Debt to Financial Freedom Podcast Episode 7 with Victor Idoko

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Debt to Financial Freedom Podcast Episode 7 with Victor Idoko

"Welcome to our exciting new episode! Today, 

We have a very special guest joining us Victor Idoko-founder and financial planner of CFV Services,, a company that specializes in creating financial value for its clients. With Victor Idokos wealth of experience and knowledge in investments and wealth management, we're in for a treat.

Victor Idoko is the founder and financial planner of CFV Services, a company that specializes in creating financial value for its clients. With over a decade of experience in analyzing investments and wealth management, Victor has developed a reputation for providing quality advice in simple and understandable language. His clients appreciate his guided approach in helping them achieve their financial goals. Join me in welcoming Victor Idoko to our conversation today.

#CFVFinancialValue #ExpertAdvice #InvestmentAnalysis #WealthManagement #SensibleApproach #FinancialGoals #VictorIdokoOnAir 

#FinancialPlanningMadeEasy #SimplifyingFinance #FinanceTalks


Victor Lagos, a seasoned financial expert with years of experience working with clients to build wealth, shares his invaluable insights and strategies to help investors avoid common pitfalls that can kill their borrowing capacity. He draws from his own vast experience in the financial industry to provide practical advice and actionable tips.

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What is Debt to Financial Freedom?

Welcome to the Debt Financial Freedom Podcast. Everyone loves the benefits of money, but so many of us avoid the hard truths about saving and investing. We wrongly assume we don’t have enough time, capital or knowledge to be able to get to the point of having passive income streams, savings, or investments.The things we really need to know about money aren’t taught in schools. Spending less than you earn, maximising your income, budgeting, taxes, mortgages, investments and passive income - if you didn’t learn these things from your family, then you’re probably like most people who rely on credit cards, buy now, pay later and overdrafts. And then when you want to invest or buy property you will be wondering why you can’t get approval.But there is no judgment from me here - I was in exactly the same situation! Huge debt, poor financial habits and no assets to my name. Step by step I turned my situation around and now, as a certified mortgage broker for 16 years with several investment properties in my name, I’m here to help you go from debt to financial freedom. Because if I can do it, you can too.In this podcast, I will share tips, insights and strategies from my own journey and experience, as well as my clients and guest experts, who share my values and mission to help others create financial freedom. My goal in this podcast is to share raw, honest, transparent, and helpful stories that you can relate to, and that will inspire you to take control of your finances. The only ‘good’ debt is debt that brings you closer to financial freedom and I will show you exactly how to achieve this. Everything shared by me and my guests in this podcast is general in nature, and for education purposes only. None of your personal objectives, financial situation, or needs have been taken into consideration. I highly recommend you seek personal, financial, legal, taxation, and credit advice before you take action on what you heard on this podcast.

Victor Lagos: Welcome to the
debt to Financial Freedom

Podcast. I'm your host Victor
Lagos and the founder of Lagos

Financial. I've been in the
finance and lending industry for

16 years, and I've personally
made financial mistakes and

learn from them. I started this
podcast to share stories and

lessons on my own journey, and
to share insights that may help

others on their journey. And I
interviewed people that I've

connected with that share the
same values and mission to help

others create financial freedom.

My goal this podcast is to share
raw, honest, transparent and

helpful stories that you can
relate to and inspires you to

take control of your finances
and only have debt that brings

you closer to financial freedom.

Everything on this podcast is
general in nature, and for

education purposes only. None of
your personal objectives,

financial situation or needs has
been taken into consideration. I

highly recommend you seek
personal financial, legal

taxation and credit advice
before you take any action on

what has been heard on this
podcast. Welcome to episode

seven of the debt to financial
freedom podcast. I'm your host

Victor Lagos. I'm also the
founder of Lagos Financial, a

mortgage broking business. Today
I have a guest with the same

name as me. His name is Victor
Victor Idoko. He is a founder

and a financial planner for CFV
services. Before we get into the

intro, because I just want to
ask what the CFV standard

Victor Idoko: are good. Good
question. ah CFV stands for

Creating Financial Value,

Victor Lagos: creating financial
value, and awesome like that.

So, quick intro to Victor has
been analyzing investments since

2009, and joined the wealth
management industry in 2015. He

has immersed himself in a lot of
technical aspects and prides

himself on the ability to
communicate this to his clients

in simple language, while
ensuring quality of advice. His

clients benefit most from his
knowledge, dedication, and

guided approach in helping them
achieve their needs and desires

in the most sensible and
realistic way. It's a pretty

good sum,

Victor Idoko: I think, I think
he made it sound a lot better.

Victor Lagos: Like that. Do you
know we met not even a year ago,

but I think we clicked straight
away and it wasn't just because

of that name? No, it's because I
think we both have a passion for

really helping people understand
money, how to manage it, how to,

you know, improve their cash
flow, how to think more about

their future, give to their
future self. Alright. But I want

to ask you, you know, for the
listeners who don't know, what a

financial planner or a financial
advisor is? Or does, could you

give us an overview?

Victor Idoko: Yes, sure. So,
financial advisor in layman's

terms, just helps people plan
your finances, okay. And the

planning around this finances is
to help them achieve a certain

goal, okay? That planning can
start or start at the beginning

of your cash flow, where we
actually want to see what comes

in what goes out how you can
manage that properly. And then

you know, the next step from
that, depending on your life

stages invest in, you know,
making sure you're putting money

away for the long term goals,
you know, some things you won't

even think about in the short
term. And, you know, then we

move on to things like super
actuation accounts, helping you

structure that properly, making
sure not taking too much risk,

depending on your comfort level,
and tolerance level to that. And

then we'll talk about
retirement. Okay, the, you know,

best part of our lives, you
know, when you have to do

nothing. And we also talk about
protection as well. So, you

know, protecting your human
capital, protecting your loved

ones, to leave something if
something unfortunate was to

happen. So we help with all
those. So I think just going

back to layman terms will help
you plan your finances to

achieve the goals and
objectives.

Victor Lagos: So why why do you
use a term planner versus

advisor? Is there a difference?

Victor Idoko: There isn't
actually difference? As far as I

know, you know, I should
actually know this off the top

of my head, right. But there
isn't a difference. I think

it's, you know, one of those
things where, you know, you can

advise or you can plan, it
really comes down to, you know,

how clients see that, but there
isn't a difference.

Victor Lagos: So it's the same
time. So, you mentioned a lot of

different services that you
offer, it sounds like a pretty

holistic approach that you
provide. But the one part that I

that really resonates is the
protection piece, because a lot

of my listeners are building
their wealth through property,

and they don't realize that
they're not protected or they're

not reviewing certain things in
and what we mean by protection

is is insurances, right?

Correct. So life insurance,
income protection insurance, and

something called TPD, which is

Victor Idoko: total and
permanent disability. Yes, there

you go. You should be a
financial planner,

Victor Lagos: or an insurance
broker? Yes. Because there are

some financial planners that
only do insurances, and they

don't do investments. Yes. And
that's because that in itself is

a hard thing to manage when
you're dealing with a lot

insurances, right? Would you
would you say it's just a lot of

lot to do? Because sounds like
you're juggling a lot at the

same time?

Victor Idoko: Yeah, yeah, very
good question, I think it comes

down to a few things for one,
the planner, and to the client.

So the planner may only want to
deal with personal protection.

Okay, so they might not like
dealing with investments,

because that, that in itself is
a specialty. Like, even before I

knew about planning, I already
loved investments. And I loved

analyzing and looking at all
those. So not every planner has

the skill set or even wants to
develop the skill set to

actually give advice in terms of
the funds management. And some

people would just have the
passion for it, you know, like

the planners that got into
financial planning, because

something tragic happened in the
family, and there was protection

in place to help them or there
was no protection in place to

help them. So they're like,
well, they don't want people to

go through this. So that we will
actually develop a carrier in

that. So that's why they
specialize in that. I generally

prefer the holistic approach
because I want to sit down with

someone and I want to say, well,
I can help you with this, this

this, because I have a specialty
for that within financial

planning. So I definitely like
the holistic approach. And I

want to be able to help my
clients through different life

stages, you know, speaking to 25
years, 25 year old who wants to

work on your cash flow all the
way to, you know, someone in the

70s, who is planning to save
some funds for the grandkids,

all that generational wealth,
generational wealth, all that

you need different skill sets,
which I want and want to help

the female, certain amount of
clients through that. Yeah.

Victor Lagos: No, I like that.

Yeah, that's really good. So you
mentioned that, you know,

sometimes a planner will have a
certain experience in their

life. So they're going to focus
on one, one aspect, but I wanted

to ask if you can share your
personal story of why you became

a financial planner, and why you
think this is your calling?

Victor Idoko: Yes. So I always
tell people that I, as soon as I

was born, I wanted to be a
financial planner. Yeah, but

that's a joke, because it's not
true. So what worried happened

was I always liked investing.

You know, I think my very first
memory and I like telling my

clients this, because Do not
underestimate what you do on how

you can help your kids. My first
memory, in terms of advice was

when my dad was opening checks
literally back then. And sorry,

he was actually getting me to
open checks. And he was like,

open this for my Nana open, I'll
be like, Oh, it's 20 Naira,

which is, you know, a few, a few
cents. And that was my first

exposure to invest in. Okay, but
it was an unconscious exposure,

because at that point in time,
when I was five, six years old,

I was just helping my dad open
checks. And all of a sudden, I

got to understand you can put
your money somewhere, and you

can grow for you, and you can do
good things. And since then,

I've always been curious about
investing how that can work.

Okay. And that's how I then
found investing. And then after

that I wanted to help people
will invest in but I didn't know

how. So I think my in my early
carrier, just under 10 years

ago, I joined the bank, and I
was walking in the bank, and I

was trying to find out what do I
do next? What was the next stage

in my life? And the lender in
the bank then said, I should go

speak to a financial planner. I
was like, No, I don't want to

speak to them. We only talk
about protection insurance. And

he was like, no, no, I'll just
have a chat with him. And I sat

down with this gentleman back in
Perth. And we had a chat. And he

explained what a financial
planner does. And you know,

going back to what I've said
from that holistic approach,

he's like, Well, you do the cash
flow, do the investment, do

retirement and you do
protection? I was like, Well,

can I not do protection? And
then he explained the essence of

protection to me, I was like,
Okay, make sense. And then

that's how I actually got into
financial planning. That's the

kind of entry. So I started as a
as an associate advisor, I was

able to get a job. And after
that, when I started giving

clients advice actually loved
it, you know, because I was

like, Well, I can actually make
a huge difference in these

people's lives by you know, just
even helping them direct where

to put the money. As simple as
that. So that's how I got into

financial planning.

Victor Lagos: Okay, that makes
sense and how long story how

long ago did you start CFE
services?

Victor Idoko: Service that
services actually established

the company about? I'd say about
five, seven years ago, but truly

financial planning two years
ago. I left the bank Yes.

Victor Lagos: Okay. So sort of
like a side hustle. Yes, yes.

Okay. So the, the name of the
podcast is debt to financial

freedom. I want to ask you, what
is financial Ready to mean to

you?

Victor Idoko: Yeah, very, very
good question. And I guess to me

personally, it's been able to
get up and not worry about my

finances, not worry about how,
you know, myself or my partner

can live the next few months or
the next few years, not have any

more money worries, and you
know, be able to provide what we

need to provide for, you know,
the next generation, who will

then come into our lives and
just be able to provide for

ourselves as well. So, you know,
classic example is, let's assume

I didn't want to run my
business, again, financial

freedom to me, we'll be able to
get up, you know, close down

business, if at all, and not
worry about money for six

months, you know, that's just
me. Okay. But I do love care

services, I'm still gonna run
it.

Victor Lagos: So being able to
just have six months not do

anything, but still have enough
income to live off of? That's

sort of the

Victor Idoko: Yeah, so if else
put numbers to it, yes, six

months, however, I think is more
the ability and just having that

peace of mind. I think we
generally underestimate peace of

mind, you know, peace of mind,
say, Well, I don't have to do

this job. I'm doing it because I
like it. And if something

dynamic changes within why work,
I have the ability to move to

another job, be it in one to six
months, and not worry about how

I can take care of myself.

Victor Lagos: Yeah. So it's like
when you've got money put aside,

that covers all your costs, you
can start to think clearer, you

can do decisions that sort of
serve you that serve your

customers, because you're not
thinking about I need to

survive, right?

Victor Idoko: Correct. Correct.

You know, I think if we go back
to, you know, that that

hierarchy, you know, going past
that survival to more. Okay, how

can I make a difference? And how
can I continue to do that, given

the circumstances that come my
way, because things happen, you

know, and it's just having that
ability, peace of mind, you

know, for me is having the right
structures in place for my

business for myself, my
protection, all that gives me

that peace of mind. And that is
financial freedom to me.

Victor Lagos: Yep. Okay, so you
mentioned the hierarchy. So the

listeners know, I think it's
called Maslow's hierarchy of

needs. But the one Yeah, so if
you want to research that, to

learn a little bit more, it gets
you to understand, I guess, a

framework of how we think and
feel about survival. And

obviously, going up the pyramid,
to where we thrive, basically,

something I do know about is
that there were some changes,

education standards for
financial planning a few years

ago. But I don't really
understand what those changes

were, why they were introduced,
and what that actually meant for

the industry and for consumers
overall. Can you explain that a

little bit?

Victor Idoko: Yeah, sure. So a
few of the changes that happened

with we actually got increased
compliance regulations rather,

including the regulator's
increased the compliance we

need, as financial planners down
to one. The other one was around

education as well. They wanted
to make sure we can pass a

certain exam to be known as a
financial plan and be officially

qualified. And then we have
educational requirements that

kicking in a few years. So all
planners in the next few years

need to have a certain level of
qualifications, a bachelor's

degree, at least in financial
planning, or something very

related. So why that came in was
due to the Royal Commission,

which came up a while ago, and
they really wanted to strengthen

the industry, you know, and
actually protect mum and dads as

much as as they can. And also
ensure that people getting into

financial planning have the
necessary skills to help people

achieve the goals and
objectives. Because if you think

about it, a lot revolves around
finances, you know, not maybe my

fully understand or appreciate
that, but a lot of life just

revolves around finances.

Victor Lagos: Yeah. Okay, that
makes sense. Because I did have

a buyer's agent on last episode,
his name is Alex, meantime,

we're really just talking about
regulation around property

investment, because that's a big
financial decision that people

make, and many Australians want
to actually, you know, grow

their property portfolio. But
then you've got these people

that sell property, that present
to be experts, and they call

themselves you know, a property
strategist or, you know, what

I'm talking about, right? And,
and so there's no education

requirements. There's no
disclosure requirements. It's

not regulated at all, yet.

They're giving basically
financial advice when it comes

to property, because they're
trying to help people generate

wealth through property, but
they're getting paid by a

developer or a builder. And many
times they're not disclosing how

much they earn. So what's your
view on that? Mu? Are you aware

that that happens in the
industry?

Victor Idoko: Yes, I am aware
that that happens and I always

encourage my clients to You go
to a specialist but not the

specialist, you're going to, you
know, I definitely value the

professionalism a buyer's agent
can bring, you know, broker can

bring an accountant can bring a
financial planner can bring, and

people sometimes do not actually
look at the specific differences

as to what these people can do.

Okay, so if a client comes to me
and wants tax advice, I'm like,

Well, I'm not an accountant. And
yes, then we may be able to give

you incidental tax advisor. The
same goes for, you know,

property, okay? So yes, you
might be seeing a specialist

just to ensure they are actually
allowed to give you a certain

kind of advice. And generally,
you should have a dream team.

When I say Dream Team, you
should have your broker, you

should have a financial plan,
have your accountant who can all

work together to ensure you're
hitting your goals and

objectives. So property is a
very interesting space, you

know, we can have a whole series
of podcasts just just on, you

know, properties and special
specialists that can help you

there. Well, I

Victor Lagos: wanted to ask you
about that. Because as many of

my listeners, and my clients are
property investors, and some of

them don't think to invest in
shares, managed funds or other

investment classes, they just
want property. They may think

they don't need a financial
planner. But as they grow their

wealth, they obviously need to
protect it right with the right

insurance. So we talked about,
you know, what insurance is?

sort of high level, but how can
they actually help people? And

many of my clients will say, I
already have, you know, my life

insurance and stuff in my super.

So can you sort of help a little
bit that help other people

understand, like, what is
insurance they have? And should

they be reviewing that if they
growing the portfolio?

Victor Idoko: Yes. So good. Good
question. And yeah, I'll talk

about two things that, you know,
one protection is very important

because it protects different
things. And I'll just zone in on

income protection, okay, income
protection protects you from

injury or protects your income,
from injury or illness. So if

you're unable to work due to
injury or illness, you get a

certain amount paid to you by an
insurer. Okay. And that's very

important, because as we go
through life stages, and, you

know, think about the life
stage, the late life stage, you

transfer lots of your human
capital, into physical capital.

So literally you're working,
you're earning, saving, and then

you building on that. So if
something happens to you, in the

early stage of life, you haven't
had enough time to transfer the

human capital, your ability to
work, to financial capital. So

that is a very key thing that
people need to protect. Because

I know personally, that I know,
for most people, the few, the

one thing that will stop you
from getting out of bed to work

is injury or illness, everything
else you might be able to work

through. So that's what property
investors need, you still need

to pay down your mortgage, you
still need to build some wealth

over time. And protection helps
you not go backwards if

something was to happen along
the way for a short time for a

long time, touch wood, and
groceries not. So that's one

aspect about protection, I think
the other aspects as well as

people feel they might have
enough cover in the Super, or

they might have enough covered
because an employer has provided

stem, some big employers do
that. However, this employee

hasn't sat down with you to know
what you want in the next two

520 years. To giving you a
default covers a good analogy, I

like thinking I like using this
think about a six foot five

person using a kid's umbrella in
a storm. It's not going to work.

Okay. So that's the way to think
about all the other insurances

or protections you might have.

And you haven't actually seen a
professional to actually put in

place for you. It's not
elaborate enough, it doesn't

give you the necessary cover. It
might not even work, you know,

going back to the umbrella cases
where you might be holding it,

the storm is coming, you might
not be able to open it. So yeah,

those are two aspects, I'll
really get people to think about

very important.

Victor Lagos: Before we touch on
the other insurances. I wanted

to ask about your own
occupation, or any occupation.

So a lot of people don't know
about this, but your some of

your insurance covers might be
for any occupation, which you

can elaborate on this. But it
basically means that if you're

unable to work, but you can in
your particular profession, but

you can work in any other job.

They can basically say, Well,
you're not covered. But if

you're covered for your own
occupation, especially if you're

a high income earner, then if
you can't do that role because

of a certain injury or illness,
then you are covered. Is that

basically what I mean?

Victor Idoko: Yeah, correct.

I'll just add a few points to
that. And I like using giving

some analogies that you know
many people can understand. So

think about a surgeon and
surgery need to open someone up

you need to go in and fix
whatever you is not quite right

in there. So if for some reason
you have bad fingers, for some

reason, you know, you're not
you've broken them or you know,

you have a degenerative disease
or whatever, and you can't do

that, you still have the mental
ability, but you can't actually

go up and open someone and do
what you have to do. So for your

own occupation, if that surgeon
had the right insurances in

place, they will get a payout.

So well, they can be a surgeon,
again, by opening people up, but

they can actually do the
research work or they can coach

other surgeons to be, you know,
as good as they are, help them

be qualified. So from an own
occupation perspective, that

surgeon will get a payout if
something happens to the fingers

while they could still work. And
while they could still work on

each other's CV, so while it's
fun, any occupation, if the

cover was just an any
occupation, that will not get

covered, because, alright,
sorry, I'll change that that

will not get a payout. Okay, so
that will still get covered. And

that's where we advise is make
sure we're covering the right

person with the right terms so
that we'll get cover, but they

won't get a payout. So that
means if something happens to

your fingers, and they couldn't
actually perform surgery, and so

on, they insurance say, Well,
you're not covered for your own

occupation, you called for any
occupation, so you can still go

work and do something else. So
what will they pay them, then

they will not get a payout,
because they can still go find

another job because their mental
ability to use sergeant's exam.

So say

Victor Lagos: a surgeon is
earning half a million dollars a

year. And that instance, they're
not covered for their own

occupation. They could put the
claim in, they'll say, sorry,

you know, covered. So they get
nothing. And then they go and

get a job for 80 grand a year or
60. Grand

Victor Idoko: incorrect, I need
to go we're I don't know, I'll

just pull something up a, we
need to do a lecture or the

sergeant, something like that.

So it's very key, because I
always tell my clients this

insurance is rather protection
is the event happened to you is

a possibility, right? But if it
happens to you, that's 100%.

Already, because it's happened
to you. So yes, you might say,

well, you only happens to three
out of 10. But if you're one of

those three, that's 100% chance,
so you should not actually take

that lightly.

Victor Lagos: Well, that seems
like a no brainer, because say

you are a high income earner,
like a surgeon or some other

professional, then you're most,
most likely you've got financial

commitments at that higher level
of income. So if you weren't

covered, and you weren't able to
earn that level of income

anymore, but you still had to
make repayments on all your

debts and your property
portfolio, then how do you do

it? Right? It's negatively
geared or whatnot, you have to

cover the costs. And either you
have to sell down your assets,

and slow down your wealth
journey. And you may never ever

get to the same point because
your income may not reach those

same levels. And the insurances
within super, did they ever

cover own occupation? Can you
call the insurance with the

Super and say I want to change
it.

Victor Idoko: So what the best
way to actually look at that is

to go to the comprehensive
providers and actually be

covered. Okay, one of the things
that many people will not know

as well, the comprehensive
providers, actually the same

providers that give you super
give you protection within your

super, but the terms are
different. Okay, so that's very

important. So for example, if
you're looking to get some

comprehensive cover, I would
encourage you to sit down with a

professional to actually look at
that for you. Because to answer

your question, you can have that
through your super, but it

depends on how its structured.

You know, one of the things I
always encourage people and tell

them that the structuring is
very important, depends on how

we structured and then you
should be able to have own

occupation.

Victor Lagos: Are you able to do
insurance reviews for people

within their super make changes
on their behalf within their

super fund? Is that something
you do something

Victor Idoko: correct. So that's
something we do you know, and

that's, that's the whole
planning for the person's goals

and objectives to be met. So we
can help them that we can guide

them because it's not something
you look at every day. So these

actually have lots of
regulations and, you know, terms

and the company has actually
changed structures on a

consistent basis. So it's good
to

Victor Lagos: stay on top of a
new, that's what you do day in

day out to it makes sense that
you'll be able to, you know,

recognize most policies, you'll
know, you know, the underwriter

you know whether they can change
it, restructure it or switch

altogether. That makes sense,
actually. So for the people out

there who think that, you know,
because some people think that

not everyone needs a financial
planner, would you agree, or do

you think everyone would need
them?

Victor Idoko: Yeah, so that's,
that's very interesting

question, right? Because people
can go through life without the

financial planner, so I might
just change a word there. So The

word is want. I think everyone
wants a financial planner, I'm

gonna say one you should
consider one. Do you need one?

Not really, not everyone needs
one. So to set in people that

definitely need one, because
you're going through certain

things in life where they cannot
actually plan anything around

your finances. But as everyone
wants one, because we can help

you take things to another
level, just because we have the

right strategies and structures
in place to actually guide you

in that. I'll call it a one
everyone wants a financial plan.

Victor Lagos: So some people
don't even know they want one.

But maybe after listening to
this, or realize I don't want a

financial planner, and they have
to obviously weigh up the cost

versus the benefit and whatnot.

Right?

Victor Idoko: Yeah. So you know,
you raise a good point there,

because part of the regulations
are right, a part of the changes

that have come through has made
financial planning more of a

profession these days, you know,
you need to go through setting

the amount of training, you need
to cover a few puddles to become

a planner, you know, so most
planners, when you sit down with

them, there will tell you when
you do not need one, if you need

one, or if it's not cost
beneficial for you. You know, I

always tell my clients that
look, if it's not value for

money, and we'll tell you,
because I don't want to put you

in a position where you're worse
off when you actually came to

me. So in terms of value for
money or cost, generally will

let you know, okay, this is cost
beneficial, okay, or let's start

with this, and then get to that
overtime, because you need to

save more before you can
actually invest. So along those

lines, so cost benefit will be
will be definitely discussed,

Victor Lagos: okay, now like
that. So it's like, even though

yes, you get paid a fee for your
service, to prepare, you know,

statement of advice. And then of
course, there's probably

insurances and one that you get
paid on. But you will look at

that the customers because you,
you know, not just because it's

ethical, but because you're
bound by regulation that says

you need to actually show what's
the cost benefit for this

particular, you know, insurance
in particular wealth planning.

And if it doesn't make sense
financially to them, then you

can't advise on it and say, you
should take this product just

because you get paid.

Victor Idoko: It's correct.

Correct. So yeah, but he's that
definitely cost benefit

analysis. And I think that's one
of the reasons I'm very happy

with the changes. And one of the
reasons actually decided, okay,

look, changes are coming in a
lot of the changes, let me start

my own business.

Victor Lagos: And I remember you
mentioned once the amount of

education that you've you've
undertaken as well, because, you

know, with the, with the
changes, and more plant planners

needing to have a certain
standard bachelor's you

mentioned, you've already got
that under your belt, right?

Victor Idoko: Yes, I always tell
my clients and those that after

that I have studied a little bit
too much. Which, which is good

luck. I do love technical
aspect. I think I'm blessed

because I can relate to most
people, while as the technical

aspect is something that never
ends. And it's a good thing for

me to actually keep on top of
that. I generally love studying

and I won't stop unfortunately,
or fortunately, however you want

to look at it.

Victor Lagos: Well, that's how
you stay a master of your craft.

Right? Just keep learning, keep
growing and helping others.

Watch what you learn, teach
others what you learn. So my

other question about insurance
while we're still on the topic

was, what about the insurance
that banks offer to the

customers? I know, I get an
email sometimes from my bank

saying, oh, partner with AIA or
whatnot. Is that general

insurance? Or is it still fully
underwritten? Same what you can

provide?

Victor Idoko: Yeah, so those
kinds of insurances are actually

not underwritten? You know, and
I put a general term out there

because depends on the contract,
right. So most of the ones

provided by the banks, called
the loan protection cup, you

know, certainly not generally
comprehensive in the fact that

comparing comparing the loan
insurance cover to something

like income protection, the loan
insurance protection or cover

only covers your mortgage. Okay,
while as you know, most people

will not be spending 100% of the
income on new mortgages. So

going back to the umbrella
analogy, as well, it's a small

umbrella compared to what you
should be covering, and

sometimes, because it's not
underwritten, it's actually at a

higher cost. Okay, because now
you're taking the risk of

everyone else, even though
everyone's health is different,

because that's how underwriting
and that's how pricing of

protection works. You know, the
higher risk you are to the

company, the higher premiums you
potentially pay, so the

underwritten, the ones that are
not underwritten and provided by

the banks generally more
expensive

Victor Lagos: unless of course
you're someone that is high risk

Victor Idoko: Correct? Yeah. So
always put it in terms of

priority for clients, you know,
so for example, we want

underwritten cover, but
sometimes if we cannot get

underwritten cover, we might
look at other options for you.

Victor Lagos: Yeah, that makes
sense. And just so the listeners

know I do have income
protection, life insurance and

Victor Idoko: TBD. We can be
very good friends now.

Victor Lagos: Yes. We are Yeah.

What do you mean by both
vectors?

Victor Idoko: That there's
always room for improvement?

Yeah, that's

Victor Lagos: okay. So my next
question would be around people

who want to use their super to
invest in say they want to

invest in residential or
commercial property? Would they

need a self managed Superfund or
an SMSF? To do this? And what

should they consider before
going down this path?

Victor Idoko: Yeah, so generally
people that want to invest in

direct property, so on that
property actually directly, yes,

they'll need to set up some form
of self managed Superfund to to

accomplish this goal. Okay. I
think what they really need to

consider a few things is like
one, do they really need one.

Because yes, I know lost, lots
of people love investing in

property, and I'm very pro
property with my clients, I love

it when do it. Lifestyle really
matters. You know, if you're two

years away from retirement, just
throwing that out there, it

might not be the best for you to
then buy a property and then,

you know, look at paying down
that mortgage, within two years,

fairly, fairly hard to do. So
life stage really matters. And

in terms of setting up an SMS,
SMS app as well, one of the key

things is the operational aspect
of the SMSF, you as the trustee,

and now liable for lots of the
operational aspects of the SMSF.

So that's something I'll get you
to get client viewers out there

to really consider, you need to
be able to one want to do lots

of those operational aspects, or
want to learn how to do it.

Because if you assign that I
don't want to deal about

finances, just want to look at
it once a year, an SMSF might

not be ideal for you. And SMSF
is so complex, I can go on about

a few other things. But look
liquidity as was a very key key

aspect in terms of setting up an
SMSF

Victor Lagos: liquidity, meaning
how much cash or, you know,

accessible money they can access
without having to sell down.

Yep. Yeah. And it's not cheap to
set up an SMSF is

Victor Idoko: 50,000? No, no,
it's not cheap to set up an

SMSF. Look, generally, you need
an adviser, an accountant and an

SMSF auditor to help you with a
few things in terms of the

writing and your personal aspect
as well. So it's not cheap. So

there's that cost effectiveness
as well. Yeah, always look at

for clients.

Victor Lagos: Okay, so someone
did want to buy a property, you

could sit down with them and
say, Alright, if you did buy a

property with an SMSF, and we
look at all these costs, versus

if you, you know, set up, you
know, an industry fund or retail

fund or, you know, a rap account
or something like that, you'd

compare and say which one is
actually going to pay you more

over the long term, and which
one's going to cost you less?

Victor Idoko: Yeah, so we will
do that. I think one of the

things we really do that I'm
really happy about is we try to

give lots of our clients
perspective, if they don't have

a clear idea of what they want
as a goal of an objective for

the next 1020 years. Because
financial planning is really

planning for the future is not
looking at the retrospective

aspect of lives. So we do
modeling so we can model okay,

you get an SMSF you buy property
in there, what does that look

like? 10 years, you go to a
normal master trust account, you

have a certain level investment
in there. You make

contributions, what does that
look like after 10 years, you're

going to wrap accounts? Where
you have a little bit more

tailoring, what does that look
like after 10 years, you know,

present that to decline saying,
okay, look, you have these

options? Do you want a B or C or
D? Okay. And then they can

actually get perspective as to
okay, what they need. And looks

funny enough, some of my clients
will model this out, like Victor

actually don't need that much
money. So Okay, how about I

spent more than I saving now,
you know, these are clients that

are saving a lot. So that
perspective is key for people

that don't have a set goal and
objective they want to have in

1020 years time.

Victor Lagos: Sounds like a
pretty good place to view and

they say I need to spend more.

Yeah, I think a lot more
listeners on the other side of

that.

Victor Idoko: Sure. So look at
Altea, about 2% of my clients

actually get to that point, or
come to me, and we model that

and you're like, Well, okay, no,
I don't want to save this

amount, because I'm happy as to
where I can be in 1010 20 years.

Yeah,

Victor Lagos: I like that. I
mean, one of the things I was

gonna ask you, and you started
touching on it with examples,

but can you give us a couple of
examples of clients that you've

helped with, you know, setting
up the right insurances, or

possibly investments, and then
also help them with claims?

Because that obviously has an
impact. And I want to know what

sort of impact that had on their
lives?

Victor Idoko: Correct? Correct.

They always say you never forget
your first claim. So this was my

first claim. clients that I
dealt when she came, this was

back when I was in the in the
bank. Okay, she came to me. I

just throw out numbers a few
years ago, and she wanted to

reduce her personal protection
covers. So we did something

called an insurance needs
analysis because it depends on

what in visuals need again,
after around our house like,

unfortunately, you actually need
more insurances like Victor, I

came to reduce my cover and
potentially cancel what you're

telling me I need more
insurance. I explained it, you

know, we went through the
insurance needs nice is which is

a rational approach to okay, why
do you need X amount of cover?

And she's okay makes sense
that's fine. And then we put

that cover in or either we
increase the cover she had about

a year after that she had breast
cancer, okay. And she called me

she was like, Victor, I have
breast cancer, what do we do?

And I was like, Okay, leave that
with me. And let me get back to

you just focus on your health
for the next few days, and I'll

give you a call. So went back to
all the insurances we put in and

found out what she couldn't
claim on. Okay, so she, we then

put the forms together,
unfortunately, back then you

needed the clients that come in
to physically sign, okay, so she

came in, but she came in with
with her, I forgotten the name,

obviously, I'm not a medical
professional. Because she just

had sorry, those those medical
devices helping circulate blood.

So she came in with that, and,
you know, we sign the forms and

everything. So it was quite
emotional for me, because that

was my first client that I
helped increase carbon, you

know, helping claim. So we then
sent that to the insurance

providers, and, you know, he
came out saying, Yes, we're

happy to pay her, and they're
paid out. So she got $165,000 in

trauma, because there's a
traumatic event. And then she

also got about 65% of her salary
paid out to her for as long as

she couldn't go to work. So a
single mom, with a kid of about,

I think the kid was five, seven
years of age, then that was a

lot. You know, so and obviously,
I stayed in touch with her

throughout the whole process.

And she used that money to
ensure you know, the kid had

full time babysitter, why she
recovered, because she had go

through chemotherapy and all
that, which, you know, if you

think about it, if people can
imagine this, you cannot do

anything, you cannot take care
of your kid. So she was really

pleased because she could use
the money to, you know, pay for

the kids. babysit, take care of
kids put food on the table and

not worry about, you know, that
financial aspects or things. So

that was that was actually my,
my, my very first case, which

obviously I'll never forget. So
I always tell clients, I look, I

see this firsthand, every time,
you know, I know I'm speaking

and maybe speaking to new
clients across the table and

say, well, you should consider
doing this, put that in and, you

know, some might not see the
value. But like, look, I see

this, you know, I'll walk you
through talking openly and by

God's grace up, it happens, but
it does happen. And you know,

you

Victor Lagos: will welcome and
then not yet, and if she had

reduced her cover, which was
original plan, would that mean

that she wouldn't have got 165
would have been much less or

nothing?

Victor Idoko: Yeah. So when she
came in, I think it was 100. And

about $100,000, she was covered
for from the traumatic side.

Okay, so we increase that
because it was based on Okay,

getting someone take care of the
kid for one year, you know,

having that help, also covering
about 30% of the salary because

usually with income protection,
you don't get the whole 100%. So

can you pick up that. So those
are the kinds of things we'll

discuss with them, and then put
that in as well. And obviously,

factoring that she didn't have
help. It was just her. Okay, and

she didn't have any partner to
support her through all that. So

if we didn't increase that she
wouldn't have gotten the full

amount or, you know, if I didn't
do go to the needs analysis and

say, Okay, well, she wants and
she wants to cancel, let's just

cancel it, she would have not
had any covered or which which

would have been very bad.

Because funnily enough, those
clients still come back, they'll

still give me a call if anything
happens, you know, saying, Oh,

well, Victor, and I didn't take
insurance. But what can I do now

that this has happened, and
definitely not a nice condition

I want to have anytime today.

Victor Lagos: Yeah. And I think
that's nice that when when

someone works with you become
their advisor for life,

basically. And no matter what
stage of life they're at, if

something does happen, they can
count on you to help them

through that with the claims
like rather than just set it up

and you calling a call center to
help me with the claim. And

obviously, they will probably
read some little fine print and

say, sorry, not eligible, but
you will go through that and

actually help them get it
through.

Victor Idoko: So yeah, so and I
think that's one of the things I

was very happy about that we can
perform as a service to talk to

our clients because it's very
important at that point in time.

Very few people can actually
make strong, quick, rational

decisions. If you're going
through a traumatic event like

that. You need someone to guide
you and you need someone that

knows you. You don't need to
explain yourself to someone

Okay, I'll put this out. I took
that up what's going on? What do

I do? You need someone that
already knows you and can help

you through through that.

Victor Lagos: And you mentioned
that 65% of her income was paid.

And obviously, by having that
extra cash meant that she could,

you know, take as long as she
needed to heal. However there

could be but knock on wood. If
she did pass away after that,

she would have had life cover as
well. Right?

Victor Idoko: Correct. So
generally, we help clients with

four types of personnel
insurance covers. So that's the

life insurance cover, which is
paid to your beneficiaries. If

you were to pass away, there's a
total and permanent disability.

So that is, if you suffer some
from something that you actually

can't come back from, you know,
things like loss of hearing,

loss of sight. And then there's
the traumatic events, cancer,

heart attack stroke, and then
there's the income protection.

So we made sure, all right, I
made sure she had all four and

all the amounts she needed.

Victor Lagos: And it's always a
just in case like, you obviously

don't want to be on that
statistic where you you're the

one that does get cancer. But
it's a just in case, right. So

in this instance, she was one
that, unfortunately did get it,

but because she had the right
covers, it didn't put on extra

strain for her family or
household, right, because she

had that income. So then she
could focus on healing,

Victor Idoko: correct? Yeah. And
I think just to add on that one

thing, and this is going back to
your really first question about

holistic advice, this is why I
love holistic advice, because I

help my clients with personal
protection. And I tell them that

I hope we can cancel all these
in about 15 years time, because

we've built enough wealth.

Because if you have enough money
in the bank, like if she had,

you know, a few $100,000 in the
bank, she will not need

protection because you self
insured. So this is why I

actually love that self
protection part as well. Or the

holistic advice I can give
people because, like, yeah, what

do I have to add your life stage
and what you need. And when you

don't need it, you don't need
it. That's it

Victor Lagos: no like that. So
then at one point when they

don't need it, because of all
these investments that have gone

up in value, that's the fallback
if something did go wrong, but

now your advice becomes Alright,
how can we make this wealth,

more wealth? How do we multiply
it correctly? That's a different

conversation.

Victor Idoko: Yeah, it is. And I
think I always tell my clients,

and I love him. And I tell him
like, I hope you never have to

use this protection. And then
you come to me and 15 times and

Victor have paid all this money.

I don't I didn't use him like,
Yes, that's what we want. We

don't want you to, well, we
still have to protect against.

Victor Lagos: Okay, so another
question I wanted to ask you,

before we finish up is, are
there any lessons that you've

learned through your own
financial freedom journey? That

if you knew earlier, you would
have done differently?

Victor Idoko: Yeah, yeah. Quite
quite a few. Actually, I think,

you know, one of them that I'll
point out, but it was obviously,

I mean, people didn't pick that
up. In the first is I never

wanted to see even see a
financial planner. Early on, but

I ended up becoming one, because
then I got to understand what

they do and how they add value.

You know, so part of my lessons
learned along the way is, you

need to fully understand what
someone does before you can

write them off. Yeah. Okay.

That's one and and the other one
is, you know, error of omission

versus commission, you know, you
know, you we generally will not

regret things we tried and did
versus the things we never tried

at all. Okay, so using that in
terms of buying property

investing, you need to try that
and you need to, you just need

to get the right people on board
to help you not help you just

set it up, but help you along
the way because, personally, I

wish I had started lots of these
things a lot earlier, you know,

in my life, but look, I'm happy.

I did it, because now I can
teach other people, you know, to

do the right things and not not
worry about certain aspects,

which I owe them are worried
about.

Victor Lagos: Awesome. No. And I
actually agree with you about

having your dream team. So this
is having a trusted network of

professionals that are working
with you, to help you achieve

your financial goals. And of
course, to protect along the

way. So Victor is part of my
dream team. So if you deal with

me, and you know, you're you're
building your wealth through

property, I will more than
likely introduce it to Victor

and he can, you know, go in more
holistically and look at where

you can, where you can go and
what we need to do along the

way. So, for the listeners that
do want to connect with you,

where can they find you?

Victor Idoko: Yeah, so you can
shoot me an email Victor at CF v

services.com. Au, or you can
find us on Instagram, we have a

company page CFB services, and I
also have a professional pages

as well is Victor underscore,
wealth advisor underscore CFP

Board. Look if you follow the
company page, it will be easier

to follow we will we will follow
you and connect with you. And is

your website

Victor Lagos: CFP services.

Correct? So

Victor Idoko: website is here.

va services.com today.

Victor Lagos: Awesome. Well, I
want to thank you for coming in

today. I really appreciate you
taking the time out and sharing

some valuable insights to our
listeners. Looking forward to

working with you more in the
future.

Victor Idoko: Yeah. Thanks a
lot, Mr. Marcus.

Victor Lagos: Thank you. Thanks,
Jason. Well, if you enjoyed

that, please tune in for the
next episode and follow us on

our social Jason