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your migration inspiration

When creating wealth is your passion…

When creating wealth is your passion…

Gary Reichlin of WealthSense Financial Solutions has always had a keen interest in the Insurance Industry and Financial Planning and started his career with Liberty Life in South Africa. Today, as a seasoned and successful Financial Planner in Australia, he looks back on his journey in the Finance Industry.

“It takes tremendous hard work, dedication, discipline, patience and commitment to start and successfully run a business, and if you choose to migrate to another country, you are basically starting from scratch for a second time. It is imperative to know your product and area of advice well, be consistent in the service you provide, always do what is right by the client and to build trust and loyalty with your clients and referrers in order to establish solid ongoing relationships,” says Gary. “It takes tremendous hard work, dedication, discipline, patience and commitment to start and successfully run a business, and if you choose to migrate to another country, you are basically starting from scratch for a second time. It is imperative to know your product and area of advice well, be consistent in the service you provide, always do what is right by the client and to build trust and loyalty with your clients and referrers in order to establish solid ongoing relationships,” says Gary.

“There is no ‘one-size-fits-all’ financial product available. Every person has different needs and objectives, with different circumstances.”

Merise asked Gary about his journey and his passion to assist his clients to create wealth:

Did you have to requalify when you moved to Australia? Tell us more

Yes, I completed a DIP FS(FP) Diploma in Financial planning. I am a firm believer in staying one step ahead rather than waiting for the industry to dictate minimum requirements so I went on to complete an AdvDipFS(FP) – Advanced Diploma in Financial Planning, an FChFP – a fellow Chartered Financial Practitioner, an AFA Industry designation. I have also completed a diploma on SMSF- Self Managed Super funds.

Please tell us about the biggest achievement in your career so far

When living in South Africa, I qualified to Court of the Table with the Million Dollar Round Table (MDRT), which represents the top percentage of agents worldwide.  I am thankful and feel privileged to have been able to build a successful financial planning business for a second time since moving to Australia.

However, my greatest sense of achievement is being able to hand over a payment to a client’s family, knowing that I have made a difference in their life whereby they are able to maintain their standard of living, remain in their family home with dignity despite a great personal loss;  Or seeing the look of relief on my clients face, when receiving a lump sum benefit payment, after being diagnosed with a severe critical illness; Or sitting down down with a couple that have reached retirement age, knowing that my advice has made a difference in their lives and they can transition into retirement comfortably and enjoy the next phase of their life.

The secret to a well planned financial strategy:

  • Seek the advice of a qualified financial adviser  you trust.
  • Understand your financial situation.
  • Set clear and realistic goals that are achievable, with  timeframes for each goal. (short, medium and long term.)
  • Understand the risks involved and decide which risks you are prepared to take to achieve your goals.
  • Minimise risk through diversification. Don’t put all your eggs in one basket.
  • Develop strategies that are going to meet your goals  and objectives.
  • Regularly review your goals and strategies, as your  circumstances and investments change with time
  • Make smart investments that are tax effective.
  • Have a well-structured wealth protection plan in  place, that includes life, disablity, critical illness and income protection insurance to ensure that your  loved one’s assets and income are protected if an  unfortunate event occurred.
  • Have a current estate plan in place. Everyone should have a current will and enduring powers of attorney  and guardianship.

What advice would you give to someone who wants to take control over their finances? Where do they start and what do they do?

  • Set realistic goals
  • Take time to prepare a budget plan (know what your  income and expenses are)
  • Be realistic with your budget plan and stick to it
  • Live within your means!
  • Regularly review your financial situation as  circumstances change

HOW DO YOU ASSIST YOUR CLIENTS IN PROTECTING THEIR WEALTH?

I offer personalised solutions to suit each individual’s needs and objectives. Once I have a clear understanding of their goals and objectives, I research the market place for the most suitable product, and strategy to meet their needs. I believe in offering a comprehensive wealth protection plan that offers full protection covering all possible eventualities such as  – death, disability, critical illness and loss of ability to earn a living (income replacement). Plans can be structured inside or outside super or a combination of both, depending on the individual’s circumstances, affordability and cash flow.

What is your message to Merise readers? 

It is okay to be proudly South African, but it is equally important to embrace your new country. We are faced with new challenges, and these challenges will make us question ourselves. It’s important to be humble, flexible and willing to change.  Be patient. Your attributes and talents will be recognised and rewarded in time.

Force yourself to get out there, to build a network of friends and work colleagues. All expats go through similar emotions, trials and tribulations on a daily basis and it is great to know that you have a support system of people that care and will try assist.

I saw a quote displayed in a restaurant a few weeks back by Tony Gaskins, and it just resonated with me: “If you don’t build your own dream, someone will hire you to help build theirs”.  So go out there and give it your all …

DEVKAY Pty Ltd t/a Wealthsense Financial Solutions is a Corporate Authorised Representative (001233040) of NEO Financial Solutions Pty Ltd (AFSL 385 845) ABN 64 141 607 098
General Advice Warning: “The advice contained herein does not take into account any persons particular objectives, needs or financial situation.  Before making a decision regarding the acquisition or disposal of a Financial Product persons should assess whether the advice is appropriate to their objectives, needs or financial situation.  Persons may wish to make this assessment themselves or seek the help of an adviser.  No responsibility is taken for persons acting on the information provided.  Persons doing so, do so at their own risk. Before acquiring a financial product a person should obtain a Product Disclosure Statement (PDS) relating to that product and consider the contents of the PDS before making a decision about whether to acquire the product”

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