Why did I become a Financial Adviser and start my own business?

Ronald Pratap | May 08, 2017

I find myself telling my story to potential client’s and current client’s a number of times and thought I would share with all the experiences and what has led me to the path of setting up RP Wealth Management within the last year as I am proud of the path taken and what I have achieved.

My journey becoming a Financial Adviser was not a traditional one however, it was one that helped me understand money and create good habits.

It was when I was weighing up getting into Accounting while working in an Insurance contact centre and someone mentioned Financial Advice to me, this was something of which I had no knowledge about.

I went to an information session and what interested me about financial planning was that unlike an Accountant where they look at financial records and prepare structures going forward, Financial Planning was about helping client’s plan their short term and long term goals whilst continuously reviewing them and guiding people on their financial journey.

Growing up, my family were not in the best financial situation. However, my mother, who was on a single parent pension, ensured there was always food on our table and bills were paid. As soon as I started working at the legal age, I would spend my money on trivial things and I never had any real savings. I also took out a loan for a $6,000 car which I ended up paying about $15,000+ when you consider the high interest rate I agreed to – because I was young and had a lack of finance knowledge.

During my time at the contact centre I decided it would be a rewarding career if I could become a Financial Adviser and assist other’s to not to make the stupid decisions I made and create good financial habits. So, I joined in the MLC Adviser program where I began providing limited and general advice over the phone and commenced my Financial Advice studies. I worked here for about 4 years.

In 2013, I moved over to a Bank aligned boutique firm where the objective was to build my skillset up further as an Adviser and one day maybe even be a shareholder of the practice. In that period, I found that several clients were leaving the firm due to poor service for the price they were paying each year. I found myself turning into a salesman – one whose targets were increasing every year, and my objective was to bring in new business which is not to say the client didn’t get appropriate advice.

I lost touch with why I got into financial Advice and I was only able to provide recommendations that were aligned to the bank model and products. Nevertheless, I knew that I didn’t want to become one of those “cowboys” in the industry and so I decided to make a change.

In 2016, I considered opening my own practice and looked at several licensee’s which offered different services. This research led me to discover Investors Direct who are based down in Melbourne. They have a very client focused offering while also not having product bias or being linked to the big banks.

In June, I quit my job and traveled overseas with my wife for 6 weeks to discover Europe and enjoy one last long holiday before I started my new business. Upon my return, RP Wealth Management was born. A business that focuses on working with individuals and families to Invest, Protect, and Enjoy their lives while making the best financial decisions possible.

I want my clients to have control of their money and know that they have a team of professionals around them to help make the right decisions.

Life can get busy and complicated and there is no reason to over complicate things further with finances and investments. So, I try and educate my clients as much as I can and simplify things as much as possible.

My aim is to create peace of mind for all my client’s and I am passionate about helping people at any stage of life.

I don’t have the backing of a regular salary anymore and the only way to build a high-quality brand and business is by doing right by my client’s so that they tell their friends and family about me.

I am now in the first 8 months of running the business and things are going well. I now have a network of professionals, who I work hand in hand with, to assist each other’s clients ensuring they are making the best financial decisions; whether they are buying a new house, setting up their own business, need investment advice or wanting to retire.

Feel free to contact me on 0434 502 079 or email me at Ronald.pratap@rpwealthmanagement.com.au if you have any further questions or would like to catch up for a coffee.