Please join us in welcoming Chad Streuli, Client Services, to the JVA team. Chad joined JVA in early December 2019, bringing a new dimension of skills to support our growing community of valued clients.
We sat down with Chad to find out a little more about him.
Chad, how did you come about a career in financial planning? What drew you to the industry?
I’ve been interested in global markets and wealth management pretty much all my life. I grew up talking about global markets as my father was a hedge fund manager and Investment Banker in New York and Switzerland. I’ve also had a lot of exposure to banking, financial planning and wealth management. Financial planning is a relatively new concept, which I find really interesting as there’s a lot of mistakes people can make when it comes to how they use money and how they approach money. For example, buying a new car the moment you get a new job, or buying real estate at the top of the market. People will still be willing to take out home loans for 500 to 800K in their mid-twenties, yet they haven’t done any research, they haven’t figured out where the markets at or long-term cycles.
That’s one of the main reasons for getting into wealth management, to show people, hey, you don’t need the big house straight away. You don’t need that fast car straight away. You’re much better off building up some savings, buying things that produce value. For example, a major fruit grower or a company that produces something that everybody needs, something that produces value. Rather than getting into debt to buy what I call status symbols, McMansions and fast cars, you’re much better off living frugally for 15 to 20 years — then using that to invest in something that generates an income enough so that you can do what you want to do for the rest of your life. And that is doable for most people, they just don’t realize it.
The reason they don’t realize it is because they’ve constantly got this pressure of ‘you’ve got to pay off that mortgage, you’ve got to pay off that car’. You have all these liabilities that you’ve built up because of what your imagination says you need or what society tells you that you need right now, that you don’t have the patience to build up wealth. If you build up a share portfolio, get some passive income through investments that are producing, how good would it be if all your mortgage payments were paid by dividends? It is achievable.
Can you tell us a little about your career in the industry before you came to join JVA?
I started at ANZ when I was still at university as a personal banker working in Fremantle. I dealt with small businesses and families doing personal loans, home loans, that kind of thing. I then moved into credit risk and collections at Bank West, in the middle of the GFC. It was a really interesting job, and it taught me patience because I wanted to see the back end of the loan cycle. I wanted to see what happens with the money that I’ve lent. And then I found out that a lot of it gets sold at 10 to 15 cents on the dollar to debt collection companies, who then have the discretion to choose whether they want the full amount, half of the amount, whether they want to make a deal, et cetera. I then transitioned into financial planning, basically because I wanted to teach people how to avoid getting into that situation personally.
I completed my Diploma of Financial Planning and then moved to Switzerland, where I did a few different jobs. I went to Deutsche Bank in client services, a similar job to my current role, working in portfolios, asset transfers and compliance. It involved looking at people with 50million to a billion-plus, and sometimes we would have to look for politically exposed people or people on terrorist watch lists. It was like counter-terrorism compliance, which was really, really interesting. And then because I enjoyed that, I got a job at Credit Suisse doing exactly the same thing. They had a project on to look for any red flags with regard to flow of funds, origin of assets or not meeting KYC standards.
After Credit Suisse, I mostly worked on short-term projects. I moved to Swiss Life Asset Managers to assist in identifying system requirements, testing and training people on a CRM that was integrated with all the European stock exchanges. It was a great project where I got to liaise with various stakeholders and input groups. I then came back to Perth in June 2019. It’s nice being back.
What is the most interesting thing about you that we wouldn’t learn from your CV?
I completed a personality test with a psychologist when I was 16 and a bit rebellious, and the analysis was basically, ‘you’re in the top 10% of people in mental mathematics and logical thinking, so you get bored at school.’ I’ve found that I’m very good at analysing situations and finding a solution to it quickly.
What are your long-term goals?
I have to redo my Diploma of Financial Planning in a Bachelor due to the Royal Commission. So, my current goal is to be a registered and licensed financial planner within two years.
If you see Chad around our office, feel free to say hello and introduce yourself!