Financial advice for older clients - presentation for lawyers

On 2 May 2018 I gave a presentation to a number of Christchurch lawyers with a special interest in elder law. The title of the presentation was "Financial advice for older clients".  A version of the presentation (in audio-over-slides format) is above.

Ultimately the presentation is about how lawyers and financial advisers can work together better, and help clients better achieve their outcomes and manage their risks.

In the presentation, I:

  • give a brief introduction to my background and my perspective as a former lawyer and current financial adviser
  • speak briefly about the Australian Royal Commission on Financial Services
  • outline the difference between certain types of financial advisers, such as QFEs, RFAs, and AFAs
  • explain why lawyers and financial advisers are, in the scheme of things, in the same business - helping clients to manage risks
  • describe when lawyers can (and in some cases should) provide financial advice to their clients, for example:
  • talking about life insurance in the context of estate planning
  • saying "you can't do that!" in certain cases (for example, when the terms of a trust do not allow certain types of investments)
  • identifying investment portfolio red flags that are worth pointing out to clients
  • explain when financial advisers should refer to lawyers, and vice versa
  • talk about an important financial question: "How much do I need in retirement?", and the many uncertainties involved in retirement planning
  • describe (and illustrate) the difference between "accumulation" and "decumulation" 
  • talk about reverse mortgageshome equity release products
  • talk about considering the financial implications when spending/giving/lending significant amounts of money
  • explore the challenges of advising in relation to trusts when beneficiaries have conflicting interests.
Financial advice for older clients - presentation for lawyers

Sonnie Bailey

Sonnie is the founder and principal of Fairhaven Wealth.

Before founding Fairhaven Wealth, Sonnie worked in the legal and financial services industries for over a decade.

Sonnie first became involved with financial advice as a specialist financial services lawyer. For many years, he was an “adviser of advisers”, reviewing thousands of advice files prepared by hundreds of financial advisers, and providing feedback in relation to the quality and appropriateness of advice; industry best practice; risk management; and regulatory compliance. He has published work in industry publications and spoken at various financial advice conferences.

Sonnie has also worked with banks, investment management firms, insurers, and derivatives providers.

Sonnie has worked as a private client lawyer, focusing on succession, estate planning and trusts. He ran his own legal firm in Australia before relocating to New Zealand. He has also acted in independent trustee and company director positions.

Sonnie is passionate about helping people achieve their goals and manage the risks to which they are exposed.

He has written extensively on his blog, New Zealand Wealth and Risk, which can be found at www.wealthandrisk.nz.

Sonnie is married to his wonderful wife Chrissy, and has two young children, Ben and Anna.