The Art Of Energy Management

The Art Of Energy Management

It’s been a big year, to say the least. Many client’s I’m seeing at the moment feel as thoughthey are leopard crawling battle-scarred across the finishing line that is 2020. Feeling tired,irritable, maybe a tad peeved and still a little anxious with the COVID cluster news? If yes,you are not the only one!

I am pretty sure we are all in need of some TLC this holiday and making a concerted effort tofill our energy tanks. This is an excellent time of year to switch off from all things that take away from our energy. Rest and restoration are two of the most powerful elements to help us move from exhausted to energised. The Art Of Energy Management

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JobMaker Hiring Credit

JobMaker Hiring Credit

On 6 October 2020 as part of the 2020–21 Budget, the government announced a new incentive for businesses to employ additional young job seekers called the JobMaker Hiring Credit. The JobMaker Hiring Credit will be administered by the ATO.

Eligible employers will have access to a JobMaker Hiring Credit for each new job they create over the 12 months from 7 October 2020, for which they hire an eligible employee, for a maximum claim period of 12 months from their employment start date.

Employers will register with us and make claims quarterly, with claims commencing in February 2021.

This measure is subject to the passage of legislation.

The JobMaker Hiring Credit will be:

  • $200 per week for each eligible employee aged 16 to 29
  • $100 per week for each eligible employee aged 30 to 35.

An employer cannot claim JobKeeper and JobMaker Hiring Credit at the same time.

To be eligible, employers must:

  • hold an Australian Business number (ABN)
  • be up-to-date with their tax lodgement obligations
  • be registered for Pay As You Go (PAYG) withholding
  • be reporting through Single touch payroll (STP).

Eligible employees must have worked an average of at least 20 hours per week over the quarter for the employer to qualify for the payment. Employees that start and/or stop employment during a quarter must meet a similar test based on the length of time in employment.

For the employer to be eligible, new employees must:

  • be aged 16 to 35 years
  • be in receipt of income support payments (such as JobSeeker Payment, Youth Allowance (Other), or Parenting Payment) for at least one of the three months before they were hired.

Further eligibility conditions will apply to employers based on the employer’s headcount and payroll on 30 September 2020. These conditions ensure that employers claim credits for additional jobs created rather than for replacing existing employees. Contact us for assistance with registration or determining eligibility.

See also:

JobMaker Plan – creating jobs for the economic recovery

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Top 5 Trends – THE BIG IMPACT

Top 5 Trends – THE BIG IMPACT

2020 has been nothing short of a tempestuous year. Despite the upheaval, there is plenty of optimism to look forward to. Here are the Top 5 trends to watch out for that will impact and revamp the financial planning industry over the next 10 years.

1. Radical Lucidity

The ability to clearly explain Goals-based Financial Planning to clients will become increasingly popular, especially amongst the next generation of financially and tech savvy consumers. At PrimeWealth, we strive to achieve ‘radical lucidity’ by being completely transparent from the outset with our clients about what to expect in terms of service standards and fee disclosure so that trust can be established early on and the lines of communication remain open and transparent. This is going to be an upward trend in the coming years.

2. Generational Transition

This refers to the generational transfer of wealth and clients. Research suggests over 65% of Small to Medium Business Owners express a desire, during their lifetimes, to transfer their companies and other assets to the next generation. However, it has been estimated (on an average), fewer than 30% succeed in doing so. These facts concede that successful generational transition and execution are complex management challenges that often require attention early on. With Baby Boomers entering the retirement phase, it is their children, the Millennials (20-37 years old), who become the ‘eligible’ cohort of clients for financial planners. Many Millennials are presently at a life stage where they actively seek advice as they deal with young families, their careers, buy a house, or simply follow their parents’ footsteps of seeking professional financial advice. However, many society members may inadvertently advocate that ‘these Millennials might still be too young to seek professional advice.’ The key thing to remember here is that the Millennials are far more tech-savvy and financially minded than the previous generations due to their experience with technology and digital media. They read books, watch videos, listen to podcasts, and are entering into their adult life with far greater awareness than the previous generations. Hence, they are far more susceptive to seeking professional advice early on in their life than their older counterparts.

3. Transformational Relationship

As big banks move completely out of the advice space as it has become too risky for them, the financial planning industry, on the other side, is rapidly evolving and transforming. Financial Planners are seen to be far more transparent in their approach. They stay ahead of the curve by focusing on friction points, e.g., they are mindful of not using too much ‘industry jargon’ as a friction point in the client meetings and possess a more strategic long-term vision. For instance, when the global pandemic intensified, PrimeWealth modified its business and work approach. More meetings were held virtually with clients, which further cemented the relationship and trust with clients and their families. Forming great transformational relationships is proving to be quite revolutionary, not just for the financial planning industry but all businesses in general.

4. Skill Set Diversity

Another huge trend accelerating in the financial advice space is Skill Set Diversity. When the business revolves around providing proactive financial advice to a diverse clientele, one must consider these primal points such as – their age, gender, interests, industry, ethics, and values. This means implementing diverse skill sets in the business is now more crucial than ever. Traditionally, advice firms focused on hiring good sales and numerically inclined people in the past. However, as the profession’s nature has advanced and evolved, the impetus is more on understanding the client’s needs and goals. A lateral shift towards embedding more people-focused skills within the business has been observed. For instance, here at PrimeWealth, it is all about getting into the ‘nuts and bolts’ of what is really happening with a client beyond their financial circumstances. Besides financial dexterity, empathy, insight, and high emotional intelligence will be a key part of the overall financial planning process.

5. Technology and Digital Media

Global influencers’ perennial favourite, Technology and Digital Media is the last top trend that definitely warrants watching. A robust and comprehensive digital media plan involving liaising with key stakeholders, clients, and staff members can supremely maximise advice firms’ digital presence in the marketplace. Social Media, in the current climate, is a great platform for planners to offer proactive advice digitally to their existing and prospective clients. It allows planners an opportunity to connect and engage with their audience on topics relevant to their client’s needs and receive feedback instantaneously via digital analytics and responses. These responses can inherently reveal underpinning factors governing consumer behaviour. Planners can utilise this feedback and go into client meetings armed with those valuable insights, enabling the discussion to be as relevant and relatable to their clients as possible.

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Prime Promise

Prime Promise

At Prime Advisory, we pride ourselves on setting strong financial foundations from the get-go no matter what your current circumstances are or at what age and stage of life you are. 
 
We believe in transparency, collaboration, and redefining expectations that not only strengthens our trust with our esteemed clients but also align with their personal and professional goals.

We envisage to equip you with quality proactive advice and sound strategy to help you stay on track with your personal lifestyle goals, financial big rocks, and secure your future retirement, effortlessly.

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Is Low Emotional Intelligence Affecting Your Relationships?

Is Low Emotional Intelligence Affecting Your Relationships?

The ability to manage our emotions, as well as be aware of the emotions of others, are critical skills to master if we want meaningful relationships in our lives. Where IQ was always touted as the key to success in life, what we now know from years of research, is that emotional intelligence (aka Emotional Quotient or EQ) is one of the most important ingredients to a happy, healthy, and connected life.

What is emotional intelligence (EQ)?

EQ is the ability to understand, use, and manage our own emotions in positive ways to relieve stress, communicate effectively, empathize with others, overcome challenges, and defuse conflict. “People with well-developed emotional skills are more likely to be content and effective in their lives, mastering the habits of mind that foster their own productivity,” says Daniel Goleman, in his book Emotional

Intelligence: Why It Can Matter More Than IQ.  Goleman argues that “People who cannot marshal some control over their emotional life fight inner battles that sabotage their ability for focused work and clear thought.”

How does a person with low emotional intelligence show up?

Generally speaking, people with low EQ cannot accurately perceive emotions in themselves and others. They are quick to blame, make excuses, judge others, and are ultimately self-destructive, particularly in the context of relationships. They can be challenging to get along with both at an individual and social level and difficult to work with because they cannot respond to even the most well-intended and constructive criticism.

 

Are we born with emotional intelligence?

The short answer is no.  Research shows that we are not born with emotional intelligence; instead, we learn these essential skills through lived experience. Foundational blocks are laid in our childhood and our primary carers, usually, our parents, play a massive role in teaching us these skills. If you came from a loving family with emotionally intelligent parents, the likelihood is that you developed these skills growing up.  However, if this was not the case, you may have struggled to navigate your emotions growing up, and the ability to forge close relationships has been a struggle most of your life.  People don’t seem to get you and you them.

What do people with low emotional intelligence have in common?

Several behaviors flag a low EQ. This list is by no means exhaustive but will give you an insight into the struggles these people face.  Perhaps as you read through each one, have a think about whether any resonate in your life and if yes, what you can do to change them.  

1. They don’t develop meaningful relationships

Think of someone in your life that struggles to make friends. Perhaps it may be you? What we know with certainty, is that humans are DNA wired for connection. We all need meaningful relationships to thrive, be happy and live long, healthy lives. Strong and lasting bonds are formed through the mutual exchange of ideas, showing empathy, being compassionate, and offering support to the people we care about.

However, when we lack essential EQ skills, we tend to go through life alone because we find it very difficult to form friendships, especially meaningful and lasting ones.

Not only are we unaware of our own emotions and behaviours and their impact on others, but we are unable to calibrate the other person’s feelings and therefore often ‘put our foot in it.’ If the friend is courageous enough to give us feedback, we have the opportunity to make it right. However, most friends will say nothing, and instead ‘drift’ away from the friendship over time. The end result is that we miss out on the opportunity to forge meaningful relationships, which leads to self-imposed isolation.

We can, however, break this pattern by getting to know other people better through resisting the temptation to talk more than we listen. If a person feels heard, they are more likely to share more details about their life. This results in meaningful exchange and the opportunity to build trust in the relationship.

2. They are not self-aware

Last week I witnessed a road rage incident. Two drivers in front of me literally got out of their cars and had a fistfight. I was stunned, as were most of the drivers stuck at the traffic lights. I instinctively locked my doors. Neither men showed any awareness of their behaviour and eventually, after what seemed to be ages, got back into their cars and drove off.

This is an example of a lack of emotional awareness and the impact we are having on others. In addition, the inability to self-regulate is a key indicator of low EQ.  With low self-awareness, we sometimes cannot identify our own emotions and what is coming up for us, and therefore consequently lack understanding of our own behaviour.  Emotional eruptions of frustration, irritation, and anger are common, and we tend to react in the moment without thinking about what we are saying.

Emotionally intelligent people have a genuine and realistic understanding of themselves, their emotions, how they are showing up in life and the impact they have on other people. They are in tune with how they feel, but they do not let their emotions rule their lives. They respond to situations rationally rather than react with emotion and often when they feel their feelings becoming more intense, they push the pause button to allow themselves a bit of breathing space and get their emotions under control. They are mindfully present when responding to any situation.

Genuine introspection and getting to know ourselves can help us develop self-awareness, compassion, and social intelligence.

3.  They are self-focused

Have you ever spoken to someone, and the minute you start sharing something about your life they immediately take over and start talking about themselves? Perhaps they have a better example than you or a more exciting story to tell? Because people with low EQ are unable to process or understand the emotions of others, and the need to give them space to share, they tend to draw every conversation, circumstance, and situation back to themselves. Regardless of what we talk about, they seem to have a valid reason to steer every topic of conversation back to them. A sure way for the other person to feel unheard and shut down.

Not only do they steer the conversation to their world, but they also tend to take over the conversation, asking rhetorical rather than open-ended questions. This type of questioning is usually intended to grab or keep your attention, but not hear our response. The kind of question also doesn’t allow us the opportunity to respond.

People with low EQ cannot truly open themselves up to being fully available to others, but usually will not allow others to open up, either. They are often emotionally manipulative, calculating, and inherently controlling.

This pattern can be broken by honing our skills of actively listening, instead of listening to talk. Allowing the other person to speak until they have nothing more to say, before we interject with our opinion, our story, or our point of view.

4.  They are never wrong

I cannot help but think of my older brother Grant when it comes to this point. I remember once he said with a cheeky smile, “I am never wrong. Once I thought I was wrong, but I was mistaken.” Most of us probably know someone who has an opinion about everything, and they often think they have the only idea that matters and cannot possibly be wrong. And if they are found to be incorrect, they struggle to apologize and admit their mistake. In fact, they often argue with others in an attempt to force or sway them to their point of view. And if the other person doesn’t come to the party, they simply ignore them and their position as irrelevant. They usually show little sympathy, cannot empathize with others, and can sometimes be perceived as bullies.

This pattern can be broken by learning to see, hear, and feel the emotions of others and by learning to shape our own responses and reactions accordingly. Acknowledging that we cannot always be right and that sometimes other people know more than we do is crucial to building trusting relationships.

5.  They are never at fault

Does this ring a bell?  Do you know someone that regardless of the issue is never at fault? A low score in an exam is the fault of the instructor or something wrong with the exam. A difficult conversation with a client is often the client’s fault for not listening. A project that misses a deadline is the fault of someone else in the team.

People with low EQ struggle to accept blame for anything. They cannot see mistakes as an opportunity to learn and grow. Their inability to admit a mistake, also means they can never learn from their mistake and therefore are likely to make a mistake again. At which time they will probably blame the same scapegoat over and over again.

Receiving feedback at the best of times is difficult. Our primitive brains feel threatened when we receive feedback and tend to become defensive. Being aware of this natural inclination to become defensive is a starting point to managing feedback. Seeing feedback as an opportunity to learn something, identify a gap that you were not aware of or do something differently is gold.

We can break the pattern by acknowledging the mistake, figuring our part in it, and identifying the lessons to be learnt.

Where to from here?

The first step in developing emotional intelligence is knowing that we lack it in the first place. The good news is that emotional intelligence can be learnt and the ability to do so is entirely within our control.  So if you think that perhaps your EQ needs some attention, why not start today. Maybe take the bold step of asking a loved one if any of the above behaviours pertain to you. Yes, I know it will be a hugely courageous step but do it anyway. Or perhaps you see within yourself what your floors are and that this is an area you need to spend more time focusing on.

At the end of the day, most of us want to go through life having relationships that are happy and resourceful. Healthy relationships are also critically important for our mental and emotional wellbeing.

Author: Dr. Leanne Wall

E: leanne@drleannewall.com

W: drleannewall.com

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