Supporting vulnerable clients through PFAN
Stephanie Patrick has been helping people navigate their finances for over 13 years, driven by the desire to make a difference.
Since 2021, she has been part of Hewison Private Wealth, working as a Senior Financial Planner with clients who typically $2 million+ in assets. Based in Melbourne, Hewison and Associates is recognised not only for its financial expertise, but also for the strong values that guide its work.
“PFAN connects us with people we wouldn’t otherwise reach,” explains Patrick. “It allows us to use our skills to make a meaningful difference in the lives of those who are financially vulnerable.”
Navigating complex advice needs
In a recent case referred by PFAN, Patrick worked with a woman facing a series of life-altering challenges. PFAN’s structured referral process ensures that advisers like Patrick are well-prepared. “We’re contacted about our availability and given an overview of the case,” she explains. “There’s a service-level agreement in place, and we move forward from there.”
The client had Multiple sclerosis (MS), was undergoing a divorce, had several children and was recovering from a previous cancer diagnosis. She faced significant financial uncertainty, particularly around her superannuation, Centrelink eligibility, and ongoing cashflow.
The client had done extensive research and was seeking clarity around her financial position. “She had been managing so much on her own. Her ex-husband had previously taken care of the finances, and now she was looking for a plan to move forward.”
The complexity of the case, particularly the intersection of illness, disability, and family law, required sensitivity and flexibility. “We couldn’t implement any formal strategies until her divorce settlement was finalised, which took nearly 10 months.” While waiting for the settlement, she provided guidance on matters to raise with the client’s lawyer, particularly around the treatment of superannuation.
Once the divorce settlement was complete, Patrick and her team delivered over ten hours of advice and an additional ten hours of administrative support to the client.
Real-life impact
The advice Patrick and her team provided to the client led to several meaningful outcomes. The client received a higher Disability Support Pension than she would have without guidance. Her superannuation fees were reduced through a revised investment strategy, and her portfolio was restructured to better match her risk profile and life stage.
They also helped her manage her cash flow more sustainably, avoiding the need to draw down funds at an unsustainable rate.
“Had she not received advice, she would have been in a much worse financial position,” Patrick said. “The planning gave her peace of mind. Studying part-time became a choice, not something forced by financial pressure.”
They adjusted her super portfolio to better suit her profile, made long-term financial plans, and reviewed her Centrelink benefits.
A human-centered approach to advice
The client’s quiet gratitude spoke volumes. “She was very respectful and appreciative. Given everything that she was dealing with, you don’t expect over-the-top reactions, just knowing you made a small difference is enough.”
Patrick is clear-eyed about the value of even small actions. “Sometimes just helping with paperwork can ease someone’s burden. It’s a valuable service.”
She believes PFAN plays a vital role in changing how financial planning is perceived. “People often leave financial advice at the bottom of their to-do list. PFAN pushes it up and makes it more accessible.”
Ultimately, Patrick sees this work as a true reflection of what advice should be. “A lot of advisers say they’re in it to help people and they mean it, but services like PFAN show that the quality of care we offer goes far beyond just managing money.”