ARTICLE

Meet the team: Sam Kelly, Financial Planner

07 September 2023

3 min read

We sat down with Financial Planner Sam Kelly to learn what drives him, his tips for managing the rising cost of living, and how he keeps his physical, mental and financial wellbeing in balance.

Hi Sam, let’s start with the basics: What do you like about being a financial planner?

I want to help people not only understand their finances but to improve them; with the end goal of improving their overall quality of life.

How long have you been in the industry and what changes have you seen during that time?

I have been in the industry 10 years. The biggest change I’ve seen is that the industry is more customer-centric now compared to the past when it was more product-centric, which is really positive.

What does financial wellbeing mean to you?

Making sound financial decisions that go hand in hand with the life that you want to live. In other words, your finances enable you to lead the best life you can have, whatever that may be.

What’s the most common question you hear from your clients?

How much do I need to retire? How does retirement work in terms of accessing my money?

Fear of the unknown is the biggest concern so it is important to explain how retirement actually works with super, existing assets and government support (i.e., aged pension). I find really talking my client through this and what their retirement looks like helps to give them peace of mind and a road map to ensure that they do everything they can to make their retirement the best it possibly can be.

Another common question is ‘if I don’t have insurance, what would happen if I couldn’t work?’

Talking through the different types of insurance, how they work and interact with each other and ultimately how it links to a client’s circumstance really helps here. All of a sudden the conversation goes from one of concern to one of optimism and confidence as they understand they have the ability to protect themselves and their families from an unforeseen event.

The rising cost of living is obviously a hot topic right now. What’s your advice on how best to manage these challenges?

The best thing to do is get back to basics, get a budget in place and work out how to best manage your weekly cashflow so that you stay in surplus. It is also good to find some meals that are cheap and healthy (pumpkin soup is a great option!) to offset some of the more expensive meals. Also, if you have a home loan it is worth speaking to your bank to see if they can improve the interest rate.

What is a common financial pitfall you’ve observed and how can we avoid it?

The biggest pitfall I see is the mentality of ‘keeping up with the Joneses’. The issue with this is that it is a never-ending journey that doesn’t lead to fulfilment and will continue to be a drain not only on your finances but also your mental wellbeing. It is important to find enjoyment with what you have and not to get carried away with consumerism - which is easier said than done.

What’s important to you in life?

Balance between all aspects of life; partner, work, friends, family, me-time, exercise etc. I find that if I fall out of balance on any of these it has a detrimental impact on me.

What do you do for fun?

I am a football fanatic! Unfortunately my playing days are behind me but I love watching football - my team is Manchester United. I also like to spend time at the beach, reading and catching up with friends and family.

If you won the lottery, what would you do with the money?

I would open up a not-for-profit organisation and spend more of my time working within that. I like the idea of being able to provide support and education to disadvantaged kids.

How do you look after your personal wellbeing (physical, mental, financial)?

I find the physical and financial things are the easiest to control. I make sure I go for my daily walks and go to the gym as well. My financial wellbeing is all about sticking to the plans I have made. When I maintain these good habits, I find my mental wellbeing clicks into place. Getting out and going to the beach or the park for some fresh air away from my phone and computer also helps a lot.

Talking to a financial planner can help you understand your situation and make confident financial decisions (big or small) so you can get the most out of life.

Disclaimer:
Copyright © 2023 AIA Financial Services Pty Limited (ABN 68 008 540 252, AFSL 231109), trading as AIA Financial Wellbeing. All rights reserved. This information is current at the date of this publication and is subject to change. This provides general information only, without taking into account factors like the objectives, financial situation, needs or personal circumstances of any individual and is not intended to be financial, legal, tax, health, medical, nutritional or other advice. Before acting on the information in this publication, individuals should consider its appropriateness having regard to such factors.