The truth about financial advice
If you've ever felt unsure whether financial advice was really built for someone like you, this episode will help you understand the landscape and hopefully feel more confident navigating it.
One of the biggest challenges I see for people in Prime Time isn’t a lack of money. It’s a lack of clear, trustworthy guidance.
People know they’re making big decisions. They know the stakes are high. But full financial advice can feel expensive or intimidating. Free information often comes with hidden incentives. And online tools, including AI, can leave you feeling more overwhelmed, not less - or with more questions to answer.
So, this week on Prime Time, I chat to Paul Feeney, founder and CEO of Otivo and someone who has spent years inside the advice industry in a variety of roles. It’s a refreshingly honest take on where it works, where it falls short, and what everyday Australians can do about it. The reality is that quality personalised advice has historically been more accessible to people with significant assets, leaving many everyday Australians without affordable guidance at the very moment they need it most.
We dig into the real difference between information, guidance and advice, because these words get thrown around a lot and they don’t mean the same thing. Information educates, guidance helps, and regulated advice is personalised to your exact situation.
We also explore the use of AI for advice. These tools are genuinely useful for exploring ideas, stress-testing thinking and preparing smart questions before you see an adviser or call your super fund. And Paul talks a little about the digital advice that is starting to become available from superfunds and companies like his own.
And he’s offered everyone listening an opportunity to try out Otivo. To set up a free Otivo account you can go to www.otivo.com and use the discount code ‘Otivo4EpicRetirementor’. This coupon is only valid until 30 June 2026.
LISTEN TO THIS EPISODE OF THE PODCAST HERE:
Highlights of the conversation:
Who the current advice system is really built for: If you don’t have significant assets, the traditional advice model often isn’t built for you. That leaves 85–90% of Australians in a gap between “too complex to DIY” and “too expensive to get help.”
Information vs guidance vs advice - what’s the real difference? Most people don’t actually know what they’re getting when they seek “help.” We unpack the language and why understanding it changes how you approach your next decision.
How to spot conflicts, even when something looks “free”: We talk about one simple question to ask when looking for an adviser: How does this person get paid? If you understand the incentives, you understand the behaviour.
Why delaying decisions can be more harmful than making small imperfect ones: Paul shares why the fear of messing up (FOMU as he calls it!) keeps people frozen - and why starting small, especially earlier in life, often matters more than getting it perfect.
Fees, returns and what you can actually control: We unpack the difference between investment returns and fees, and why fees and asset allocation are the levers you can control, even when markets aren’t.
Using AI for financial decisions: We explore where AI genuinely help and where it can create false confidence, especially when it misses critical variables.
What the future of advice might look like: Paul believes that in ten years, advice won’t feel like a separate, expensive service. Instead, it will be embedded in the financial systems we already use.
From Bec’s Desk
Happy Easter! I hope you had a lovely long weekend – and if you’re still enjoying an extended break, even better. Not me! I’ve been happily holed up in my studio working on new projects, podcasts, articles, and courses.
One thing I’m especially excited about: over the weekend, my daughter Paris and I finally launched a project we’ve been talking about for months. She’s 22, wants to learn how to save and buy her first home by 25, and we both noticed how hard it is for young people to find easy-to-understand information about getting started in life. So together we’ve created an Instagram and TikTok channel called An Epic Start – where we’ll share our real journey to help her do exactly that.
The response has been wonderful. So many of you have already forwarded it to your kids, and Paris has been flooded with messages from friends whose parents sent it their way. It’s shaping up to be a community for both parents and young people who want practical, honest information about how things work and what you need to learn about – and we plan to have a lot of fun along the way. Join us here:
Instagram.com/an.epic.start and Tiktok.com/@an.epic.start
This is going to be real, honest and fun!
And a quick reminder – our How to Have an Epic Retirement course on 14 May is now on sale, and the early bird 25% discount has been flying out the door. If you’re keen, don’t wait too long – that price won’t last!
More information here: epicretirement.net/upcoming-courses
Now, back to that post-easter chocolate pile. The health kick can always fit in a few treats! Til next week… make your Prime Time count!
Cheers, Bec
