One of the reasons women are doing so well in business is their ability to connect with clients. When Zuraida Ariffin built her business – Zuraida Ariffin Wealth Creation – around strong client relationships and personalised financial advice that focuses on the individual, she knew she was onto a winning formula. Indeed, her professional efforts were recognised when she was selected as the 2007 NSW/ACT state winner in the Financial Planning Association’s Value of Advice Award in the Wealth Accumulation category. Here, Zuraida lets us in on the fascinating elements that comprise financial success.
Why did you start your business? My training and work in the scientific arena taught me to be very thorough and look at a situation holistically. Given this, and my natural ability with numbers, it was a natural progression to enter financial planning when I decided I wanted a career change. I can use these talents to help other people and can see the results of my efforts. This gives me a great deal of satisfaction.
What does ZA Wealth Creation actually do? I look at people’s entire position and help them maximise their financial situation. We provide strategic advice to clients in different stages of life and situations, for example:
- a young single starting to budget, save and invest in a new home
- a family with a mortgage, wanting to invest for their children’s education and create wealth
- divorced individuals looking to rebuild their financial future with their children
- couples focussing on plans for retirement and lifestyle goals
- retirees who are managing their income derived from a superannuation account or Self Managed Super Fund
It is not about how much you earn but what you do with it. Most people are not aware of the options available to them so it is important to engage someone who has the specialist knowledge to help achieve goals. Everyone wants financial independence when they retire, although the majority of people think about it very late.
How long have you been in operation and how many employees do you have? I have been a financial planner in my own business since 2000 and at present I am supported by three staff members who themselves are well qualified in their specific areas of expertise.
What other career roles have you had? I hold a Master of Science (Australian National University) and Bachelor of Science (Sussex University) which led me to work at the CSIRO as a Molecular biologist (research), before changing to Financial Planning.
Have you always dreamed of setting up a financial planning business? I have always wanted to have my own business. Financial Planning was a good choice as it utilised the disciplines I had acquired through my academic background. The ability to identify, analyse and provide a remedy for a given scenario is very important in financial planning, as is continual monitoring and reviewing of the client’s financial situation.
Have you always been good with money? I have always been good with money. All through my life I have observed the different ways people treat money and handle their cash flow. The smallest changes in thinking can mean a very dramatic change to someone’s situation. With my financial planning training and ongoing learning, I share this information and experience with my clients.
What are your educational qualifications? I am a Certified Financial Planner with a Diploma in Financial Planning (Deakin University) and a member of the Financial Planning Association. The CFP® certification identifies practitioners who are dedicated to a high level of professionalism in the delivery of personal financial advice to clients. Having this certification shows I am competent, ethical and experienced, and follow a well-defined process that puts my client’s interests and needs first when providing financial planning advice.
What kind of personal attributes does one need to create a business centred on financial planning? For the process of identifying, analysing, monitoring and reviewing to be totally effective, you must be able to work cooperatively with a wide range of people. My clients have varied backgrounds, education, ages and circumstances. I am often presented with difficult situations where couples don’t see eye-to-eye. Empathy, tact, attention to detail, the ability to educate and inspire and effect change in people’s mindset and understanding are among the capabilities required to be a successful financial planner.
Who have you relied on for help in setting up your business? The Financial Planning Association holds the standard by which I operate my business. I have not relied upon any one person to set up my business however, I seek and am grateful for the counsel of my accountant, solicitor and husband whose professional knowledge enhance my decisions.
What facilities and resources have you used to help you cope with this journey? I keep myself up to date with on-going education, read personal development books and I have a mentor.
What kind of financial model do you operate under? As business decisions should be approached with caution and attention to inherent risks, a business model should be devised and then scrutinised by an accountant.
How do you budget, plan and project for your business, financially? I ensure that I fulfil my financial obligations as an employer and business owner. It is also important to be prepared to invest in the business for unexpected costs and setbacks by having access to some finance. We set targets for revenue and track actual revenue against those targets. We also compare current figures against the previous financial year. In terms of expenses, I set up dates to cover business running costs: salaries, PAYG tax, super, insurances, IT, office, newsletters, licensee services, etc. I budget for other costs such as conferences, hardware, software and client events. Essentially, it comes down to knowing what’s coming in and going out and whether or not that meets my expectations.
What obstacles have you encountered and how have you overcome them? The global financial crisis proved a challenge. Naturally, my clients were concerned about how it would affect them. I responded with a reassessment of each client’s total position and gave them confidence to stick to the strategy we had designed for them.
What has been your greatest reward? Recently I had dinner with a client that I have been advising for 20 years. It was very enjoyable to celebrate this milestone and see that he is living a very comfortable retirement.
What has been your biggest learning lesson? By observing the results my clients have achieved, I am confident in saying that the basics of financial planning are effective and can make an enormous impact to someone’s situation. Good financial advice, cash flow management and solid budgeting really pay off!
If you could do anything differently, what would it be? Take my own advice earlier in life!
What achievements has ZA Wealth Creation enjoyed in the past year? Over the past year, we have been putting into place the strategies for which we won the 2007 award. In this time, our clients have improved their financial position by reducing debt, protecting their families and increasing their investment and superannuation balances.
Where is ZA Wealth Creation now headed? ZA Wealth Creation is well poised with the right infrastructure and a great team to expand the business and increase the number of clients we take care of. We will continue to help clients effectively manage their finances for the years ahead.
For more information on ZA Wealth Creation and the work Zuraida does, including client testimonials, see her website – zawealthcreation.com.au.
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