SPEAKER_01 0:05

Hey there, Mauri Cherna here, founder of the Mindsight Academy, neurocoach to executives, leaders, entrepreneurs, and a neuroleadership trainer using insights from neuroscience to help you deliver results by learning to work smarter, be in control of your brain, manage yours and others' emotions, change behaviors, flourish and exceed expectations. Welcome back to another episode of Lead to Excel Podcast. I am so thrilled to be with you today because we have a special guest. But before we get into that, remember to subscribe to this podcast wherever you listen to it. Because it will help other people find it and give them the opportunity to understand how they can rewire their own brain to enable them to achieve their goals. So without wasting any more time, grab your cup of coffee or your drink or whatever that might be. Put your feet up and listen in. I am so excited that today we have with us Tina Steele. Tina is a financial advisor. Or expert. I'll call her an expert actually. So I am so pleased to have you today on this podcast. So Tina, please introduce yourself.

SPEAKER_00 1:26

Oh, thank you very much. Nice to be here. Hi, yes, I'm Tina Steele from Tina Steele Financial Management and here today to talk a little bit about what financial advice is and why it's so useful for everybody.

SPEAKER_01 1:40

Thank you so much. When I met you at, I think it was FSB, I was so excited, you know, how we connected. Because for me, I know that financial management is so important and it's the one thing that a lot of people kind of put aside and kind of you know put it that we'll deal with that later. So when I connected with you, I was so excited and I went, okay, we've got to have you on that podcast. Let's really get people thinking and acting on financial management. Now, just to start this off, why is it important? You know, because I've got people that listen to this podcast that are employees, managers, leaders in organizations, but also business owners. And I know a lot of times the employees kind of feel that, okay, my company is taking care of the pension and taking care of all that. And then the business business owners kind of feel, you know what, I need to make money first. So please touch on those points. Why do we need you?

SPEAKER_00 2:48

Good question. I think there's there's so many answers I could give. Um, but the my approach is to work on people's life plan. So I draw people's life on a page and think about all the things they're doing now, why they're doing them, what they want to do in the future and what the future looks like. Um, and then my job is to fit the financial jigsaw around their lives. And I think that is so important to know where you want to be so you can start planning for that goal or ambition or dream as early as possible. And I think a lot of people probably think financial advisors are not for them because they've not got maybe millions of pounds, they're not wealthy as such. But my clients range from somebody who's just got um critical illness policy, which is so crucial to make sure you're protected and your family's protected, um, up to people with investments and pensions and obviously the corporate side as well. So there's so many answers I could give you as to why it's important, but it's it's more important to look at the individual and tailor the plan around them.

SPEAKER_01 3:54

Thank you, Tina. That's absolutely fantastic. Um so let's kind of dig a bit deeper now. So for someone who is just earning averagely, you know, kind of employed and working, and and they're now thinking that actually, surely with what we've gone through in the last year, I've got to really start planning in terms of what I want to do. How do they start? What's the first thing to think about, or what should people really be thinking about to make them go, actually, I need to do this?

SPEAKER_00 4:28

Yeah, the my uh our approach for financial advice is to start with always protection, um, because obviously you're you're the most important thing, um, and your income is generally the only thing that's coming into the house or the family's income. So making sure that that's protected is always the first element we look at. A lot of people um protect their mortgages, so they'll have life and hopefully critical illness cover on their mortgages, but then there's the whole list of bills that everybody has to pay. So your council tax, your gas, your water, they don't go anywhere if you are ill. So looking at that and making sure people are protected. Um, obviously, employed people may get sick pay, but is it enough to pay those bills? Um, you know, it's it's looking at every eventuality. So we always start with the protection element because that's the most important thing to start with.

SPEAKER_01 5:16

Right, okay. So, what does that entail when you say the protection element for someone, for example, that is employed? Because, like you said, the employers will be covering something like sick pay. So, why do they then need this?

SPEAKER_00 5:32

Depends how much sick pay they're getting or for how long generally is the biggest issue. So maybe their employer might pay six months, but if somebody has a critical illness and is off work for two years, how do they pay the other year and a half of bills? Um, so it's obviously just planning for every eventuality and knowing what's happened over the last year with a pandemic, who would have thought that was going to happen? So I think, yeah, looking at, like I say, every individual situation is very unique to themselves. So it's looking at what they've got and what gaps they've got and trying to fill those gaps.

SPEAKER_01 6:05

So have you found any difference in terms of how before 2020 up till now, in terms of people really wanting to start thinking about how to protect their financial, protect their selves and their lives and the future and planning?

SPEAKER_00 6:23

I expected to see a lot more people wanting protection, but to be fair, everybody I've talked to has just gone along with the protection journey, thinking it it was just the same as it was before. I've found that more people now are planning for their future and are trying to think about maybe not working so long, maybe you know, not working until you're 67, 68, maybe finishing earlier if they can afford to, and looking more about what life could be like after work. Um, so that's the kind of trend I'm seeing now.

SPEAKER_01 6:55

Right. Okay. So can you just tell us a bit in terms of it, you know, just like a case, a case study or scenario of somebody coming to you. What would you do? How would you help them? What does it look like?

SPEAKER_00 7:11

Yeah, of course. So that um life plan I mentioned before is our first stage. So there's a no-obligation um review, financial review takes around about an hour and a half. So I would sit down with them, go through all the details of any assets, any liabilities, any policies they've got in place now, look at what they have, look at their sick pay, look at their company pensions, if they've got any previous pensions. So gather all the data as to what finances they have and then work on that future plan. So when I draw the life plan, I ask them what retirement looks like. Sometimes it's a wiggly line, sometimes it's a straight line, sometimes it's a bit slanted, or sometimes people have no idea where that comes at the moment. Um, and the idea of that plan is that it can change, it's not set in stone. So we discuss it every time we meet. And my approach is to be that trusted friend for life. I don't see them want to disappear. It's working with somebody. And again, as we know, like we said before, life changes very quickly sometimes. So it's adapting that plan and changing the financial plan along with it.

SPEAKER_01 8:17

You know, I like what you said. It's like a friend for life, and I think that's really important. Um, and you touched on something which I think is really important as well, in terms of it can be changed. So it's kind of not fixed, which is you know, where we always think that okay, once you do it, that's it, it's done. But it's in in a way, it's kind of changing the way we look at financial management in a way, just knowing that it's so important to have that plan, and you can adapt it as your life changes or as life changes, you can keep adapting it. But the important thing is having that plan so that we are in control of what we're doing, in control of our life, as opposed to just kind of going with the flow. So, no, I love that. So, for a business person as well, that's probably because a lot of people I know in the last year have left employment and are opening their own business. And I personally feel that this is a great time to actually come to someone like you and say, see, I need a plan here. What can we say to them? What you know, what would they get from coming to you? How would that, what would that look like?

SPEAKER_00 9:33

It's probably on the on the flip side of I would do the life plan as I do with everybody, but that plan is about them personally and about their business. So we'd do two elements of that plan. Um, they need to think about all the things that they got, such as thick pay, maybe life cover from an employer that they now don't have, and making sure that they are secure and protected again, protection would be the first thing we look at. And then depending on whether a sole trader or a limited company, we can look at some of the allowances potentially that companies have if they're limited, such as putting a pension through for themselves, which is um business allowable expense. So there's lots of things, and again, it's just knowing where they want to go, do they want to grow, how big do they want to go, is their business part of their pension planning, their exit strategy? So it's I come back to that life plan is so important, and again, not set in stone for a business anyway, you know, that could change too.

SPEAKER_01 10:27

Yeah, yeah. So the life plan, because you've talked about this life plan so much. So the life plan in particular, you know, looking at it starts from where you're at now and where you want to go. What does it include? Because I'm thinking, okay, what does this look like? Does it include things like, okay, pension? Does it include things like mortgage? You know, what is in the life plan?

SPEAKER_00 10:53

It it does, but I tend not to talk about the things, the project. Right. Um, what I ask people to talk to me about is their lives. So their career or their business, if they're running their own business, what does that look like? Do we are we looking at promotions? Is money likely to go up? You know, look talk about the benefits, but mainly just talk about their career or business. We talk about family. So, what family are around? Um, you know, again, thinking about the need to protect that family. Um, are we going to have children that are going to need university fees paying? First cars, are there um parents that maybe going to need looking after as they get older? So that whole family element all is so important to financial planning. Then we talk about what they like to do. So, what does it look like? Is there lots of travelling? Um, and again, feeding that into retirement. Is there more travelling they want to do? Do they want to buy a holiday home abroad? Um, and then the final one is is property. So, where are they at now? Are they looking to do they have a mortgage? Are they looking to upscale or downsize? So I just literally get them to talk about their lives and then I spit all the pieces around it as to how that factors into the financial management.

SPEAKER_01 12:06

Wow, wow, I love that. You know, as because as you're saying it, I'm thinking, okay, yes, yeah, yeah, yeah, that that makes sense. Okay, oh wow, no, that's fantastic. Because you see, doing that, the pressure comes off the person actually thinking, okay, I need to do this, need to do this, kind of just talk about yourself. And then you, the expert, then kind of puts the pieces together. Gosh, yeah, that and that's so important because a lot of times what a lot of people do is kind of just live life. Okay, this year I'm going on a holiday, next year, I don't know, we'll deal with it. But this is actually taking that control and planning the kind of life you really want to live and putting a lot into consideration. I really like that. So now let's look at the flip side. You know, you probably have come across this, and I want us to really get to the you know, bad scenarios now of not actually doing this, not having a financial management plan in place, not doing this. What what you know what happens? What are the possibilities?

SPEAKER_00 13:16

Yeah, I think um I I had a client who again put herself in the I'm not wealthy, I couldn't speak to financial advisor category. And um, she spent every penny she had every month, but she didn't have any critical illness cover on her home. Um, she only had live cover. So we had the conversation of what would happen if the worst were to happen. Um, and bless her, she burst out crying and said I would have to sell the house and move in with my elderly mother, and her mother had some incha. Um, so she said she'd had a quote before and it was 60 pounds a month and she couldn't afford it. And um, so we looked at everything again. This is the point where I look at absolutely everything, and she was paying a lot for her water. So I said I knew there was only two of them living there. So I said, Um, have you got a water meter? Um not something that I do, but you know, just look and she said no. I said, I think you can save a lot of money getting a water meter. So she had a meter fitted, saved £30 a month, and I got her the policy for £35. So actually, for the cost of a costa, basically, every month, she's got the complete peace of mind now that she's completely covered. And I think that's one of the dangers is that people don't protect themselves, and then if something were to happen, they're literally stuck in a position you wouldn't want to be, especially when you're not very well.

SPEAKER_01 15:15

Wow, that's that's really gosh. Yeah, I did want some something that you know would make us kind of go, oh my gosh, I don't want that, and that was it, because um that could be anyone. That really could be anyone, because there a lot of times we don't think you know about tomorrow. We're not you know, we kind of put it off and wow, no, that really got me because it it really could happen to anyone, surely with what we've seen in the last year, just we just don't know what's around the corner. So the message is financial management is so important, and it's so important to really speak to the right person because I've spoken to quite a few financial advisors in the past, but I would say that you're one of the few that have really spoken about the person, and I think that's really what attracted me to you when I met you, and that's so important. It's really having someone that really cares about me, that really wants to help me, and you know, so that, and also just talking about what where I am, where I want to go, those dreams, those goals is actually good for me as well, in terms of okay, so this is what I want to do, this is what I'm planning, and it just helps put things, you know, helps you to plan effectively and not um kind of just end up being a victim of life that you know we always see. Wow. So that's that's really good. So, in terms of how you do this, how how do people contact you? What you know, what where you just tell us about how they can reach you, and even if it's how they can find information about you as well would be useful.

SPEAKER_00 17:11

Yes, of course. I'm on um LinkedIn and Facebook business page and also got a website. So if anybody googles Tina Steel Financial Management, they could probably find either one of those three, hopefully near the top somewhere. Um, and I just have on all of those um a calendarly link as well. So people can just pop in a virtual coffee chat for half an hour to see, you know, if it's for them, get to know me. I think a lot of things is about how comfortable you feel as well with somebody. Um, you know, I will be asking a lot of personal questions, and all of my clients have just been fabulous at just freely giving me lots of information, which helps all my planning. The more information people give me, the better it is. So, yeah, more than happy to have a quick chat with anybody to see if I can help.

SPEAKER_01 17:57

You're really like a financial coach, isn't it? So yeah, look, and um you're absolutely right. It's someone you feel comfortable with, but also it's you coming in, really be ready to be open about what you want, about where you know your life as well, because like you said, that's how you can, it's based on the information that you're given that you can work with, which is really um, really vital. So, so um Tina, I wanted to ask you because I know you did mention that people can come to you quite early, Ron. So, you know, when we say early, how what what range, what age, or what asked, you know, where are people in their careers that they really need to start thinking about this? And also when can people, you know, because there are people who have gotten up to 60s that have probably not even done it and are suddenly thinking, oh my gosh, what do I do? So, you know, just talk to us about that.

SPEAKER_00 18:59

Yeah, absolutely any age, I would say. And I think the earlier you start the planning, even though that life plan will change a lot during people's lives, especially at the early age, have the conversation, you know, start that planning. Even if you don't need anything at that point, at least you know what the process is, you have that advisor to help you through along the journey. Um, my clients generally range from sort of mid-20s to mid-60s. So I have a really, really wide range of clients all wanting different things out of life, um, which is very interesting to listen to. I must say, I absolutely love my job. Um, and it's fantastic to be able to do something you love and help people at the same time.

SPEAKER_01 19:40

No, that's awesome. I was just thinking, I'm going, oh gosh, my son, I've got to get him in to speak to you uh because he's in his early 20s. And I think it's just it's good practice to really just start doing this on time. Um, and a lot of times people just kind of go onto the internet and think they can pick up information, but just speaking to someone like you is just so important. So, what made you get into this and how long have you been doing this for?

SPEAKER_00 20:08

It's a good question. So I'm an accountant by trade. Um, so I've never worked in the council practice, I've always worked in industry and education. And um, I've got two little ones now, and I wanted more flexibility around working hours, being able to do school pickups. So I wanted to run my own business. And the thought of, and no offense to accountants out there, the thought of just doing somebody's accounts and not getting out there and not being able to help. And I know it's important we do our accounts, but it's not necessarily helping people's lives, wasn't something I wanted to do. So I retrained as a financial advisor a couple of years ago and launched my business three months before lockdown. Yeah, so the the elements of when I was working in industry and education that I loved the most was mentoring my teams, upskilling people, and using my technical knowledge to um help the strategy of the company or university or college. Um so that element of help has been in everything I've done throughout my lives. So that's why I've um been able to find this perfect combination of using my techie, probably boring knowledge to most people, to be able to help improve people's lives.

SPEAKER_01 21:19

Yeah, I know that's really awesome. That's that's really because um you can just see from speaking to you that you care. And um, in fact, when you said you've got a teaching background, I kind of go, okay, that might have come from there actually, because you can just see the partial. So if you're listening to this podcast and you've been wondering, or just maybe it's never even occurred to you, do get in touch um with Tina Steele. I'm gonna leave her details in the description so that she can really help you start planning your own finance. You know, your you know, to just start with that life plan so that you can actually take that control back and not um just living your life as you want. And then when crisis occurs, then you you kind of start um panicking. So it's really good to take charge and actually do it now. And it's you know, from what Tina is basically saying, it's never late. So you can start at any age. So that's good. So Tina, can you give us one big advice, one great nugget that people can take away from this podcast today?

SPEAKER_00 22:28

I would just say take that step. Don't think I'll do it later, just have a chat. Uh, and I think people will be amazed how financial advice will help them.

SPEAKER_01 22:39

Yeah, thank you so much for that. So take action, take that step, and honestly, do it because it would really make a difference to how you live. Thank you so much, Tina. Thank you very much. It's such an honor to really have met you and to have you on the podcast. Thank you again.

SPEAKER_00 22:55

Oh, it's been a pleasure. Thank you very much.

SPEAKER_01 22:58

Thank you once again for tuning in. And remember that if you haven't subscribed to this podcast, click on the button wherever you listen to it so that you don't miss an episode. And I would really appreciate you leaving a review as well or even a comment on the podcast or ideas of topics that you want me to talk about in the future. I've got some exciting episodes coming up with some interesting guests that you really wouldn't want to miss. So, in this climate, wherever you are, do remember to keep safe, look after yourself, and I truly wish you perfect health. Stay limitless, and I look forward to seeing you in the next episode. Bye for now.