick 

it? Is? It is it really actually a really is. Because every client I come across that’s exactly what the way I look at it, I just see. You’re, you’re someone’s mother, father, daughter, your you’ve been you know, we’ve all got stories, we we’ve all been, you know, arrived at where we’re at, because of particular things and, and I do I, I really do. Um, he’s probably one of my next to next to my partner, Mark, one of my biggest advocates for what I do. He is consistently liking everything I put on social media, he’s always you know, that number one fan,

 

Fraser Jack 

yet, it’s great having as your parent is the biggest advocate, isn’t it sitting there and, and liking all your posts and sharing it, I guess, it’s probably also helps that, that he’s, you know, here’s the target market of your of your client base. And you can certainly relate to that. Now, talk to me about how you help your clients now you sort of help them as they’re coming in that pre retirement space. Let’s let’s start there. What are you seeing in the clients that are coming in at the moment,

 

Nicola Beswick 

I think a lot of them are quite overwhelmed with what to do and decisions to make. I have seen quite a number of people coming in wanting advice, and not really knowing where to where to go and what decisions to make. A lot of them are finishing off work maybe sooner than what they anticipated. I had a gentleman a couple of weeks ago, who contacted me purely because he was about to be made redundant. And he’d never really thought about it. He was one of these people that had always gone I’m going to work until I die kind of thing. And then all of a sudden it dawned on them that he had to make some decisions. I see that as a common theme coming through not only if someone who’s been faced with retirement or redundancy But that that uncertainty and particularly because there’s so much in the media that we get caught up with, what is the right decision for me, and we had a way to filter the noise that’s around me. Yeah,

 

Fraser Jack 

that’s interesting times, isn’t it at the moment with that stopping work sooner than anticipated? I think. I think we’ve talked about some stats around in around this some series regarding the concept of people not retiring when they plan to retire. In fact, very, very, not very often do people actually retire on the day they plan to this this work? scenario, I guess, in a situation where a lot of people, a lot of businesses are sort of up and down, a lot of people are finding themselves on the wrong side of that their occupation being one of the ones in the economy, that’s not being that suffering, I guess you could say, how is that going with a lot of people obviously, you mentioned there were, there was a lot of uncertainty and worry and fear.

 

Nicola Beswick 

I think a lot of people also, for the first time being very aware of how superannuation impactors, and what’s superannuation actually means a lot of people don’t really pay attention to it until they’re about to retire. or something’s happened to a parent or a sibling, a, and then they start going, oh, I’ve actually got to, I’ve got to look at this, I’ve got to work out what generally is my largest asset that I’ve just contributed to, is going to work for me. And then, depending on what someone’s situation is, there’s a whole range of different asset mixes and investment returns, particularly with what we’ve seen in the last just over 12 months now. I’m a and I think people have started to sit up and take notice.

 

Fraser Jack 

Yeah, yeah, I was gonna say that you could you sort of mentioned there, then what comes to my mind, when you’re saying that is the trigger event, it’s often there is an event that triggers this. And COVID, in a way has been the trigger event for some people,

 

Nicola Beswick 

it has. We trigger events happen to us all the time. All our clients all the time, you know, death, divorce, injury, I I’ve come across as well, a lot of people who I’ve been in unfortunate accidents, and you know, particularly to say, if someone can’t work, and they may be younger, those are the common ones. But then we have COVID, which completely has disrupted the way we live, and the way we think about life and and then ultimately, what happens from maybe an employment or retirement kind of position.

 

Fraser Jack 

And so people coming to you early enough.

 

Nicola Beswick 

Yeah, that was very definitive answer.

 

Fraser Jack 

I think it’s absolutely, yeah, yeah. It’s one of those things that you should have always been, you know, 10 years ago. How do we change it from from the, you know, the public point of view?

 

Nicola Beswick 

I think it’s a witness, I think, changing the time around when you start thinking about your future is it we get so caught up in life, families, you know, what’s happening with work, we don’t really think about our future selves, and changing the mindset of, hey, I’ve got to really think about this. When on 4050. You know, in between that, I think it’s more promoting small things that can be done really early on, not necessarily the Hey, go see a financial planner. But you know, and, and, but here are the things that you need to kind of think about. And then when you’re ready to take that leap of trusting someone to help you with your finances, then you can feel confident that you actually have got something from a education perspective behind you. There’s so much information out there at the moment. It’s really just distilling the key points of the quote around the best time to plant a tree is either now Lord 20 years ago, and it said exact same thing, isn’t it?

 

Fraser Jack 

Yep. Yeah, I think I think you’re absolutely right. There was a lot of information but a lot of it still comes out in, in technical form, in any sort of use jargon so often, that that completely confuses the, you know, the public into thinking, well, I don’t really want to look stupid, so I’m not gonna ask.

 

Nicola Beswick 

Exactly, exactly if we can almost distill the key things down until a layman’s point of view where everybody can understand it, we’re gonna see more people being more active and proactive with looking after their future selves for from that retirement perspective a lot earlier on and it’s gonna have so many more benefits not only for the individual, but families and then society in general, if I’m, you know, thinking about that, because we’re going to be so much more comfortable and, and be able to ultimately enjoy our lives, which is, what retirement is about, it’s about actually enjoying enjoying the time that you spent working. But and, you know, having that freedom,

 

Fraser Jack 

yeah. Now, I want to challenge your planners listening to this, that they should be out there, you know, talking and you mentioned awareness, I think awareness is the greatest thing. And it’s about consistently, consistently delivering a message to people that says you are better off getting getting advice earlier, rather than later. So yeah, so there’s a challenge out there, everybody to start spreading that message, I guess. Now, what I’m speaking is spreading messages, you do a lot of work. And I guess, probably coming from your background, it makes a lot of sense with the pro bono network. Yeah, I do. And, and also, you know, you do a lot of work with them, whether it’s videos or other things, and obviously, that’s spreading awareness and messages. So tell us about, tell us about that.

 

Nicola Beswick 

This is probably one of my equally exciting parts of what I do. In the financial planning space, the pro bono network, we help match, people go through a health crisis. So specifically, we’ve aligned with multiple sclerosis, limiters, and with advisors that want to give a little bit back to those clients. And I’m really fortunate to sit on the boards and help with the overall messaging that we’re doing from a an advisor perspective. But I’ve also become really heavily involved in working with multiple sclerosis limiters and producing webinars, information sheets that we deliver to the clients to help understand and convey the messaging around what’s a financial planner can do it and the great, the webinar series has just been fantastic, because we got given case studies from Ms. themselves. That detail defined the questions and comments of actual real life people. And we’ve built this webinar series that’s based on each of those individuals, and how an advisor helps them now it’s all completely fictitious, we did embellish a little bit to help convey the messaging. But it’s just, it’s incredible, because you are starting on that education piece. So much earlier, and particularly with Ms. It’s the way it impacts someone is completely unknowing. You actually I’m fortunate because dad is his ms journey has been pretty stagnant and has his symptoms haven’t really deteriorated. But I’ve through my journey meets people where they they go downhill pretty fast. And I’ve got I’ve worked with a lady who 63 and is has to use a walker, and your son is the primary not primary carer, but it’s always the he’s always helping her understand the financial implications and and I think being able to convey what we can do from a financial planning seeing it’s not only helps the individual but the families, the standards, community and so forth. And it’s just it brings that human element back to what we actually do as advisors in the way we can actually help people

 

Fraser Jack 

yeah incredible. So tell me about the the you do the webinars they record them so you sort of create a case study in your workout different ways that financial strategies might help this particular person and obviously that’s general information it’s about you know, that sort of stuff but is it just sent to people that are diagnosed with MS. How’s that distributed?

 

Nicola Beswick 

It’s so the webinars are live which is a waste quite interesting. Which but but it’s great. We’re gonna they’ve got a great tainment at Amy’s limited to Have you do this on a regular basis? There, we’ve announced I also recorded while we are presenting them live, and they’re up on the homepage, along with a whole range of other types of information that someone could access, we’re able to also send out or they have the slides attached to the webinar as well. So people can view those and access that when the raising or going through the material. And that’s particularly important because with one of the biggest symptoms of MS is cognitive issues and cognitive processing. And a lot of the content the purpose for having it recorded is to allow people to go back and listen to it again and digest it because it’s the finance is complicated does that worth and and and to try and just do it for someone who has no cognitive issues is always a challenge, but then to try and convey that information to someone who is going through a world of other emotions? That that’s probably one of the great things about it.

 

Fraser Jack 

Yeah, it and this is why I love recording, recording these meetings and giving your client a copy of it, because that understanding is obviously a huge part of the new regulations demonstrating that the clients understand. And if clients have got cognitive issues, then they could understand at a slower pace or, or a different way.

 

Nicola Beswick 

Exactly, exactly. And it’s brilliant, because there’s so many times that you have client meetings. And I know that one of the things that we we have in the code of ethics is to get clients consent and understanding and they they know what we’re recommending. The reality is how do you taste that? And how do you actually make sure a client understands and being able to give someone the advice document that’s what we’ve got, but be able to convey the information in a different way by a recording or something like that just helps educate and and make sure that we are going above and beyond what’s is now being asked of us from a financial planning perspective. Yeah, exactly.

 

Fraser Jack 

So talk to me about the pro bono itself. Because I mean, obviously, people will probably be listening to this saying, Well, how can we afford to give pro bono advice these days, you know, but the cost of financial advice for planners going up you know, you still have the you still have the overheads you still have the liabilities, you still have the professional indemnity requirements, etc, etc, you still have the cost of producing a document if that’s why you’re doing it. But tell us about that. How do you fit pro bono into or afford to pay pro bono advice.

 

Nicola Beswick 

The one thing we ask of any advisor who’s interested is to meet with only one client a year that comes through that network. And so the way that we process things is we’ve got a center where requests come through from from m&s or people that are found out, and then the center, they then contact advisors on the register, whoever expressed interest. The key thing is that a lot of clients that come through, mostly will get through one initial meeting where it’s more that general advice side of things. So that isn’t as onerous as doing it as an advice document, which obviously you need to do from a personal advice perspective. The way I have approached it personally, is if someone needs personal advice, then I’ve done the advice document free of charge. But from an if there was an ongoing relationship that needed to happen, then I think we can’t expect people to have pro bono work on an ongoing basis for something when we there’s an ongoing relationship. So I as part of the the board that we’ve discussed this is if it’s an ongoing relationship being and the client can afford it, which is generally the case clients can afford ongoing advice, then they just become clients and and they fit into the natural fold of your business. Yeah.

 

Fraser Jack 

Yeah, fair enough. And tell me how do we how do we highlight those planners and advisors that are doing pro bono advice and even if it’s one a year, you know, like, how do we put them on a pedestal, within the professional side, these these people have given back.

 

Nicola Beswick 

I think it’s people not being shy that they, they are actually out there and willing to help. And I think there’s nothing wrong with saying, you know, I’m here to help. And I think it’s a great thing because I think the public wants to know that we care. And, and by saying, Hey, I’m, I’m here, and I actually willing to help people being you know, that’s, that’s great, I think we should not be ashamed of this and actually embrace that side of things.

 

Fraser Jack 

Yeah, they’re great words, too, by the way, the public want to know that we care well done. I love it. So talk to us about thank you for sharing that about the proberly network too, by the way, I think it’s really important. I want to talk about the company the transition period from being a, you know, a pre retiree to being a retiree, and you know, that the time that takes the change that goes on through somebody’s life at that time, you know, all the different things are gonna get their head around today, told us about that moment in somebody’s life,

 

Nicola Beswick 

there are so many things going on with them, all of a sudden, they have been used to guy getting up, going to work, seeing the same people having money come through from employments. And then for whatever reason, the looking at stopping or finishing up. And it’s not just the financial aspect that people get to and become really anxious about that, because all of a sudden, they’ve realized that I have this money that I need to make sure lasts for the rest of my life. But I also want to enjoy my life, I don’t know how I’m going to how long I’m going to live well, because the real, we don’t know. And then I’ve got my kids that want to potentially, I want to help or would like to help but don’t know if I can afford. And it’s almost like a grieving process in some ways. The going from something that they knew for the last, however long to a new way of life. And so a lot of people, when I’m talking to them for the first time, it’s about, it’s not the facts and figures, I think that’s the important thing. It’s about that emotional comfort and that emotional stability, that they want to make sure that you can understand what they’re saying what they’re going through. And it’s very hard to do when you’re obviously not retired. And you’re obviously still, you know, working and and you look probably 20 years younger than them. How do you how do you convey that it’s, it’s a it’s a it’s an interesting conundrum business. But I think if you can create a space where you’re being open and honest, and and, and showing empathy and understanding being that’s where you’re gonna get a lot more of the comfort for what you’re actually saying to someone to do. And, and proceed to that next stage of actually becoming client and trusting what you’re saying on an ongoing basis. Yeah, this

 

Fraser Jack 

is a really interesting way of looking at it. And I’ve never thought about this before, but you know, the grieving process, you grieving the loss of a career or the you know, that, you know, I don’t want to say funeral for your career, but like that, you are grieving that process and that empathy and understanding through that process is exactly what is a really good way of sort of relating to it or talking about people about the idea that Yeah, there is a grieving process you go through

 

Nicola Beswick 

it’s it’s like any change that we have people like we we attach that a grieving process to people going through divorce for example. Um, and and, and it is mourning the, the the change or the loss and whether someone’s with it’s interesting because people sometimes want to retire and they’re ready to retire. But I but I still think it’s that change of lifestyle and humans are creatures of comfort and habits. And and even if you want to stop work and you want to change that, then it’s understanding that it’s understanding why someone’s actually making these decisions or has to make a decision.

 

Fraser Jack 

Yeah, yeah. Well, it’s it’s an interesting way of looking at it and I yeah, I completely agree there is a human behavioral element to this that’s gonna happen to every single human. So talk to us about that the complexity at that time, because obviously, this is a lot of concern around the complexity around all these different options and confusion and anxiety that comes with this process. Talk to us about how that affects people’s ability to make good decisions at this time.

 

Nicola Beswick 

making good decisions, when someone’s anxious, and there’s so much going on is just hard to start with. And then you’re as a professional sitting in front of someone to explain all this technical jargon. It becomes, it can become very overwhelming. And, and I think, you know, someone’s retiring, and you’re talking to them about starting an account based pension with your superannuation and the benefits of that, and he’s just looking at you going, what, what are you what are you talking about, and it’s, it’s taking that fearful of the unknown away by by conveying, we know the benefits of an account based pension, but being able to convey that in those layman’s terms, if we can do that, then that helps us the anxiety and the emotional stress that someone’s going through at that time. And another element to that as, as I’m thinking about that situation, a lot of people may not even know if they’ve got enough money to live on, built up, you know, through superannuation there might be anxious, because they might think they have to sell the home to fund the retirement. I think now, technology has become our friend a little bit with that, because there’s so many great resources out there that can help model out but simpe in a simplistic way, all of those unknown wins. So I find, doing doing a couple of predictions, and you know, we all love predictions. But having something simple, that shows that that’s what people, it gives them a little bit of certainty and comfort that they can hang on to. And particularly if you can account for things that they would like to do, like the once upon a time when we could all go overseas, and all those kind of things are you affected the ozone, and then that helps people feel comfortable without spinning the money, or making decisions about their money to enjoy their life. Because you get different people in different schools of thought around when they retire. You get a lump sum of money through superannuation, for example. Some just go Yeah, I’m going to go and spend it all and that’s great. Others go? I actually don’t want to spend it. I know it’s there. But I’m so scared to spend it that I’m not going to and I’m not going to enjoy my retirement as a result. So I find having conversations around what does that money for? Why have you worked X number of years and and sacrificed a part of your wage to go into this system? What is it for why why have you got that money and and if you take the the non financial reasons for retiring, and explore those as part of a conversation or a series of conversations, I feel like that then creates a little bit more of acceptance around people go Hey, I am going to take that trip and I am going to take 20 30,000 out and go and enjoy that because I may not be able to in five years time it’s getting that balance of retirements. Yes, you do have to be aware that you’ve got this money and it needs to work in a way that is appropriate for you. But you’ve also want to make sure you enjoy the lot the rest of your life. And if you can, I love talking to people about that side of things. It’s like well, why Why do you have this money? what’s what’s important for you what are the things that you would like to do in order to enjoy the time that we have left because we don’t know what’s going to happen? And I think clovers and what we saw through 2020 has shown that a little bit more for people I think a lot of people have become a very aware of what’s important to them and what things that they would do and maybe don’t want to do. And and if you you had those conversations, it helps people be more at ease with with spending money or and If you can integrate that information with, with predictions, it just helps, doesn’t it? Yes.

 

Fraser Jack 

So so there’s obviously a huge balancing act going on between, you know, taking the mental state their emotional state versus, you know, the, the, the, yes, you are financially better off by doing this. And getting people to make decisions based on both of those aspects. Talk to me about the technology piece again, because I mean, how are people that are in their retirement a debit technology, because there’s obviously, you know, the school of thought that says, you know, they’re, they’re in their retirement, they, we can’t use technology with them.

 

Nicola Beswick 

It’s post technology things actually really quite interesting. Because it, I think age is probably one of the biggest misconception around the use of technology. I know people that are probably younger than some that just stay or go, you know, I’m, I don’t want to get over it. I want to talk to you over the phone, I don’t want to have a zoom meeting, I don’t want to have a team’s meeting. I just don’t know how to use it that and we’re talking people that are maybe 16 we’re I’ve come across people that are a lot older than that, who embrace it lovers, you know, they’re on it’s, they’re happy to set up a zoom meeting or whatever. And it’s quite interesting, because we get, I think it all comes down to our mindset and our individual mindsets around the way that we perceive something that may be new, or we don’t understand. And it’s, it’s just been fascinating, a fascinating experiment in some wants to observe the way that people will have handled essentially, working remotely. And what we have to do, whether it’s clients or or staff, or you know, anyone, I we can’t get back to New Zealand at the moment because of the our bubble, no bubble thing and we constantly facetiming Matt, Matt, my partner’s parents, and they are, they will be? I would I’m going to take a stab here. And they’ll be

 

Fraser Jack 

like every projection.

 

Nicola Beswick 

Yes, exactly. Um, they they they’ll be in the mid to late 70s. And in like, as mums all over. They just the lovers.

 

Fraser Jack 

Yeah. Yeah, I think you’re absolutely right. It’s not It’s not an age thing. It’s a it’s an attitude thing. And willingness to a willingness to to make some sacrifice, I think it’s also a willingness to, to take a risk in a way that you might look silly. Every time that you start using technology, there’s always a risk that you might get it wrong, or, or come across strangely. So if you’re not prepared to take those risks, it might be harder for those types of people. But

 

Nicola Beswick 

it’s like anything, isn’t it? Yep.

 

Fraser Jack 

Yep. Now tell me about as your clients go through sort of towards the aged care, side, maybe they’re a little bit less active. What what are you seeing in that for those clutter clients? How’s that changing? Or What’s that? What’s coming up for them?

 

Nicola Beswick 

Generally, it’s at that stage of life, it’s more the children. And the way a child or a family is dealing with that process. A lot of people heating into the the Aged Care space, I put it into two kind of camps, almost. You got a group that don’t want to accept it, and will also end will they they don’t want to know about it. Yeah. We’re the second group. They’re making decisions, and they’re very aware of the situation and know what’s going to happen you. So you have that type of aspect. And the way that a parent handles that then is shows how the child’s going to handle going through those decisions. If, if someone’s a lot more pragmatic about what’s actually going on and making decisions that make it takes away that emotional stress that children because ultimately the children are the ones making the helping make decisions at this stage. It’s it makes it a little bit easier at such an emotional time.

 

Fraser Jack 

Yeah, that’s really interesting, that intergenerational type, you know, handing down of the attitude around it, because yeah, when I think of when I think of my grandmother going into aged care, she was like, she was planning it all and it was it was her decisions, and she was making those choices and she was gonna go And, you know, it was just that was she was the one that had everything organized. And so then that is just how I saw it happening as a as a younger human and then and then I that’s probably shaped my attitude towards it.

 

Nicola Beswick 

Exactly, exactly. It’s, unfortunately. And I think it’s a not pleasant thing to go through, regardless of where you are within that spectrum of the family. I remember my grandparents when they were in a retirement home and then went into care, it shapes your way that you think about it. And I remember with my grandfather, he was at he was actually in a motor vehicle accident, and my Nana had to go into care, because he was the primary care of it. And then she had to, and that was a that was actually a really horrible thing. From a teen, I would have been maybe 15 at the time. You know, we’re, I look at my other grandparents. And she’s, she’s in her early 90s. And she’s still living at home. And it’s such a different kind of way of, of looking at it. And,

 

Fraser Jack 

yeah, do you see that? The tension you mentioned earlier around the the idea of, of the kids of somebody going into aged care, it’s a struggling time for them as well? Is that something that the person that’s going into aged care would certainly be concerned and worried about the fact that they, maybe they the kids are fighting, or their kids are got different? There’s tension, or there’s different ideas around what’s gonna go on, and everyone’s trying to make decisions? And everybody’s at an intense moment?

 

Nicola Beswick 

I think it depends on someone’s capacity at that time. And the reason they’re going into care. Yeah, I’ve seen situations where it’s husband and wife, and that the husband’s very aware of what’s going on, and the reasons why they need to go into, into kiya we’re the the wife, because of the natural progression from a mental side of things gone. Maybe not as aware. I think if you’re more open with if your family is a cleat is more open with what’s going on, from a cave perspective on what someone wants. I think that’s emotional stress that’s placed on the children is far less than compared to someone who doesn’t talk about it. And and I know, it’s, it’s one of these things that we it’s trying to talk about that is a lot harder than talking about retirement, because of naturally what it is and why

 

Fraser Jack 

the same conversation, isn’t it? It’s the it’s the being aware earlier, planning for it, and understanding that that’s probably a grieving process to go through.

 

Nicola Beswick 

Exactly, exactly.

 

Fraser Jack 

Like the second retirement,

 

Nicola Beswick 

because it isn’t it is. And this is where I know particularly there’s there’s a lot of information out there around the different stages of retirement. And and that is, that is so true. And the grieving process is different people with it.

 

Fraser Jack 

Yeah, so so we’re sort of breaking some new ground here. But we should be we should be talking from a psychology point of view here. But But look, thank you. No, thank you for coming on and chatting us today about the changing landscape of retirement, there’s certainly so many different aspects to it. Tell us about you, in your, in your practice in your business. What sort of things are you hoping to do over the next sort of, you know, little while and what do you so we’re gonna be focusing on the future.

 

Nicola Beswick 

One of the biggest things that we’re looking at doing is really embracing the conversations that families need to have particularly around as you you lead into retirement, it’s about looking after yourselves, but also your child, your children. And and we’re going to say as a whole, this intergenerational wealth transfer. And I think that that’s one big thing that we’re certainly talking about within our practice, but then I think that’s one thing that I think all businesses out there are our aware of. A lot of our clients are getting older and it about, you know, how do you not only talk to clients about what they want to do, but then make sure that the children are on the same page, as well. And and then, you know, not only do yeah, so that’s quite a quite a big topic in itself.

 

Fraser Jack 

That’s a, that’s a really big topic. I’m fascinated with the concept of intergenerational wealth transfers that happen in then the corresponding investment profile of the money that transfers like, as in, you know, somebody that might have earned their money the hard way, and really worked hard and save their pennies and, you know, hates the idea of loss, handing that money on to a child who then goes and, you know, puts it on Bitcoin, or something like that, you know, it’s like, how does that, you know, it comes back down to, you know, the money itself? And does the money itself have a investment profile versus the human? So yeah, interesting. certainly interesting topics, we can get into that one.

 

Nicola Beswick 

I was gonna say, the whole profiling psychology pieces, just huge in itself was in it.

 

Fraser Jack 

Yes. Yeah. Absolutely. Thank you so much for coming and chatting to us today and coming on in joining us in the series, really appreciate your help. If somebody wants to continue the conversation, what’s the best way they can get hold of you

 

Nicola Beswick 

reach out to me on on LinkedIn. There’s a whole range of contact details there email, phone, just or or message through the platform itself. So please, please do reach out. I’m like talking about all of this.

 

Fraser Jack 

Great, Fantastic, thank you so much. And if you want to get involved in the pro bono network once the How would they find that?

 

Nicola Beswick 

The asi have a designated web page that talks about the the the group and has a form that if you wish to become an advisor on our registered list, more than happy to connect through that way or again, connect with me directly, and I can put you in touch with the right people who manage that side of the process.

 

Fraser Jack 

Wonderful. Thank you so much. Really appreciate it. Thanks, Cliff. Well, there you have it, another episode of the Expert Advisor podcast. I’m Fraser Jack, I’m joined by Emily Blanche.

 

Nicola Beswick 

Welcome. Hey, Fraser.

 

 

Thank you.

 

Fraser Jack 

Now we’re off to this part of the week where we do a bit of a show there are no forgot today.

 

 

Yes. So ado, let’s shout out today for x y advisors, Elaine Wang and Nathan fradley. So both have shared this week with referral opportunities for other advisors in x y, so that both men with different prospects really understood what they’re looking for. These particular clients don’t necessarily fit their, their demographic or their clientele. So they’ve gone out to the community to say, Hey, who can look after these guys, who can I introduce them, introduce them to, which is amazing. So, you know, making sure that clients are getting the right help that they need from the best people and also allowing for referral opportunities for advisors in the community as well. So awesome to see such collaboration amongst x why it’s so well done, guys.