In this episode, Scott Charlton from Slipstream Group talks with Jacqui Sherlock of Sherlock Wealth about leadership in professional service firms. They discuss a range of interesting topics, including engaging managers from a non-technical background to the role of CEO and the areas of the business that receive more attention as a consequence of the leader not having a client caseload. Join in for some great insights.
Traditional indicators such as GDP, unemployment rates, and inflation measure an economy’s health and performance. Economists and policymakers commonly use these to gauge a country’s economic growth and stability.
In recent years, people have become increasingly interested in ethical investing. Investors involved in environmental, social, and governance (ESG) ethical investing urge corporations to avoid harmful environmental practices and improve working conditions.
Australians can probably consider themselves fortunate. Compared to other nations, Australia’s social security, healthcare services, and living standards are quite competitive.
In this episode of the Engine Room Podcast, Andrew Rocks is joined by Andrew and Jacqui Sherlock from Sherlock Wealth. They talk about the fifty-year evolution of their family-run financial planning business into a holistic advisory firm focused on delivering personalised service through strategic partnerships and technology while giving back to their community.
The Great Wealth transfer is underway, with around $3.5 trillion expected to be passed on during the next 30 years in Australia and women are set to be the major beneficiaries of this transfer.1https://www.moneymag.com.au/why-women-will-lead-the-intergenerational-wealth-transfer
Still expected to live longer than men, women may inherit three times in their lifetime – from parents, parents-in-law and husbands, meaning they have an 80 percent chance of being in sole control of their family’s finances at some point in their lives.2 https://www.afr.com/wealth/personal-finance/baby-boomers-and-their-families-ill-prepared-for-big-wealth-transfer-20231002-p5e95w
This is fantastic news for financial gender equality. Becoming the director of family wealth can be empowering provided women have the resources and confidence to make good financial decisions.
A survey by Household, Income and Labour Dynamics in Australia (HILDA) in 2021 found that financial literacy scores had declined for both men and women since their previous survey in 2016, with women scoring lower than men in all age groups in both cases.3https://www.afr.com/wealth/personal-finance/most-australians-can-t-answer-all-of-these-five-basic-money-questions-20221130-p5c2kv
Women were also found to be more likely to opt out of receiving financial advice after the death or divorce of a partner – a time where making informed financial decisions is crucial.4https://www.afr.com/wealth/personal-finance/baby-boomers-and-their-families-ill-prepared-for-big-wealth-transfer-20231002-p5e95w
Over the past decade, the team and I have worked hard to encourage greater engagement from women in their financial affairs and we are pleased to see increasing numbers becoming more actively involved. More women are attending meetings, asking questions, owning the relationship with us, taking on the role of family CFO and playing an active role in decision making.
While this is a promising shift, there is still a large gap in financial knowledge and wellbeing between men and women.5https://www.anz.com.au/content/dam/anzcomau/documents/pdf/aboutus/esg/financial-wellbeing/financial-wellbeing-australian-women-report-march-2023.pdf?mboxid=session%235f1cc59f3f9b4c138642a9abd10dd8eb%231710111128%7CPC%235f1cc59f3f9b4c138642a9abd10dd8eb.36_0%231773354068&adobe_mc=MCMID%3D64954702081314620664266727136715856507%7CMCORGID%3D67A216D751E567B20A490D4C%2540AdobeOrg%7CTS%3D1710109268
As with every client relationship, we find the crucial first step involves active engagement in the advice process. It is essential that women follow the same approach and lean into the process themselves in order to cultivate confidence and readiness for the Great Wealth Transfer.
Here are some key things that can help you become engaged with your personal and family finances. Remember, knowledge is power.
With such a large transfer of wealth headed our way, it is crucial that we overcome these barriers and prepare ourselves for the responsibilities that come with the ownership of family wealth.
View Jacqui’s website profile here or connect with her on LinkedIn here.
To have the impact we intend for our clients, as a team, we must continuously work on ways to manage our time effectively. I frequently engage with our team, discussing strategies to elevate our collaborative efforts while prioritising our client’s time. These principles are not limited to the workplace but can be seamlessly integrated into our daily lives, fostering a deep respect for both our time and that of our clients. I trust that this article has offered valuable insights on how you can optimise your time management each day.
Jacqui Sherlock – CEO
Whenever there is a disaster here or overseas, Australians rush to donate their time, household goods and cash. However, we still lag other countries when it comes to giving money.
Investing, a realm filled with potential opportunities and pitfalls, demands careful consideration to navigate successfully. Each misstep along the way can serve as a valuable lesson, contributing to a more refined and robust investment strategy. Here are 20 crucial investment mistakes to be aware of, each of which plays a pivotal role in shaping a sound investment approach.
To avoid these common pitfalls, investors should seek financial advice, prioritise rational decision-making, and focus on long-term objectives. Financial goals, current income, spending habits, market conditions, and expected returns should guide portfolio construction. This approach helps investors steer clear of short-term market volatility and underscores the importance of consistent, long-term investments in wealth accumulation.
Designing and managing your investment portfolio can be complex; with our experience and understanding, we can help tailor an overall investment plan to suit your long-term goals. Reach out to our financial advice team for strategic investment advice here.
This information does not take into account the objectives, financial situation or needs of any person. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation or needs.
(Feedsy Exclusive)
Many people assume there is no tax payable on super benefits received after someone passes away, but that’s not always the case.
This article will help to ease some fears about market volatility and outline a behavioural approach to address emotional decision-making. Hopefully, this information will assuage fears that many investors have experienced over the past several months.
