We sat down with Michelle Liu to chat about her passion for advice and helping her clients, things to consider when purchasing a home or investment property, and how she looks after her wellbeing.
What do you like about being a financial planner?
I have a passion for helping others to plan the best for the future in terms of managing their money and making good decisions. Growing up in a family who loved to talk about economic trends and forward planning, I understood how financial decisions could make a big difference. I enjoy talking to my clients and explaining how they can benefit from financial advice.
How long have you been in the industry and what changes have you seen during that time?
I started working in the industry about 10 years ago and have witnessed the huge impact the Royal Commission had on the financial services industry. I thought about switching to another career path because of the challenges we faced but chose to stay as I just love my job and helping others to achieve their financial goals. It’s important to stay on top of the super and insurance industries and government legislative changes. There’s been an improvement in transparency and a focus on financial literacy which is positive. I find my clients are very appreciative of our professional service.
What’s the most common thing you hear from your clients?
‘I find it a bit overwhelming to think about or plan my finances.’
There have been lots of changes in the industry and products and I find many of my clients experience information overload. Our approach is to focus on our clients themselves by really taking the time to understand their overall circumstances, goals and objectives. For example, I usually start by asking what’s important to them, what they want to protect the most, or what kind of retirement they hope for. This forms the basis of their goals and then I can talk them through how various financial products – such as insurance, superannuation and investments – can work together to help achieve that goal.
It's important to let clients know we are professional and there to help throughout the process. People at all stages in life can benefit from talking to a financial planner.
House prices – buying a home is the Australian dream, but is it good advice?
Home ownership provides a sense of belonging and stability. Australian property prices have generally gone up over the years so a home or investment property could prove to be a good investment. What you need to be mindful of is that real estate locks up the financial investment, often has debt attached (i.e., a mortgage) and can be slow to divest if you need to sell the property to free up the cash. So, while it’s lovely to own a home, it’s important to have the right protection in place to ensure you can keep that roof over your head (and your loved ones) if you become unable to earn an income.
If you won the lottery, what would you do with the money?
I would probably still be doing what I’m doing now. But I’d love to invest in a childcare centre as I love kids.
What do you do for fun?
I love to spend time with my family especially my little boy. I love shopping too and I enjoy hunting around online for the best bargains to save money.
How do you look after your personal wellbeing (physical, mental, financial)?
I am going to the gym three times a week and try to cook as much as possible during weekdays to eat healthily.
What does financial wellbeing mean to you?
To be able to enjoy time with family and friends without worrying about money. It’s also having the financial security of savings and insurance cover to feel confident I could handle emergencies and unexpected events.
