Insights into a career spanning 5 decades with NAB
Kaye Paice has seen it all. Starting as a branch manager for NAB in the '70s and working her way up to managing a financial planning team, Paice this month ended her relationship with the bank that dates back an incredible 43 years.
Kaye Paice has seen it all. Starting as a branch manager for NAB in the '70s and working her way up to managing a financial planning team, Paice this month ended her relationship with the bank that dates back an incredible 43 years.
We chatted with Kaye to get some insights on how the finance industry has changed, the birth of financial advice, and how people view planning in the wake of the Royal Commission.
Did you see yourself as being in financial planning early in your career?
Financial planning didn't exist as far as I remember when I started out so this wasn't an option for me then.
How has the industry - and public perception of financial advice - changed since you began?
So many changes from when I started. 3-page fact find/SOA hand-written. Nil entry fee products which were very popular with clients and planners. 3% entry fee into upfront products which was never questioned by clients. In most cases, this was a higher fee than what is charged now.
Clients were more reliant in planners for information in the early days compared to what is available online now. We had many more strategies available to help reduce tax or receive benefits with products such as 100% assets test exempt annuities.
Has there been any marked change to how the public views financial advice since the Royal Commission?
I have not noticed much change with existing clients who understand the importance of advice but have found a large reduction in referrals and new business.
What do you do to ensure that you're providing the best solution for your client?
Knowing my clients. Having built relationships where I am their first call if anything changes. Holding regular catch-ups to see if we have anything available that is new and could be a benefit. Understanding legislation changes and how this could affect any clients. Making sure the advice is relevant to their time of life, eg retirement.
If you hadn't gone into banking and finance, what would you have liked to do with your career?
Great question and something I have never thought about.
When I left school in Canberra, I had the choice of joining the public service or banking. The bank was paying slightly higher wages so I chose the bank. If I could choose anything (and had any talent) I would love to have been a musician. Unfortunately, I have no musical talent.
You've worked in a particular area of Victoria for a good amount of time. Tell me about the personal relationships you've built with people and their families. Are any particularly memorable?
I have met so many wonderful families along the way. Quite a few of my planning clients were originally home loan clients who transitioned along with me and have become wonderful friends!
One less pleasant memory was from a client whose investment reduced because of the market and was not happy. He went to FOS who was happy with the advice provided and gave him no compensation. This was when I received a rather nasty death threat which he was silky enough to sign. It was quite scary for a while.
How do you keep yourself and your knowledge relevant with legislative and regulatory changes?
I have always been a bit of a technical nerd and love listening to all of the tech sessions provided.
The day after budget night I usually receive 30 or more emails from all providers giving me the relevant information and changes along with any new strategies we can use. I also do CPD points on a regular basis as part of my licensee requirements. As I have been CDP since 2003 I have completed an extra 10 hours per year to meet FPA requirements.
