Brendan Smith, financial advisor – Transparent and client focused

Not long ago, financial advice meetings often involved thick folders of documents and lengthy printed reports. Advisors would present stacks of paperwork, and clients would take home large files of information to review. Today, technology has transformed that experience.

At First Financial, the practice has moved close to a paperless environment. Client meetings are now supported by digital presentations, streamlined reports and improved documentation systems. Even administrative processes such as file noting have become more efficient with the help of technology.

The result is a much clearer and more interactive client experience. Rather than navigating through large documents, advisors can now walk clients through strategies step by step, focusing on the decisions that matter most. It makes conversations more engaging and easier to understand.

Brendan notes that a major shift in financial advice since he began his career has been the move away from commissions toward a fee-for-service model.

In the past, many financial products paid commissions to advisors. While common across the industry at the time, the model created potential conflicts and made it harder for clients to clearly understand how advisors were paid. The modern approach is far more transparent.

Under a fee-for-service structure, clients pay directly for advice and strategy rather than for product recommendations. This aligns the advisor’s incentives with the client’s financial goals. It also raises the bar for advisors.

To justify their fees, advisors must consistently demonstrate the value of their expertise. “Working at First Financial enables me to recommend strategies and products that are in the best interest of the client. This is a significant motivation for colleagues and me. We are not tied to any one provider and can offer clients a much broader and more targeted strategy for their individual needs”.

Over his two decades in the financial planning industry, Brendan has experienced significant growth in how the industry is regulated. “Regulation has played a significant role in shaping financial advice strategies”. He says.

“Superannuation rules, for example, have changed since contribution caps were introduced in 2007. Limits on how much individuals can contribute each year mean retirement planning now requires a longer time horizon.

For many clients, effective strategies may need to be mapped out over five to ten years rather than just a single financial year.

The recent DIV296 tax legislation has also introduced tax implications for super balances above $3 million. This reinforces the need for careful and strategic long-term planning”.

For Brendan, client relationships are the foundation of his approach. As he says, “I wouldn’t recommend anything to you that I wouldn’t recommend to my parents.” While technology and regulation have reshaped the mechanics of advice, one thing has remained constant: the importance of relationships. Most of his advisor-client relationships span well over a decade. Over time, the role of the advisor often evolves from technical specialist to trusted confidant.

“Financial discussions naturally expand beyond investments and retirement planning”
Conversations may include family milestones, career changes or personal challenges. This deeper connection builds loyalty and trust and is invaluable during difficult market conditions.

At First Financial, advisors work on an open platform, meaning they are not restricted to recommending proprietary products. Instead, they can choose from a broad range of industry funds, retail funds and self-managed options depending on what best suits the client.

The philosophy is simple: start with the client’s needs and then find the appropriate solution.

Outside of advising clients, Brendan is a family man with two young children. He is rekindling his passion for cycling and loves taking his kids for a bike ride after dance lessons and family visits. As a tragic Essendon supporter, you can understand his dedication to long-term horizons and his ability to weather turmoil, both of which bode well in the world of financial planning.

The team at First Financial comprises financial experts who help hundreds of Australians retire well and make informed, intelligent financial decisions. We cover everything from retirement and financial advice, investment and wealth management, superannuation and SMSF, insurance, tax, aged care, legal and lending services. Contact us for holistic, well-rounded financial management strategies.