James Bailey didn’t set out to work in investment advice, but he made the switch and hasn’t looked back. Now, with over 20 years in wealth management, he’s turning his attention to the growth in Evans & Partners’ Canberra office, and developing associates into confident advisers.
My role has two main parts. I help around 150 families manage their investment wealth, and I also help run our Canberra office, which includes about 40 people.
Most days, I meet with two or three clients to review their situation and walk them through their portfolio. I usually catch one or two market updates from our preferred fund managers or analysts, spend time mentoring one of our four young associates, and work through any outstanding advice or compliance tasks. I also check in with our legal and accounting teams, and make time to read the Australian Financial Review to stay across what’s happening in the markets.
There are two things I really enjoy. One is helping our young associates grow into confident advisers. The other is seeing clients make progress toward their financial goals, which is incredibly rewarding.
Time is the biggest challenge. With only so many hours in the day, I try to make sure every minute counts and is spent on something meaningful.
In the past the main technical skill needed were quantitative. That has changed over the past decade and now we need to have strong qualitative skills. The most successful advisers are the ‘jack of all trades’. The most obvious non-technical skill needed is the ability to communicate with individuals from all walks of life.
I was working in accounting and an opportunity to move into wealth management presented itself. I grabbed it with both hands. Whilst it was an initial step backwards in salary, I’ve had a rewarding, exciting and enjoyable career so far.
There are only eight hours in the day, and making sure every minute is well allocated and as productive as possible is the biggest challenge.
Work hard, especially early on, to figure out what you’re good at and lean into it. Be patient with your studies, knowing the reward is worth it. Finally, try to join a firm that’s growing, where you can grow too.
I’d try to do a couple of internships. It’s the best ‘try before you buy’ experience you can get.
The Little Book of Common Sense Investing by Jack Bogle.
The Australian Retirement Podcast by Rask.
The great wealth transfer, and how we need to adapt our advice and approach to help clients navigate it.
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I was working in accounting and an opportunity to move into wealth management presented itself. I grabbed it with both hands!