Show Notes - Every Business Needs a Hero Podcast

Podcast Show Notes Series 1 Episode 5 |

Dealing with Financial Setbacks – Making sure the wheels don’t fall off when things take a turn for the worse | Hero Story – Alex Galvin from Equanimity talks about the 5 C’s of financial advice and why being in panic mode is the worst place to be to build long term wealth | #5

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Podcast Show Notes Series 1 Episode 5 |
Podcast Show Notes Series 1 Episode 5 |
Podcast Show Notes Series 1 Episode 5 |

Giving financial advice is hard and delicate even if it’s your forte, so being pleasant and having good manner is very important to get a good fit between the advisor and the client for a clearer picture and understanding of the situation. 

A bit about Alex Galvin

Alex Galvin is the founder and principal advisor of Equanimity Financial Services, a financial advisory practice on Sydney’s Northern Beaches. Alex specialises in providing advice for Allied Health professionals, and in particular Exercise Physiologists, Alex is also the author of the book, “The Tao of Wealth and Prosperity” – Block out the noise and find your financial center.

In his Hero Story, Alex takes us through the importance to clients of confidence in their advisor as well as getting the right fit 

Top 3 Takeaways

  1. Creating tangibility of service/advice – his True North program.
  2. The 5 C’s – Clarity, Calibrate, Construct, Create, Continue.
  3. If it’s broken, it can be fixed. If it’s fused, it can be split.

 

Resources and Links

Get in touch with Alex and the Equanimity team here 

Get a Copy of Alex’s book – “The Tao of Wealth and Prosperity” here 

 [00:20:50]

Hot Topic Summary – Dealing with Financial Setbacks

Have you ever been stopped in your tracks financially? I’m talking about those times when you are completely blindsided and need to dramatically change how your business operates.

Financial setbacks send shockwaves through our world and how we respond to these setbacks determines how long they affect and the impact they have on you.

There are some key things you need to do so the wheels don’t fall completely off, when you hit those speedhumps.

Understanding the common types of setbacks – Personal setbacks can include death or tragedy in the family, or divorce and subsequent settlements. Economic setbacks on the other hand could be competitive based impacts or on a more global scale, think GFC or Covid lockdowns.

What to do when it all hits the fan – The worst thing you can do is put your head in the sand. Dealing with setbacks head on and getting advice early is key.

Why understanding your numbers can save you – poor management of finances is something that can cause massive problems yet can be so readily fixed. If you are not on top of your numbers personally and in business, you are a timebomb ticking.

By managing your risk and getting solid plans in place you can manage your way through financial setbacks. It minimises the stress and the impact of the situation.

Listen to the full podcast for more insights.

[00:01:21]

Quick Question: “How do I retain team members, especially younger ones?”

Top Tips

  1. What are you providing them with (Remuneration, Opportunity and clear, communicated, career path.)
  2. Is this Career path seem achievable to them or scare them.. after all it’s their career.
  3. Keep communication open, including, but not limited to regular reviews.

 

[00:47:17]

As featured on the Podcast