She's On The Money - An Unhinged AMA with Financial Adviser, Daisy from Everest Wealth

Episode Date: August 4, 2026

What do financial advisers actually do? Am I ready for financial advice? $10k has landed in my account, what do I do?! On this week’s Deep Dive, Victoria invites friend-of-the-pod Daisy Egan, financial adviser with Everest Wealth to answer all of your pressing (and pure unhinged) financial questions. And sure, while some of them are normal and fine and reasonable, others verge on despicable.  Come to learn about the largest portfolio size Daisy’s ever managed (Spoiler: there are many zeroes involved). Stay for the spicier q’s including: ‘I’m waiting for my nan to pass away. What things do I need to put in place tax-wise?’, ‘Have you ever told someone that they can’t afford to have a child?’. And ‘What are some sneaky tips to help me financially prepare to leave my husband?’. Nosy parkers, assemble! EVEREST PRIVATE WEALTH: Like what you’ve heard? Reach out to Daisy and the Everest Wealth team to book your consult at everestwealthgroup.com.au/booking INVESTING Q’S? Here’s a blog dedicated to all of the investing questions you were too afraid to ask. Search ‘investing’ at shesonthemoney.com/blog. TAKE CHARGE: Your personal finances won’t control themselves. Here’s a playlist to help you do it: https://open.spotify.com/playlist/3Q7i1EuswTgUAZL4pLSPaQ?si=-8Ej6rqdR4GEquJRHFgGBQ New here? Follow us on Instagram (@shesonthemoneyaus) for Q&As, bite-sized advice, daily money inspo... and relatable money memes that just get you.  Acknowledgement of Country By Nartarsha Bamblett (nartarshabamblett.com.au) The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision. If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN - 321649 27708,  AFSL - 4451289See omnystudio.com/listener for privacy information.

She's on the money. She's on the money. My name's Natasha Bamblett. I'm a proud First Nations woman and I'm here to acknowledge country. Hello, beautiful friends. We gather on the lands of the Aboriginal people. We thank, acknowledge and respect the Aboriginal people's land that we're gathering on today.

Take pleasure in all the land and respect all that you see. She's on the money podcast, acknowledges culture, country, community and connections, bringing you the tools, knowledge and resources for you to thrive. Hello and welcome to She's on the Money, the podcast where we discuss all of the issues concerning your personal wealth goals. And yes, even the stuff that you have been way too embarrassed to bring up with your accountant. I'm Victoria Devine and joining me on the deep dive couch today is none other than friend of the show, Daisy Egan, who is also a financial advisor at Everest Wealth. My friend, welcome back to the show.

Thanks so much for having me back. I'm also very aware of how anxious you are because I said on my Instagram stories, I'm having Daisy. What are unhinged questions that you guys have for a financial advisor? And you were like, Victoria Devine, do not put me in this position. And I was like, big dog, this is exactly where we need to go. So usually Daisy and I have these really beautiful deep dive discussions on the couch of how and when and where of booking your first consultation with a financial advisor and the ins and outs of the really important stuff when it comes to financial advice. But like this time, I just thought, let's do something a little bit different

and let's ask Daisy some of the slightly unhinged and maybe morally grey questions that you've been asked in your career as a financial advisor. And not only have I gathered our own questions since you've already been acquainted, we have asked our community to come forward, Ask Me Anything style, to ask Daisy about the financial advice you've been asked for, maybe the financial advice you've given or even had to deliver. Daisy, my community arguably have not made this easy. I'm really sorry. They have made it fun though. So like that's a step in the right direction because not only do the questions range from really normal and honestly fine and reasonable to, oh my God, actually people doing this with their cash. Like why,

why did this come into your brain? Why do you think someone has been asked that? And while this is all good fun, there might be some, I guess, really substantial things in this for our listeners who maybe are just too shy to ask particularly niche questions. Now, I'll give you some time to mull over these questions. And when we get back, we're diving straight into things. Welcome back, guys. That was just an ad break. I didn't actually give Daisy any time to prepare for these questions. We are doing a deep dive with Daisy from Everest to Health, where she's answering questions from our community about the most unhinged advice you've ever been prompted from. Daisy, where do you want me to begin with this? Let's start with a boring one maybe or a

more sensible one to kick things off I think. All right, fine. Maybe we can kick it off with I guess some pedestrian questions about finance. What are some of the more stock standard questions you get in your line of work? Like people coming in the door, initial consultation, you know not oh how much are your advice fees but like what are some questions that people usually ask you yeah this is a really good question actually so a lot of people don't fully understand what a financial advisor does and where we fit into things yeah so I think like understanding the difference between an accountant a mortgage broker a lawyer so like I think kind of understanding what actually do you do is a very stock sounding question that we get

a lot of people also that come to see us and maybe like, I don't know if I'm ready for financial advice. Am I ready for financial advice? A lot of people are somewhat surprised at the scope of work we can do as well. So they may just think that, oh, can you just help me with my super and insurances, not understanding the other kind of goals and lifestyle discussions that we have as well. So yeah, I think it's more around the main questions I seem to get is kind of what we actually do as a profession. Yeah. And I know I've asked my community for unhinged questions, but one of the reasons I wanted to do that is when you're a financial advisor, and for those of you who maybe haven't met me, and this might be a first episode for you, I am an ex-financial advisor. So

Daisy and I are probably going to have some very shared experiences here. Our questions can be quite unhinged. Like one of the coolest parts of when I was a financial advisor is how deep the relationship goes with a client, right? I don't know if you feel the exact same way, but for me, it was like, honestly, a bit of an honor for people to be so open with me because it's not like your doctor where you just share some medical information. It's not like your accountant where you're like, well, here's my taxes. Like with a financial advisor, girl, I need your medical history. I actually need to know your goals and aspirations and what you want to achieve in life. I also need your finances. So like I'm in everything. And if you're not comfortable with

me, I can't be strategic. I can't be powerful. I can't have the impact. So like I want to be your bestie. And if you're not comfortable asking me questions, go find a new advisor. Yeah. That's my biggest thing is like name another profession where you have that much in-depth knowledge around a client's circumstances because you know their estate planning. So you know their family situation. Like, yeah, as you said, you know all their health history from doing insurances, you know, their finances. And the biggest thing for me is like, there is no such thing as a silly question. And like, I know that everyone says that, but like, this is your life and this is your finances. And like, we really want you to understand that. I hate kind

of hearing that, oh, my financial advisor just did this for me and I don't really get it. Like, I want you to walk away going, cool, I've chosen this route because I want this goal or X, Y, Z kind of thing. Like I really, that education piece is so important to us. Yeah. And that's kind of why I wanted to do the unhinged question vibes because we're just people who want better for you. Like I want you to ask me the dumb questions. And I have noticed over the last few months, a really big influx into my inbox, not from your clients, just to be very clear of people who have sought financial advice, gotten it and then be like, Hey V, I didn't want to ask my advisor this, but what does this mean? And I'm like, girl, go back to your advisor.

like they're the ones that should be you know going above and beyond like if you're not comfortable asking to me that's a bit of a red flag so I guess that's a really great place to kind of frame this conversation but we're gonna go to the top of the questions that I have because I I don't know I feel like we want to break down the fact that financial advisors we're just people who want the best for you and we're actually really fun too all right we're fun and we're hip and we're funky and fresh. Like I promise I'm not just a regular mom. I'm a cool mom. But a really quick disclaimer, because like both Daisy and I, we have financial services licenses. So quick disclaimer, we are sharing stories and questions from the community, right? And while Daisy is a

financial advisor and is licensed to provide financial advice in this situation and in our chats, the advice that is shared is general in nature only and does not consider your personal circumstances and cannot and should not ever be considered financial advice for you. With that said, Daisy, are you happy to move forward? Absolutely. All right. Daisy, what is one of the first questions that you ask a client? So they come in, they've filled in your full fact find, you've got like all their data on the table. What are you asking them? My biggest thing is around goals and what I call lifestyle design. So to me, that's so important because I can

write a financial plan that is the best numbers wise, but it may not take into consideration that they want to start a family in a few years or may not take into consideration that they want to go to Europe next year and take three months off. So I think really having that goals discussion and kind of where you want to be, what you want to be doing is really important before we actually get into the numbers side of things. Because to me, that really underpins then the financial plan that we would create for our clients. I've seen a lot of single girls in my DMs replying to this and they're like, what are you asking single girls? Like, is that a specific situation? Like you asking different questions to the single ladies than people coming in as a

couple? Not necessarily, but usually having those goals discussion may open up some things for single women. So a few single women that I've seen lately kind of either want to freeze their eggs or want to become a mother by themselves with like a sperm donor. So that's obviously quite a costly thing that we have to take into consideration. So I think having that goals discussion really opens up for the single girls to then give me a bit of a kind of two sentence answer on what they want to do over the next few years. And that's really important. And are you kind of like putting those questions on the table to them? Because like, I feel like when you come in, I just, I go back in time, single me, I think would have been like a deer

in headlights going into a financial advice meeting being like, oh my God, like Daisy is so smart. She's probably going to judge me. She's not. But are you then going, oh, hey, a few of my other clients are thinking of this. What are you thinking? Like, how do we open this conversation? Yeah, absolutely. So some people come in, they just will kind of tell me everything, which is really awesome. Otherwise people may be a little bit kind of guarded. So that's really then when you start asking a few more questions around cool like I've had clients that have maybe similar situation to yourself they're looking at xyz are you like something that you're looking at the holidays thing is a big one for me as well especially for like young single people it's like

cool do you have any holidays booked is this something that's important to you because again like people want to live their life now and it's not necessarily all about kind of scrolling and saving all their money away yeah and like I don't know about you but when I was an advisor I really wanted to get to know the clients a little bit deeper, like not just like holidays, but like what type of holidays? Yeah, that's a big thing as well. So how do you holiday? Like as a holiday to you, just holidaying within your state? Is it going business class to Europe? Like what does that look like? Because everyone does holiday so differently. Yeah. One of the questions that we got was what happens when you see that a client's budget and cash flow is actually different from

what they're telling you they do? That is so many of our clients. Yeah. So like we really do a deep dive on people's cash flow. And I say it's not to be the money police. It's just to give you an accurate representation of where you're actually at. So I think doing that deep dive and then kind of seeing where they think they are and where they actually are is a really important discussion to have. And people shouldn't be ashamed of that because that is probably the majority of our clients kind of think they're in a different position to what they're in. Yeah. I remember a client came in and they're like, I'm so good at saving. And I was like, great no worries like and I will believe like still anything you tell me I'll be like yeah

must be true why would you tell me otherwise and then I remember going through their statements and I'm like these savings where are they and then having to go back and be like hey so you said that you were really good at saving but like is there a separate bank that I'm not looking at because you've provided me you know access and I can see this and this and that oh yeah um uh and like totally normal totally normal because I think that in these situations Clients often present who they want to be, not who they actually are, because they're like, don't judge me. Like, I might not be good at saving, but I really want to be good at saving.

And like, we get it. We're just girls. And I think like the awesome thing is that a lot of clients know that they need help as well. And yet, as you said, they might come and present the version that they want to be. But then once we deep dive, it's like, cool, this is where you are. This is where you obviously want to be. Let's work together and make that happen.

And that's why people should seek financial advice, because they want that help. Yeah. one of my DMs here says, how much of a therapist do you feel like you are on a daily basis? Yeah, a lot of the time. A lot of the time. We do have a bit of a running joke sometimes that we can be a bit of couples therapy as well, especially if couples aren't necessarily aligned on goals and things like that. So yeah, I feel as though I should have probably gone and done some sort of postgrad in therapy because I definitely need it every day. Girl, I feel like when I was working in financial advice, I would thank the stars every single day that I had a psychology degree because I would be like, oh my goodness, like, what did I just walk into? And like some of the questions I'd have to be like, oh yeah, I'll catch up with that client later and then get them one on one and be like, hey, cool. So I picked up on this vibe. Like, how do you feel about that girlfriend? It's so awkward, but so important.

Yeah. And we always say there's like a CFO spouse in a couple as well. Like that's what we call them. And including the non-CFO spouse is so important because you can have meetings where one person is just talking the whole time. So like really kind of the other person being like, cool, so how do you feel about this? What are your goals? Are they different? And it can create a bit of tension, to be honest. I've been in situations where like one person has just spoken the whole meeting and the other person has then called me after the meeting and gone, this actually isn't what I want. Yeah. And that can be really hard. And I think that's where having a good financial advisor is important. Not because, you know, you're in a relationship that doesn't have equity, but more because they can see around the corner and kind of go, hold on, something's cooking here. I need to see what's in the kitchen and that's really important because like the CFO I have never heard it phrased that way I kind of love that the CFO spouse by the way that's me um it's

also me but you know what that has meant for me is that I have to step back and go hey Steve I feel like and like I often say oh I feel like I've made all these decisions again I'm really sorry like I've jumped ahead are you okay with this and like 90% of the time Steve will be like yeah why are you asking and I'm like oh it's just because I'm so aware like this is not a good dynamic like I actually want to make sure that we're on this journey together not I've just taken the wheel and been like wear this blindfold quick we're going somewhere and it's a surprise um someone said Daisy 10k just dropped into your account randomly what are you doing with it very loaded question um it's for you personally not for a community member for me personally 10k just

dropped into Daisy's account. Okay. Amazing. So I've got my emergency fund set up. I have a home loan, but I have some money in offset. So to be honest, where I'm at at the moment, I'd probably invest that money. Oh, you'd invest it. Yes. Oh, I love that. You wouldn't in this economy go, oh, I want more in my offset. To be honest, I love diversifying away from just kind of paying down my debt as quickly as possible. I think it's very important that people have a healthy offset and are aware of their debt. But to me, my home loan doesn't scare me. So I kind of want to diversify and build something outside of my property. My home loan at the moment is scaring me and that's okay. But I feel like I've, I don't know, given recent economic changes,

I've just started adding a little bit more of my investment money into my offset. And it's like, logically, you would look at my financial plan, Daisy, and you'd probably be like, V why aren't you investing a bit more and it's literally my anxiety and I think psychology of it as well and like debts can really scare people and people can be in really awesome positions and have good debt and they're still like no I want to pay that down as quickly as possible and it's like again having that discussion with the client is just so important because like to your point like where you're at you're like cool I just want to put a little bit of extra away yeah and it Like on paper, it makes no logical sense because I could make more money in the share market and

that's a good thing. But it's like a mental barrier for me at the moment. I'm like, oh, like grateful to have it, can afford it. All is well and good in the world. But also that number, I don't like it and it needs to go. And it's kind of like, do you see that with, because like a couple of the questions were about, you know, should I pay off my HECS debt? And we cannot answer that. But a couple of times, historically, people would come in and be like, oh, V, I'm really prioritizing paying off my HECS debt. But I know that it's not a good thing to do because it's just kind of an okay debt. It's not bad debt. It's not good debt. What did you do for your HECS debt? Someone wants to know. I was in a very blessed position to not have HECS debt.

Oh, straight under the bus. My husband has HECS debt. Oh, what are you doing about that? So we've just been paying the minimum amount. Will you ever up that or will you always just be like, no, you are not a priority in our lives? Well, this financial year, he's actually paid it off. So it was a big win for us. But yeah, it's just kind of been let's channel our money elsewhere. And yeah, I suppose like both being in finance backgrounds, we kind of, yeah, it didn't worry us and we knew that eventually it would be paid off. So that has hit this financial year. Yeah, very fair. And for those of you playing along at home, that means that your cash flow

has increased a little bit. Can I be super pervy? Have you got a plan for the cash flow that will be released? Yes. Of course she does. Of course she does. So to be honest, that has probably gone towards our mortgage increasing. So it's obviously already been soaked up. Yeah. It's opened up a bit of cash flow, but I feel as though that's been kind of chewed up pretty quickly with interest rates increasing. Yeah. Yeah. And I love asking financial advisors, personal questions like that. Because it's just like, by the way, I'm here taking my own advice as well. Like we have lives as well. I think a lot of people look at us or looked at me when I was an advisor as like the pinnacle of understanding everything. And I'm like, girl,

I'm just arguing with my husband over how much coffee beans are and why does he always have to pick the expensive ones? Yeah. Still like, dude, my dude, why? Yeah. Anyway, I feel like everyone's money story is really unique and we're going to take a really quick break. But when we return, we're going to get into more of the morally questionable questions I guess because those were pretty vanilla yeah like those didn't scare you no all right we'll hold on I have obviously saved the best ones for this part and I'm really glad because some of them carry kind of a theme and it's I guess comforting to know that our community are people that are just like us I'm going to be really nice and ask this question which I put in the other section of

the show. So this is not morally questionable, but have you ever gotten money tips and tricks from clients and then been like, I'm going to use that in my everyday life? Yes, definitely. When I was starting out, yeah, a mixture of clients and colleagues, I think has definitely kind of contributed to how I manage my money now. When moving to Everest, I hadn't really dealt with the younger client demographic before. So I think like relating to people my own age, it's definitely kind of given me more ideas of how I can do things slightly different because they are similar age to me going through similar life stage and everything like that. So I remember a client came in and, you know, I'd heard of like point

stacking before and they were like, oh V, I've been point stacking here, here and here. And I was like, wait, what? Like, and I said to the client, I'm stealing that. Like, I'm going to replicate exactly that. And she's like, oh, go ahead. It took me all this research to like work out which system goes here and here. And now like, it's my hyper fixation. Like I am like diving in on that and sharing it with the community but i was like my queen you're a genius yeah and like one of my clients i remember when i first um started at everest she introduced me to shop back oh yes and i was like this is unreal and so many people were like oh v i thought shop back was a scam and i'm like no queen no like i don't know like adore you shop back and clearly i've worked

with him in the past but i'm like something about your branding makes people think it's not legitimate yeah but it is yeah and like I get legit cash back and then I spend it on stuff that I don't need it's fantastic yeah I also want to ask and this is like getting into the more spicy questions what's the most unhinged or out there asset you've ever seen someone own that you've had to like plan around probably like collectibles such as artwork and vintage cars in people's super funds oh yeah that's probably the most unhinged thing I've had to like kind of plan around otherwise like a lot of kind of like yeah unlisted assets where they may have put some money into like a friend's business or things like that and that's like a non-negotiable for them that

they keep it and you're like this is a terrible idea Barry's not even good at business but okay and like Barry's asked for another 10 grand and you're going to give it to him so it's like And it might do. You're never going to see that money again. Let's plan for that. Yeah. So I think probably, yeah, things like that. But yeah, I had a client previously who had some artwork and two vintage cars in their super fund. Wow. So like the rules around that and like the fact that it's in super so they can't use it personally and things like that. It's a very interesting conversation. Yeah. And I think people like this is like me just talking financial advice shop I guess I think people don't realize that if it is in your super

fund you're not allowed to touch it yeah and I remember a client making me and like I kept saying I don't think this is a good idea like I don't think we should be putting this into your super fund making me put a like a wine collection and there were like lots of vintage wines and stuff in this collection and I was like cool where do you keep it they're like in my home and I said cool do you drink any of it and they're like oh no no no we're like storing it and I said great so we're storing it to sell it oh no no no we're storing it and we'll open like this bottle on someone's 21st birthday and I was like cool that's not an investment like and trying to talk down people they're like yeah but it would be worth so much more and I'm like yes if you sell it and if

it's in an SMSF like you can't touch it and I think a lot of people will go well I could buy a house in my SMSF is that not a genius idea or holiday homes yeah you can't use that asset like not even one day per year are you allowed to go and use that asset. You can't even lease it to yourself. And they go, hold on, that's not such a good idea. And you go, I know. I know. And it gets a little bit awkward because often people have thought of these things in their heads and they're like, this is a genius idea, Daisy. So what are we going to do? And you're like, yeah, so we're not allowed to do that. I'm sorry to burst your bubble. Do you find those conversations awkward or okay now?

Initially, I definitely did. But I think kind of explaining that this is not compliant. This is like you can get in a decent amount of trouble for this. It's kind of usually scares people off. But there's still certainly people that will go and do it without advice. But I think just educating people on the fact that they can't do it and why most people are usually turned off from that. Have you, and this is another community question, have you ever told someone that they can't financially afford to have a baby? No, I haven't. I have.

Yeah, it's normally just around, I suppose, like it depends on what stage they're at. So it depends, like it's normally projecting out their cash flow of what it would look like, who's going to take time off work, the costs associated with having a baby. So even things like car seats, decking out their nursery, all of that is so expensive. So it's not necessarily saying, no, you can't afford to have a baby,

But I think it's showing them the position that they would be in if they did choose to have a baby. Maybe I was a more blunt financial advisor. Like I would actually prefer to have you, not me, because I remember sitting down with a client and do you know what? They were really financially focused. And the question was, can we afford to have a baby? And I basically was like, well, if you put it like that, no.

But if we stretch out the timelines and we're not talking about having that baby this year, then it becomes a little bit more feasible. But that's what you're paying us for. Exactly. And like so many times people will be in a deficit position whilst one of the parents is on parental leave. But planning for that and being like, cool, we need to keep X amount of your offset or your cash aside to get through those six months, 12 months, whatever the plan is. I think that's, again, an important conversation because then they can plan for that. And then they know, cool, we know that we're going to have to put 40 grand aside for that year.

we've only got 30 grand in the bank let's like plan around when we're actually going to start trying to conceive I feel like that was a loaded question not from me but from the community because they're like oh it's like and they didn't give me any nuance on that right but when you're like oh have you ever financially said you can't have a baby well yes because I'm treating it like any other financial goal like my job is to make sure that you're financially secure and also be logical and reasonable and sometimes we have to step back and be like hey cool so this financial goal that you've had is not going to work on this timeline or it's going to look like this and then in the future we need to do this to maintain it yeah like sometimes we do have to be the big bad wolf and be

like hey cool so your idea it's not going to work in reality yeah it's also like prioritizing as well it's like cool yeah if you want to do have that child then you can't go on holidays for the next two years or like it's again just having those compromising conversations with people to kind of show them, like, you can do this or this, but not both. Yeah. All right. We're dialing up the spicy levels. As an advisor, what are your thoughts on prenups?

So... I love this. I can see how uncomfortable she is. I think they are definitely an important conversation to have. So they're called Bunning Financial Agreements here in Australia. So especially if someone's coming into the relationship with significantly more wealth, I think it's definitely a conversation that needs to be had. I've certainly had a few clients who have gone down the path after kind of having the conversation

with me. I suppose it's then just going to the lawyer and understanding kind of how they hold up is really important because you can put a prenup in place, three years time, have a child. Oh, and everything's changed. Yeah. And then things change. And then I think people have this misconception that a prenup will last 20 years. And that's certainly not the case because especially clients that we see their lives are changing so quickly that, yeah, I think it's more just educating people on like what actually a binding financial agreement is and how they hold up and then, yeah, instructing them on kind of what they then have to do to go see a lawyer and put it in place. Yeah. And I think that there's a misconception that a binding financial agreement in Australia is as strong as a prenup in America. And it's just not. If you sign a prenup in America, we are done. We are dusted. If you said, I don't get any of her assets, well, you're not getting any of her assets. In Australia, it can be contested in a court of law

and things can change. And I just think from my personal perspective, and we've done a few episodes on binding financial agreements, which I would implore people to go and listen to, but it's about being on the same page like hey this is my partner if everything goes belly up like what would we want the best for each other in and like if then the relationship dissolves at least we can fall back on that and be like no you said and then hopefully that's a really good base of conversation for splitting assets yeah it's not a nice conversation to have though next question I've got I told you it was gonna get spicy someone said I'm waiting for my grandmother to die so that we inherit her property. What things would I need to put in place now tax

wise? So it depends on kind of whether they're going to inherit the property 100%, whether there's other beneficiaries involved. Yeah, I've got questions. Yeah. And then whether they're going to inherit the actual property, whether it's going to be sold in the estate. So a lot of those things kind of then depend on how the tax treatment will occur, because if they're going to sell the property in the estate then the estate will deal with the tax consequences if any if like your grandmother's lived in it the whole time there might be a different kind of tax concessions whereas if they are inheriting the property themselves it would then depend on whether they're planning on living in it yeah and like whether they have a spouse or a partner that

they maybe don't want to get access to the property if they were to split up so yeah difficult one but I think kind of yeah it would depend a lot on whether you're going to keep the property or whether it's going to be sold yeah and I mean at the end of the day spicy question but I think that one's on a lot of people's minds especially because there are so many conversations around and I've been saying on this podcast for like at least five years that we are about to experience in the next I think it's like two years now Daisy terrifying wealth Yeah. The biggest intergenerational transfer of wealth the entire world's ever seen. Yeah.

And that unfortunately comes down to it being quite morbid. That means a lot of people are going to die and a lot of inheritances are going to happen. And a lot of that conversation is actually happening in the media and happening in parliament at the moment. I mean, we've got that conversation about the 17% inheritance tax. Have you got clients asking about that at the moment? Definitely. And unfortunately, I have had a few clients at a young age that have received a fairly decent inheritance, which is obviously an awful position to be in. But they might be in their late 20s with millions of dollars. And that's so daunting as well when people are grieving and

they receive that. But yeah, the inheritance tax is a very interesting one. It's obviously something that we haven't had in Australia and like there's definitely talks of bringing that in so I think that'll definitely shift things with like the baby boomers generation kind of maybe passing on wealth whilst they're still alive and things like that. Yeah and I think it's also really important to point that out I've mentioned this 17% inheritance tax it has not been legislated yet so it's proposed it was in the budget all of that fun stuff but it hasn't been passed in parliament yet. So it's not a reality, but it's very close to becoming a reality. And it's something that we do need to consider. Have you had clients talking about, all right, well, what do we do

instead? Should we be gifting things to our kids before we pass away? Or like, is this a conversation that's not coming up yet? It's certainly a conversation that I've probably had even before this proposed inheritance tax came into play. So whether like, yeah, people cash out their super if they know that they're terminally ill and pass it on to their children or like yeah a lot of to be honest a lot of clients like to pass on their wealth early because they like to see their beneficiaries benefit from it whilst they're still alive which I think is really amazing but I think it's going to become more and more a conversation and there's obviously so many technicalities around it as well especially if like the the older client is on Centrelink and

things like that gifting can just cause a whole other realm of of difficulties yeah all right what are some sneaky tips to put myself in the best financial position to break up with my husband we have two kids first things first it would be kind of making sure that you do have your own savings account so with all of our clients that are couples we always recommend that they have a separate account that is just in their name so whether they're happily married going to live happily ever after forever, like that's still very, very important. So I think it's kind of having that pot of money put aside is really important. Understanding kind of what your day-to-day expenses would look like if you did separate is also an important thing that you need

to take into consideration. And then kind of a lot of clients I see maybe naively don't know where they're standing from a financial position as well. So kind of knowing exactly where the family finances are before you separate is also really important when you go through a financial separation divorce. Yeah. This is really nosy. What's the largest portfolio size or net wealth that you or someone at Everest has ever managed? I had a lotto winner. Oh, stop it. So they won 60 mil. Yeah. They bought a new property. I think I know who you're talking about. a relatively modest property. And then they invested the remainder. So yeah, that's probably the biggest, there's a lot of zeros in that account. And it would just be compounding over

time. And because like they will be, I'm assuming, correct me if I'm wrong, that becomes an ongoing client. Like there's a lot of management. So you're just going to see them double that in the next 10 years. Yeah. And like, to be honest, the wife in this situation, she just got so anxious about the level of money that's that's in their account and to her she wanted five grand a week in her bank account that's all she cared about I mean slay what like pervy what are you doing with five what did she want five grand a week so she goes on epic holidays oh slay yeah she goes on epic holidays and yeah to her like she's not materialistic at all like you would see them in the street and you would absolutely not know which I think is awesome like I think

that's so amazing and when they initially won lotto it was like cool like do you want to buy a new car like what does that look like and they're like no we're happy like it was just more like I love it yeah just a crazy crazy moment and yeah a lot of zeros in that bank account yeah that is very very cool another person have said does Daisy feel really nosy about why parents don't divide their inheritance to kids evenly oh absolutely like if you see that what like what are you thinking but like to me it's also a discussion that needs to be had because they need to realize that if you're giving like victoria 10 and alex gets 90 yeah it's like it's like so what's like what's the relationship there like why have you given victoria more money

over the past like this all needs to be documented properly as well because in australia be contested like in australia anyone can contest anyone's will technically like i can contest your will as you should queen yes absolutely so like yeah it's a conversation that needs to be had because only people put it in place and they're like oh well i haven't spoken to her in five years and i'm like cool that doesn't mean that she's only going to get 10 percent like yeah um so i think so you're not just thinking it you're actually being like okay king tell me why you're going to make that decision 100 because like otherwise i would hate like not being morbid like but they they're going to be dead but like i would hate for them not to realize what's going to happen

with their money as well because, like, they need to make, again, an educated decision on that. Well, they're your wishes. Yeah, 100%. And your wishes aren't going to be granted if your structure isn't documented properly and actually set up properly. And have you ever been, like, to a client, no, I don't think that's a good idea when they're structuring

something like that? Oh, 100%, yeah, 100%. And, like, unfortunately I've had clients that maybe have children with, like, drug issues or gambling issues or alcohol issues and some of the time they're like cool we're not going to give them as much and I'm like well there's different structures that you can put in place that protect them but it still means that they're going to get their fair share of the estate so I think it's yet really trying to get to the bottom of why they're doing things is so important and at the end of the day it's their

wishes it's their money and they can put what they want in their will but knowing that it's highly likely going to be contested is kind of where my job sits yeah and that was always my favourite part of the job? Just being allowed to be pervy and ask the question. Maybe that's why it's given me the confidence now to be like, oh, like before I was like, oh, I don't know if I should have asked Daisy about what she's doing with her extra cash flow. But I'm always like, oh yeah, what about this? Don't take me to brunch. Like don't. Because if you say I got a pay rise, I'll be like, yeah, queen, what are you doing with it? And you'll be like, why are you asking me? But it's always just like the structure and how it works. And also I want to know the drama.

I don't want to be involved in the drama, but I love knowing yours. Tell me about your cousin. What did she do? And thank you, I'm going to go sleep in my bed at night knowing that that has nothing to do with me. What's the wildest thing you've seen someone purchase that you've thought was a bad idea? To be honest, probably cars on finance and, like,

very expensive cars on finance, either that or, like, boats, yeah, like probably the toys yeah yeah agreed that's probably the worst thing I've seen from a financial perspective yeah absolutely I remember having a client they weren't mine they were a client of the practice purchase a Maserati for their mistress on finance yeah dead yeah dead I was literally like did that really happen and like it did it did yeah I don't know what happened to them but I wish them nothing but the best, Daisy. Tell me, what is the, and this is like a positive one because I know that I don't have much time left with you, but what's the wildest success or money turnaround story you've heard? I love this because I feel like I've had a few.

So I think it's kind of people coming to me that are maybe in what they feel is like crippling personal loans, credit cards, after pay. I have one client in particular that kind of comes to mind and she'd broken up with her partner. He had got a car loan in her name because he was self-employed and couldn't get finance. They'd broken up. It was kind of a bit of a financial disaster, but we quickly put in place kind of a plan and a budget. And then I think within two years she had a deposit for a house or for an apartment stop two years and I was like that is epic like she like she seriously put the work in she did a 180 yeah like she seriously put the work in I think it was like yeah between two to three years she had a decent deposit to then go and buy

her own place but again like that took really knuckling down but she just came to me and yeah and I was just like cool if you want to commit to this this is what we need to do and she stuck to it like to the dollar which i think is so awesome do you go home and tell your husband about cool clients oh absolutely yeah me too don't worry i i'm like oh yeah client i like he doesn't get the name but i'm like today oh my god i remember going home and being like i don't know if i can tell you this but i'm just really proud yeah so good all right last question i've got there are going to be some people listening to this who have wanted to get into the financial advice space. What advice would you give to an up and coming female advisor?

I love this question. I love that they're thinking about coming into financial advice. Join us. Yeah, I think it's an underplayed industry in how much of a difference you can make to people's lives. We can seriously change lives with what we do. My advice for someone upcoming would be, depending on what they're studying at university, so you do need a university degree, if they definitely know that they want to go and do financial planning, my number one recommendation would be to do a financial planning major because it then saves you a whole lot more study afterwards. That's what I had to do. I had to do a whole bridging course because I didn't do

like a financial planning major. Yeah, 100%. So people go and do accounting and finance thinking that they can kind of step into the financial planning profession, which unfortunately you can't. So yeah, depending on what they're doing at uni, I would definitely recommend the financial planning major and I would definitely like yeah recommend that they do switch to that and then if not they've already finished uni go and do your extra study find a place that offers a really good grad program and like a really good professional year program that's really important because you don't kind of want to start with a financial planning practice that maybe doesn't have those structures in place I interview people all the time that have been promised something and

then they maybe haven't fallen into it as they expected. So kind of really suss out where you want to work, make sure they have good structures in place to kind of help you progress in your career as well. Am I allowed to add to that? Absolutely. The other thing I would say is if you are studying, try to get like a part-time job in the industry. So even if that is as a receptionist for a financial advice practice or, you know, doing data entry or something that you're like oh I'm not that keen it will give you the exposure to the industry and Daisy you've probably looked at so many resumes you see that and you're like oh they know the workings of a practice they know how that works and it's going to put you in a much better position than had you

just done a retail job at the same time I know it's probably harder to get but like you can see the hustle and the commitment early on yeah that's exactly what I did and to be honest it made studying so much easier because I knew that I was studying for something that I enjoyed and I was doing on a day-to-day basis, albeit I wasn't obviously a financial advisor or even an associate advisor at that point. But yeah, being in a practice is really important. And as you said, even if it is data entry or maybe a receptionist role that you don't want to do, I think kind of being around, hearing the lingo, hearing the day-to-day dealings, all of our employees get to sit in meetings if they want to, just to kind of learn and actually experience what we do for

clients. And I think pretty quickly you will know if financial planning is for you or not. Yeah, 100%. Daisy, thank you so much for doing our, I guess, deep dive into our DMs today. I've literally had so much fun chatting with you and I'm so sad that we're running out of time. I feel like we've had some very varied, but also very real concerns from our community. And it is good to know that they are in very trusted hands. And look, if any of these questions resonate with you, maybe they did because they were your questions, give Everest Wealth a call and see if they can help you navigate your finances with more confidence. We'll make sure to add any helpful links and mentions made throughout the episode into the show notes to make sure that you guys

can lurk on them later. Until then, my friends, obviously what I want you to do is review this episode if you enjoyed it and stay subscribed so that you don't miss a beat. Daisy, thank you so much for joining us and my friends, I will see you on Friday. Thanks for having me. The advice shared on She's On The Money is general in nature and does not consider your individual circumstances. She's On The Money exists purely for educational purposes and should not be relied upon to make an investment or financial decision.

If you do choose to buy a financial product, read the PDS, TMD and obtain appropriate financial advice tailored towards your needs. Victoria Devine and She's On The Money are authorised representatives of Money Sherpa PTY LTD ABN 321 649 27708 AFSL 451 289.