Cathryn Cavaney CPA loves to help clients achieve their financial goals.
Q. Explain a little bit about your job. What do you do day-to-day?
On a day-to-day basis I provide strategy and advice to clients on: increasing, maintaining and protecting their wealth; covering the monetary risks they face in their personal, family and business lives; maximising income potential; wealth coaching; and management services. I like to tell people I take them from the cliff of work to the cliff of living beyond work. I also give talks and seminars to interested groups, in particular industry associations.
The Wealth Bond is my own financial planning practice, I completed my public practice certificate last semester and am an authorised representative of Professional Investment Services Pty Ltd (AFSL 234951). I felt that was a real niche for a true adviser, one that focused on strategy and structure rather than product.
Q. What do you like about the job?
I love being able to celebrate clients achieving their goals, whether that's getting together their first home deposit, first budget or ensuring that their income will last longer than their lifetime. It's also really good to know that you've given your clients a sense of security and control over one very important (and surprisingly often overlooked) area of their lives.
Q. What are the challenges?
On an industry-wide basis, there is still a challenge in regard to lifting industry standards and achieving professionalism. Unfortunately, we still have a few remaining cowboys who give the whole industry a bad name. In regards to professionalism in the financial advisory industry, we still have to get industry participants to see the value in higher-level professional designations, such as the CPA Financial Planning Specialist and the CFP. Unfortunately, there are still a lot of advisers who don't push themselves to achieve these designations.
Within CPA Australia there is a challenge to get other CPAs to understand the value and merit in specialising in one area. We accountants tend to want to be all things to all people, and do it all ourselves and as a consequence, we're scaring young and prospective accountants out of a great profession. Also, I have set myself the challenge at staying ahead in technical areas, and not miss a school sports day.
Q. Where is The Wealth Bond heading?
I would like to see The Wealth Bond be the first port of call for financial advice for professionals. I believe that The Wealth Bond will have a contented, wealthy and satisfied Australia-wide client base, who'll be happy to refer a great service to their peers, colleagues, family and friends.
The Wealth Bond will also be the hub of a holistic service offering, that will assist clients in all the professional areas of their life. In the medium term, I really hope to bring on a young graduate or undergraduate who'll take on the CPA Program.
I also hope to have The Wealth Bond involved in financial literacy programs to help teenagers and those in their 20s understand the basics. Scarily, anyone born after 1977 probably doesn't understand the economics of a recession from personal experience. I would also like to see The Wealth Bond involved in Women's Network events and Young Professional events.
Personally, having been awarded a place on The Australian Financial Review Smart Investor Masterclass honour roll in both 2007 and 2008, I would like to continue aiming for this prestigious award.
Reference: June 2008, volume 78:05, p. 16
