Day in the life of
Chartered Financial Planner – Joshua Gerstler
I usually arrive at the office between 8.30am and 9.30am depending on whether or not I have taken the kids to school.
I will start the day by catching up on my emails. I do not check my emails when I am at home, so there are usually a fair few that have come in overnight.
I may then have an Initial Meeting with a new client, which will either be on Zoom/Teams or in my office. The meeting will involve getting to know the people on a personal level, understanding their finances, where they have come from, and where they are heading.
After the meeting, I will have a debrief with my Financial Planning Assistant and Financial Planning Administrator who will then contact the new client to go through the next steps.
After some lunch at my desk, I may have to work on a Financial Master Plan for a client. This will involve taking all the soft and hard facts and working out if they will have enough money for the rest of their lives, or if they will have too much money. Then I will need to recommend where to invest, save, etc., or encourage them to spend more!
In the afternoon I may have an Annual Planning Meeting with existing clients. This will involve understanding any changes in their circumstances and their goals and updating their Financial Master Plan accordingly. There may have been recent changes in legislation which we need to adapt to or updates to tax rules which we can take advantage of.
Again, after the meeting, I will have a debrief with my Financial Planning Assistant and Financial Planning Administrator so that they can action any recommendations I have made.
One of the best things is that I get to help people. I get to help them achieve their life and financial goals. I am in a very privileged position as people open up and share with me and I take that responsibility very seriously. It might be that I can help someone retire sooner than they realize and have more time for what is important. It might be I can simplify someone’s finances so that they can understand everything better. It might be that I can show them that they can afford to spend more than they are and that they can enjoy the finer things in life.
One of the least enjoyable aspects is that there is so much compliance. A task that we could do in 10 minutes could take hours and even days as there are so many hoops we have to jump through. Of course, it is a good thing that keeps everyone safe, but it can be a bit much.
advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients' assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives. May also buy and sell financial assets for clients.