Lea Schodel: [00:00] One is that there’s no such thing as money conversations, or decisions, they’re life decisions so, to try and just segment money as its own topic, I think it really stops or prevents people from engaging with it and it makes it even more taboo. And the second thing is, it doesn’t have to just be speaking about money. It’s part of our daily lives so if we can bring it into the normalcy of what our daily lives are and encompass in the conversations we’re having and then we start to really see it in the light that we should do I guess.
Fraser Jack: [00:32] Welcome to the Goals Based Advice Podcast, where we have conversation with pioneers of the new world of financial advice. I’m your host Fraser Jack and I’d like to thank you for tuning in today. I’d also like to thank our supporting partner Advice Intelligence for powering this podcast.
Fraser Jack: [00:49] Today we spoke to Lea Schodel who’s a certified money coach, yoga and mindfulness and wellbeing trainer. She’s also a speaker and in her words, global nomad. We covered off on all sorts of things from coaching, client behaviors. We covered marketing. We went through some of the technologies she’s using. She was very, very generous and talking to us about some of the mistakes and learnings that she made along her journey and also we discussed some of the changes that are happening to the industry at the moment and what the opportunities that she can see within that. There’s some great takeaways for you to think about implementing into your business. So let’s get into the conversation now.
Fraser Jack: [01:29] Welcome to the show Lea.
Lea Schodel: [01:31] Thanks Fraser, thanks for having me.
Fraser Jack: [01:33] So tell me whereabouts are you at the moment?
Lea Schodel: [01:37] Right this moment I’m in Vancouver BC.
Fraser Jack: [01:40] Wow. So you’re my first international guest on the show. Is that how we can frame this?
Lea Schodel: [01:46] Yeah. Definitely. Sounds good.
Fraser Jack: [01:48] So what are you doing there?
Lea Schodel: [01:50] I am on a bit of a speaking and workshop tour at the moment of the U.S. and Canada.
Fraser Jack: [01:56] And speaking and workshops, is that sort of what you’re doing at the moment, these days?
Lea Schodel: [02:01] Yeah. Mostly online coaching, speaking and running workshops, all over the world.
Fraser Jack: [02:06] Wow. All over the world. I love it.
Fraser Jack: [02:08] Tell me about business at the moment, have you still got your Australian business?
Lea Schodel: [02:12] So my business is still based in Australia. I’m no longer advising. I gave up my license on 30th June 2018. So no longer practicing as a financial advisor, however I’m a certified money coach now with the Money Coaching Institute globally, and I’m just running my own mindful wealth program at retreats and workshops and with different women’s groups.
Fraser Jack: [02:33] So giving up your lice... how did that feel? What sort of brought that about?
Lea Schodel: [02:37] That’s a good question and it took me a long time to actually transition across from giving up my license, it was sort of my safety net for a long time, it’s what I’ve practiced for the last 17 years and I really enjoyed it, but I realized that, I felt that I couldn’t be a coach and an advisor at the same time and give them both the dedication and the time that they both deserve, so I decided to focus on what I love and where my passion is at the moment and that’s in the coaching space. I really love the behavioral psychology of money and just really getting to the heart of what someone’s money personality is and what’s happening with them emotionally and mentally with their money as well as action based. So it was a bit of leap of faith and it was a hard thing to do. It really was hard to give up my license.
Fraser Jack: [03:22] Yeah, like you said, giving up your safety net and stepping out there and actually not having a backup plan, I guess is [inaudible 00:03:27] I suppose.
Lea Schodel: [03:26] For sure. It’s never been something that’s worried me. I’ve always been just to take on a challenge, if it’s new opportunity, but I guess it’s leaving the industry where you’ve been working for 17 years, and it’s what you know and it’s where you feel most comfortable to go into the wider world and try something that’s new and potentially different for a lot of us and it’s exciting, but I also felt that it was important to differentiate myself and my services. I didn’t want to have to wear an advisor hat and coaching hat. I sort felt if I was just wearing a coaching hat then it’s lot clearer to clients. It’s a lot clearer from a compliance point of view and I just started, it was just the right direction for me to take with this business. Also, to probably align with my love of travel as well.
Fraser Jack: [04:15] Yeah I guess that certainly will fit into it.
Fraser Jack: [04:17] Did you actually see it as leaving the industry or do you see it just as a new way of being able to help your clients or help consumers?
Lea Schodel: [04:24] Yeah definitely not leaving the industry at all. There has been and there is a really big place for coaching in the financial advice industry. It’s where I feel that there’s that missing gap, that pre-advice stage where you need someone to really understand your clients really well so that they can get to the heart of what’s going on for them. So I feel like it’s definitely not leaving the industry but I’m maybe just bringing in a new approach.
Fraser Jack: [04:50] Yeah. 100% agree. I definitely think there’s a massive space of trying to get consumers from being dormant and not actually moving towards advice to actually turn and start that momentumship towards doing something for their financial future with regards to either seeking advice or just the structure or getting under way so I think there’s a massive space. There’s obviously a reason why the eight and ten aren’t getting advice and I think you’re really tapping that space.
Fraser Jack: [05:16] Tell me though, you’re there now, you’re in Canada, you’re coaching and you’re doing training sessions and one-to-many type seminar type conversations, but let’s just go back in time a little bit and work out, let’s start looking at your journey towards where you are now. Tell me, do you want to give us a quick overview of how you got into this advice space?
Lea Schodel: [05:37] Yeah, for sure. Graduated from studying business management and fell into financial advice. Didn’t know what it was, started as the office junior and worked my way up to all of the roles. I think I’ve done pretty much every single role in a financial advice business, while I was studying full time. So I studied financial planning and worked in the industry until I gained qualifications and started advising in 2006. From there I worked for a number of IFAs and aligned dealer groups as well and really got some really great mentoring and experience in those different organizations. In 2008, the beginning of the GFC, I decided to go to the UK. I literally landed in October 2008, which is fantastic timing. Ended up not working in finance because I couldn’t get a job but stuck it out because I’m a bit stubborn, so stayed there for the full two years.
Lea Schodel: [06:32] I got back to Australia and started a contract paraplanning business, which I ran for two years and then decided that it was time to get back into planning, and established what I would call a more traditional practice with two accountants. We had three offices in Queensland. I was working out of a co-working space that I created with a mortgage broker and an accountant, a solicitor and a bookkeeper and had a really good growing practice, was enjoying it but felt really unfulfilled, like I was still that kind of square peg in a round hole. The industry wasn’t really doing it for me but I was really passionate about the need for advice and the role of advice in shaping people’s financial future’s and that’s when I kind of had this idea to leave the industry, but at the same time started studying yoga and that yoga mindfulness, meditation aspect really changed the direction of my life and definitely the business.
Lea Schodel: [07:30] So that’s where I started to think about how could I bring some of these principles into the way that I engage with my clients? How could I take a more niche approach to working with clients and particularly the types of clients that I wanted to attract? I then decided that I would set up a social enterprise, which I pitched to an incubator program, which accepted the idea. At the time I said to them, “I’ve got this idea about yoga and money and how I kind of want to blend it all together.” I didn’t know what I was saying and I think they had no idea either but it was new and different and I think they felt like it was novel. I don’t know. That was 2014 and from there I established this vision of creating a financial wellness business, servicing women between the ages of 25 to 55, predominantly online education and retreats and wellness focused events where we started to bring in the topic of money, so that they were approaching it the same way they would any other area of wellbeing in their life.
Fraser Jack: [08:32] Yeah, I completely relate and I think a lot of people would relate to this idea of the square peg in a round hole. When somebody enters the financial services industry here in Australia, there’s pretty much a set way of doing things that everyone has to do it that way and if you want to do something a little bit different, you actually have to do it that way. To me it sort of feels like it’s already set and that’s the way consumers should absorb advice rather than actually coming from like you said, where it was unfulfilling to you because it didn’t, it wasn’t out of your internal, the way that you wanted to think about those things. Do you think a lot of the members of the public also feel that way?
Lea Schodel: [09:11] Yeah I do. I mean the feedback that I get the most is that they love how different it is. They love that it’s a unique approach and that it’s in a different language. It’s in a language that they speak and that they understand. The concept or material that I’m delivering is just financial literacy content, it is standard content, but it’s just the language, and the way it’s delivered and the style it’s delivered in, is different. I’ve never been one to do something just because everyone else is doing it, in fact I’m always looking for other opportunities and I think I just sort of sat down one day and I thought, “I’m really uninspired to go see a financial advisor, yet I of all people know the need for financial advice and if I’m not going to go see someone then my target market who really is a representation of who I am, they’re not going to be inspired to go see someone.” So it just got me thinking about doing things differently.
Fraser Jack: [10:04] You know I completely agree the inspired to go see advice, it’s definitely not there at the moment. I also think that what you’ve done really well in that scenario is you’ve combined two things. So I think probably traditionally, money conversations would take place whilst doing something else, you know like whilst doing exercise or for me it’s more around the cooking background of saying, maybe money conversations in the kitchen or while you’re preparing a meal or something like that. So I really admire the idea of combining it with something that somebody can do, maybe yoga and having conversations about money and being able to combine those two together so it’s not just a straight focus on money.
Lea Schodel: [10:44] Yeah, I think on two levels I 100% agree. One is that there’s no such thing as money conversations, or decisions, they’re life decisions so, to try and just segment money as its own topic, I think it really stops or prevents people from engaging with it and it makes it even more taboo. And the second thing is it doesn’t have to just be speaking about money. It’s part of our daily lives so if we can bring it into the normalcy of what our daily lives are and encompass in the conversations we’re having and then we start to really see it in the light that we should do I guess.
Fraser Jack: [11:17] Yeah. Perfect. Tell me along this journey you’ve taken to where you are now, what were some of the key learnings, or the key pivots I guess along the way that you felt maybe I went down that path or went down the rabbit hole and worked out that wasn’t for me?
Lea Schodel: [11:32] Yeah, for sure. I mean I’ve made a lot of mistakes, that’s how you learn. That’s how I learn anyway and it’s usually the hard way, but I’m not afraid to give things a go. I think one of the big things I did learn was, I created an online course, it took me a long time to create the content. One because I wanted to make it all encompassing, so it’s a big course, I probably could have broken it down. I also waited until I pretty much finished nearly all of it to launch it, which was again probably not the smartest thing to do. I have run retreats, lost money on retreats. I have invested money in marketing, lost money in marketing. I’ve tried lots and lots of different things but I think I’m just trying to see what resonates and what works and that’s one thing that I’m learning is that you can’t just keep doing the same thing, if it’s not working you’ve got to pivot and just try something else and just keep reinventing what you’re doing with the same core message until you find what resonates and what works.
Fraser Jack: [12:26] Yeah. It’s good advice. I also really think that what you said then with regard to the online courses and doing, rather than trying to do everything, the small pieces, promote it, small piece, promote it rather than, yeah like you said, trying to, I guess the old, the adage of how to eat an elephant, one bite at a time, just do something small and see how that goes.
Lea Schodel: [12:47] I absolutely agree. I think small is good. Test and measure. Get feedback along the way. You know we are in a tension economy, so getting someone to commit to a big piece of work or, you know a long program is very, very hard. So smaller bite-size learning chunks of doing business with us and that’s what I always kind of had a problem with the full advice process, the traditional advice process was, we got these clients to come in and then they said, “Okay, this is my situation.” And we went, “Great, we’re going to change everything. We’re going to give you this massive statement and advice and we’re going to charge you this huge fee.” And I thought that’s really not a great way to do business with a client and keep them as a long-term client for you as well and create that connection and relationship with them. I much preferred, and I when I was doing more traditional advice, was to break it down and say, “Okay well first we’re just going to do this chunk, and when that’s sorted we’ll do the next chunk.” And I think that’s the way that I approach coaching, that’s the way that I approach advice and I think it’s a much more palatable way for people financially and emotionally to deal with what we’re trying to help them through.
Fraser Jack: [13:48] Yeah. Love that idea. I always like to use the words, “It’s not what you say that matters but it’s what is remembered that matters.” And I think when your clients or consumers are actually trying to digest this big, huge thing that is a financial plan, those small chunks are certainly a lot easier to digest and remember. If you’re just doing one little thing this week and then next time I think we’ll do the next thing so, yeah that’s great, great way of looking at it.
Fraser Jack: [14:15] There’s a lot of change going on at the moment, when obviously there’s a little bit of disruption within the financial service industry but a lot of change, you’ve been through a lot of change, what sort of tips and advice you have for people that are going through that, or you know, there’s obviously a lot of fear around change and there’ll be a lot of fear being felt in the community of advice with regards to, you know changing the way you do things and moving, you know you’ve moved from a traditional advice business to a coaching business. Do you want to sort of tease out that? I think there might be some people interested in how you went through that change.
Lea Schodel: [14:46] Yeah, for sure. I think in my mind, change is a constant and I don’t fear change, I see change as opportunity. I think we so often focus on the negatives or the challenges that we face when we are presented with a change rather than the opportunities or positives that it can create for us, and as an industry I think there is so much opportunity for us to look at this as a positive move forward to say, “Well, how could I adapt my existing business or how do I create a new business or how do I blend it to really work towards what I want to achieve as well, as a business owner but also what I want my clients to achieve while working with me?” Change is one of those things that yeah, I think it gets easier to work with the more you face it.
Lea Schodel: [15:28] I really do feel that it’s time that the industry did face a change. I don’t necessarily think it needs to have been as dramatic as it is at the moment, however I do see it as a positive because of the way that technology is changing, of the way that consumers are expecting to deal with us, and the way that we can also do business online or not necessarily needing big offices, or we can really start to adapt a business model that works more for us from a financial profitability point of view but also from a client service and touchpoint point of view, leveraging off all of the amazing technology we have available to us at the moment.
Fraser Jack: [16:06] Yeah, absolutely. The technology is a big part. I love the concept, and I guess you’re living it at the moment, this location independent idea where you can run your business from pretty much anywhere in the world using, obviously technology, we’re obviously talking to each other right now over a Zoom meeting. What sort of technology are you using at the moment?
Lea Schodel: [16:23] Yeah. It’s amazing what you can do with a laptop and a phone these days and wifi. Although I am fairly glued to them, I feel a bit lost without them. Look I try and, I use a lot of different apps. A lot of efficiency apps, a lot of time management apps, a lot of communication apps. So things like Zoom, yes, great, I love it. I would use it three times a day on average at least but I’m also using Messenger, WhatsApp, Skype. So whatever really works as a communication tool. My primary form of marketing is Instagram. So I use Instagram on a daily basis. I also use a scheduling app called Planoly, which I love, which is one that I can use on my desktop and also my phone. What else am I using? I’ve got the calendar functionality tool, booking tools. I’ve got payment gateway tools like Stripe and PayPal that integrate. I use [inaudible 00:17:15] which is a membership kind of like a MailChimp on steroids if you like, I use that. I also use a video tool to send my clients short videos. I use Dropbox and I use Google Drive as my main tools. What else can I tell you?
Fraser Jack: [17:33] Unpack Instagram for me because there’ll be a lot of advisors thinking to themselves, “How can I use Instagram or social media?” And in a certain way Instagram’s probably not one that pops up all the time, for lead generation.
Lea Schodel: [17:46] Yeah and I think that’s the thing, it wasn’t going to be my primary source for me either until I did some market testing and I found out that that’s where my target market is spending the most of their time. It was that and Pinterest. Pinterest is [inaudible 00:18:00] as well. So I use Pinterest also. I was thinking Facebook was going to be the place for me to go but, it really comes down to where is your target market looking and spending your time. So if they are professionals or, they might be on LinkedIn, most of the time, and there’s some amazing people doing, like Chris [Base 00:18:17] doing some cool stuff on LinkedIn and really generating some great leads that way. For me it was Instagram, it was looking at wellness professionals on there already, so I was looking at, “Okay, who’s in the health and wellbeing industry who’s really killing it, in terms of getting their following going.” And then I kind of just went, “Well, how can I adapt that to talking about money?” And I started to create regular posts, so it’s really important that you’re regular. I’m posting nearly every day if not every other day and I probably have a thousand posts already, so it’s a fairly big strategy for me. However, I don’t have to spend a cent on it, it’s free marketing and it’s where a lot of my business comes through now.
Fraser Jack: [18:56] And you mentioned market testing. What was that process for you? How did you go about the actual practicality of market testing?
Lea Schodel: [19:03] So what we did was we ran the same campaigns on Facebook and Instagram and Twitter, and then we looked at the engagement. So the likes, the comments, who was clicking through to the website? What was resonating? Who was following us and it was just so clear cut that it was Instagram over any of the other mediums, that I thought, “Well I don’t want to be spending time doing everything. I don’t have time to do all social media platforms.” I think you choose one or two that you enjoy doing and that you just focus primarily on those.
Lea Schodel: [19:33] Yeah, it was a bit of a surprise, but a lot of my speaking engagement requests come through them, new coaching clients come through there now. I even had a recent order for my affirmation, abundance cards that I created. All three Instagram. So it’s definitely paying off.
Fraser Jack: [19:47] And what sort of technology do you use for regular posting? So you post regularly but do you maybe stack those up and then allow them to feed into the social sites?
Lea Schodel: [19:56] Yeah, so I create my posts in Canva. So I’m just using Canva to create the actual imagery and then I use a tool called Planoly, but there are quite a few other ones out there. I’m using the free version of that too, so I’m not paying for that. And then I just schedule them all in, and they just automatically post. They save the hashtags. It’s amazing. You can move them around to see what it’s going to look like. So I probably spend around about an hour to an hour and a half week now on my Instagram strategy but before it was a lot more ad hoc and I spent a lot more time doing it.
Fraser Jack: [20:32] Yeah. Great. Excellent. And you’re receiving a lot of good response out of that and you could I suppose ramp that up if you wanted to increase the response you needed?
Lea Schodel: [20:40] Yeah. I definitely could and I’ve just started working with a Instagram marketer as well, based here in the U.S., who I found through Upwork. So I use Upwork for a lot of contract positions, where I get people to just come in and do, fill a role for me on a set number of hours or a fixed fee basis. So he’s coming in to just boost my Instagram followers through a strategy that he has to make sure that they’re engaged in the right type of followers. And again he’s $10 an hour, so it’s not a huge investment for me. But my goal is to get to the 10,000 follower mark within the next three to four months.
Fraser Jack: [21:16] Great. Excellent. So you’re doing some speaking at the moment, what else are you working on at the moment?
Lea Schodel: [21:22] So I’ve just, yeah, doing some workshops, speaking here, running financial wellbeing workshops for women in Vancouver. I’ve just finished one in California as well. I am working on a number of things. I’m writing content for a couple of financial wellbeing apps at the moment. I have my online coaching clients. I do group online coaching. I’m finishing writing my book, which should be out very soon, and I’m doing a couple of mini courses as well, working with a Tapping specialist to help people work through their money beliefs.
Fraser Jack: [21:54] Wow. So obviously you’re working on a fair bit. What do you want to get to over the next 12, have you got any goals set that you want to get to over the next 12 months or a couple of years or things that you want to create or bring to market over the next couple of years?
Lea Schodel: [22:08] Within the next two years I want both my books to be out and well marketed. I want to be continuing to speak around the world. I want to be running two global retreats. At the moment I am running those but I want them to be, I’ve got a very clear vision of what I want those to look like. I’m really, it sounds a bit strange but I’m kind of living to achieve at the moment and I just want that to continue and if I can have the balance of creating more of a passive income stream, that’s probably my number one goal. But apart from that just continue traveling and supporting and speaking to as many women as possible.
Fraser Jack: [22:40] Yeah. So and your main topic is lifestyle, wellbeing, talking money, bringing money into those conversations, as you mentioned before, I mean they’re life decisions and how that is part of people’s daily lives and their relationship I guess with finances and their health.
Lea Schodel: [22:55] Yeah. I’m really driven by the fact that most people, given the knowledge that’s available freely on the internet on how to manage your money still can’t apply it to their personal situation. So my focus is on the behavioral side of things. How do we get people to understand their key motivators in what they actually want to achieve their goals? How they define success and wellbeing and wealth to themselves? And how they actually set those as tangible goals for them in the future but also then manage their behaviors, their thoughts, their emotions to actually work towards achieving them, so set themselves up for success.
Lea Schodel: [23:30] And the idea is that if I can help them really create awareness around what’s going on, with their thoughts, feelings and behaviors then I can then say, “Okay, right, now go see a financial advisor. You know how to manage yourself. You know what’s going to work. You know where it’s going to fall down and challenge you, you know I can still coach you along the way but I want you to go see a financial advisor to actually get the advice,” but I don’t want them to go see someone if they’re not going to stick with the plan. That’s essentially my goal.
Fraser Jack: [23:54] Yeah. Behaviors are a massive part of it. I think every advisor listening to this would be in the scenario that you can create the best plan in the world but if someone is not going to behave in the way that they’re meant to behave. As in they don’t spend what they’re supposed to spend, they overspend or whatever they might be doing. How is that, setting those goals is massive, but how do you work on a behavior? How do you create a new behavior? What’s the formula?
Lea Schodel: [24:20] Before you can even create the behavior you need to understand what the key motivators are. So we go right back. So part of my certification with the Money Coaching Institute was to be trained in looking at unde... well basically really exploring what’s happening in someone’s relationship with money. So going right back to their childhood and exploring, what’s happened since then with money? What are the patterns? What are the habits and the behaviors that keep repeating because they are, and they just destroy that someone’s created for themselves that almost like a self-fulfilling prophecy that we just play out because a lot of our money, emotions and habits and behaviors are subconscious or so we’re not even aware that we’re doing them. So my role is to help them bring that up to awareness and go, “Okay, well what’s working, what’s not? And how do we create that behavior change to choose, which ones do you want to change essentially?” And it’s a really, really interesting process, it’s using archetypes so we do look at where those behaviors came from and then how we can encourage more positive archetypes as opposed to the challenging ones that are going to derail you continually from what you’re trying to achieve.
Fraser Jack: [25:26] Yeah. I love this stuff. So tell me, so you’re working on some courses, how can people sort of get hold of the courses you’re working on or continue to have this conversation with you?
Lea Schodel: [25:36] So my client courses are all available via my website which is just leaschodel.com and the mindfulwealthmovement.com so I’ve got the two websites there. Some of the courses that I will be creating will be for advisors. So I’ll be creating some course content with a financial advisor here and also here in the U.S. who is incredible. So we’re going to put together a few short, bite-sized learning pieces for advisors. So that’ll come to market probably December, at this stage. Really just getting in touch via LinkedIn or just via e-mail. I’m always happy to have a chat or a coffee over Zoom.
Fraser Jack: [26:12] Great. We’ll include those details in the show notes. Now tell me, how do you see the long-term for the financial advice industry here in Australia panning out? There’s obviously a lot of speculation around how it’s going to look in the next few years. What are your thoughts?
Lea Schodel: [26:28] It’s going to be an interesting evolution of the advice space. I think it’s going to see a shift between, what I think advisors will need to be really clear on what aspect of advice they really love to do and then focusing purely on that. I don’t think we can be generalists anymore, I think we need to be specialists and I think we really need to be focusing on the technology and the best use of that to deliver cost-effective service to our clients because it’s becoming more difficult to run a cost-effective practice and with the increased educational compliance delivery costs, it’s going to be really hard to run a profitable business, so I see that being key. I think it’s going to be really interesting. I think if we look to the U.S. and seeing what’s happening over there, they have many different types of advisors, whether they’re investment, insurance, strategy, retirement, they’re kind of all specialists and then they also have money coaches and financial counselors and financial therapists and I think the profession is a lot more expanded, even professional finance bloggers for example. They’re all going to come into play. So it’s going to be interesting to see where it goes, I think.
Fraser Jack: [27:34] Yeah. Interesting is an understatement. There’s certainly going to be a lot of change going on.
Fraser Jack: [27:37] Thank you so much for your time today. Before we go though I’m keen to get your final top tip questions if I can. So just shoot from the hip, let us know what your thoughts are. Tell me if or when you speak to consumers, because you speak to a lot of them, maybe a consumer thinking about getting financial advice, what sort of tips would you give them?
Lea Schodel: [27:57] I think do your research. I think there’s so much information out there. Make sure you’re seeking it from a reputable source, that’s a big thing. Look for someone who speaks your language. So, look for someone who really does communicate in a style that you find easy to understand and that is speaking your language. Yeah, I think there are so many great advisors out there so don’t listen to what the media is saying because it’s not a good representation of the good quality advice that is out there and available to you. The vast majority of financial advisors are out there for your best interest and in your best interest so I would definitely say, don’t believe all the hype and the media stuff.
Fraser Jack: [28:35] Don’t believe the hype, exactly right there. So tell me if you or when you speak to people, advisors or people looking to become advisors or wanting to get into the advice or coaching space, what’s your advice to them?
Lea Schodel: [28:47] My biggest piece of advice is just be you. Your style of advice, the client chooses a relationship with you because of who you are and that’s the strength of your relationship with them, so don’t be afraid to bring more of who you are to your relationship with your clients and the way that you do business. There is no one-size-fits-all. There’s so many different ways to be a financial advisor or a coach or a whatever you want to be in this industry, find what works for you and adapt it and don’t be scared to do things differently.
Fraser Jack: [29:14] Embrace the square peg.
Lea Schodel: [29:15] Yeah. Exactly.
Fraser Jack: [29:15] Be the square peg.
Lea Schodel: [29:17] Be the square peg. I might get that [inaudible 00:29:20] ribbon.
Fraser Jack: [29:24] Yeah. Exactly right. There’s also a lot of, sort of traditional advice muddles I guess and there’s probably a lot of people then looking to work out how they can transition from the traditional advice practice to the something that’s going to withstand the test of the future. What, and you probably know a lot of these people as well, what advice would you give to them?
Lea Schodel: [29:44] Probably the same advice that I discovered myself is that I looked to the U.S. to see what was happening overseas. The market from a coaching perspective is so much more evolved than, it’s non-existent pretty much in Australia, so it’s been around 20+ years in the U.S. So I looked over there to get an idea of how it worked. What kind of study and training was on offer? But also how it integrated with traditional financial advice and that model, because there is a place for that and I don’t want to see that disappear altogether. I just think that we need to broaden the service offering to encompass more people, you know the ones that are not really engaged with it, the financial advice model at this stage.
Fraser Jack: [30:22] Yeah. I completely agree, broadening your mind, looking around, looking overseas, seeing what is doing well and surviving the test of time elsewhere is a great advice. Now tell me with the benefit of hindsight, if you could go back in time and give yourself some tips and advice, what would you do? Where would you go to? How old would you be? And what would you say to yourself?
Lea Schodel: [30:49] That’s a good question. That’s a great question. I’m not someone to really dwell too much on the past. I’m really someone who just focuses on the future so everything, every decision and action and thing that’s happened in my life to date has made me who I am today so I’m pretty happy with that. Probably wouldn’t have sold a property that’s now worth a lot of money but that’s the benefit of hindsight, so apart from that little faux pas, the rest is pretty good so far so I’m looking forward to the future and seeing what’s happening going forward, I think that’s probably the best answer I can give you on that space.
Fraser Jack: [31:17] Yeah, sounds like you embrace all the decisions you’ve made and go, “Well, you can’t change those, embrace them, it’ll make me a better person.”
Lea Schodel: [31:24] Yeah, I mean I’m certainly, have made lots of mistakes but that makes you human and that makes you adaptable and resilient and you just keep going, in my mind.
Fraser Jack: [31:32] Yeah. Exactly right. Exactly right, just keep going.
Fraser Jack: [31:35] Just wanted to say, thank you so much for, we’re running out of time but thank you so much for giving us some time today from the other side of the world and really, really appreciate you coming on the show and thank you so much.
Lea Schodel: [31:46] Thanks. My pleasure. Thanks Fraser.
Fraser Jack: [31:47] If you haven’t already, I’d love you to subscribe to the podcast on your podcast platform of choice. And to continue the conversation, head over to our social media channels. We’ll catch you next time.
Disclaimer: This document is a transcription obtained through a third party. There is no claim to accuracy on the content provided in this document, and divergence from the audio file are to be expected. As a transcription, this is not a legal document in itself, and should not be considered binding to advice intelligence, but merely a convenience for reference.