In 2020, Darren Stevens CFP® will miss the camaraderie he’s come to enjoy during the Future2 Wheel Classic cycling challenge. But he believes there’s never been a more important time for financial planners to get involved in the event.    

A keen cyclist in his spare time, Darren Stevens of Sapphire Coast Financial Services has been taking part in the annual Future2 Wheel Classic Challenge for the last eight years. “I’ve done seven in total, missing just one in 2019 because I was taking my son to one of his races,” he says. “He’s been getting stronger and more confident as a rider and, much as I wanted to take part last year, it’s important to give him his chance.” 

Riding more with his son has been one of the silver linings for Darren during the challenges of the COVID-19 pandemic. “Because of restrictions on social gatherings, I couldn’t be going out with my usual riding companions,” says Darren. “While I did miss them, it has been a great chance to spend more time with him, and trying to keep up with him has challenged my fitness too!” 

Double trouble 

While the pandemic has certainly brought significant changes to the way of life for Darren and his community in Merimbula on the South Coast of NSW, it was the bushfires earlier in 2020 that hit them hardest. “From a personal and professional perspective, our year of disruption began with the bushfires,” he says. “The stress at the time of the fires was huge. To be living through days when it was pitch black at noon is something no-one should experience. And then with COVID, the community has suffered another setback. We’ve missed out on the two biggest periods of economic activity this year, with the bushfires in summer followed by COVID restrictions rolling in at Easter.“  

As an experienced financial planner and part of the Godfrey Pembroke network, Darren has clients all over Australia. Yet he has experienced limited impact on how he operates under restrictions. “Many of my clients live in different states so we were already used to Zoom for our meetings,” he says. “My other team member lives in Batemans Bay, so the two of us were already working in different locations. So we’ve been ‘COVID-ready’ for about four years.  

The fact that many in his local community were already facing financial problems due to the bushfires also prepared Darren for what to expect with clients when COVID arrived. “There has definitely been an uplift in what you need to deal with in your day-to-day conversations with clients,” he says. “At this time it’s so important to be spending more time making sure clients are comfortable with how they’re doing with their finances now, and how they’re tracking with their goals for the future.  

“The other challenge has been the low interest rate environment. Retired clients need money to live on from their investible assets and it’s important to let them know what to expect when their interest income is limited and their dividends are less certain than they’ve been used to. At the moment, many clients aren’t travelling overseas so this compensates for their reduced income for now. But the longer these low interest rates persist, the more challenging it could be for people to make their money last through retirement.”  

Staying connected to community 

This is why Darren feels financial planners have such an important role to play in their communities at this difficult time. “By getting in front of more people who are concerned about their money lasting, we can provide the advice to secure their income and bring them that reassurance,” he says. “There can be some very simple things that can help people. Without financial advice, people in retirement may be unaware that a fall in the value of their assets due to COVID could see them qualify for the Age Pension. That’s an alternative source of income that could make a difference to their income and save them from having to draw down on their assets to meet living expenses.”   

As a professional in a position to help others in this way, Darren feels very proud to be working in his current role. “As financial advisers we’re privileged in what we get to do,” he says “That’s why being involved in Future2 has been so important to me. Of course I’m very passionate about cycling but I’m just as passionate about making a difference in our local communities. After a year or two of taking part, I was tapped on the shoulder to become one of the organisers and I’ve now had family join in too. For the event in Tasmania my Aunt and Uncle helped out in the support crew.  

“That year we rode to the top of Mount Wellington. The weather was amazing and you could see for miles. The rewards you get from taking part don’t just come from the fundraising and community support. You also get an extraordinary life experience seeing your country up close from the seat of a bike. Whether it’s riding from Sydney to Brisbane or cycling around Perth, that sense of beauty and discovery is a key part of the experience.”  

 A tougher year ahead 

With border closures and social distancing restrictions, the 2020 Future2 Wheel Classic won’t be giving Darren the opportunity to travel and enjoy discovering a new landscape. “It’s definitely something I’ll miss, along with the social gathering after the ride and the companionship of cyclist on the route,” he says. “Instead I’ll be reaching out to local riders to do some of the kilometres with me and logging it all on Strava to show other Future2 riders around the country how I’m going. It’ll make for some healthy competition to keep us all going on our personal challenge and see it through. 

“I’ll also really miss seeing what the Future2 grants make possible. In our more recent events, we’ve included visits to grant recipients as part of the route so we get to see the impact of the funds these events provide. We went to Armidale to visit BackTrack who work with disadvantaged youth falling through the cracks in the system and ending up in detention and then jail. They pair them up with dogs to look after, give them vocational training and the impact on school attendance and crime rates is remarkable. It’s very rewarding to know that our events are making a difference in the lives of these young people and the communities where they live.”   

As the first recession for three decades takes hold in Australia, Darren is very concerned about the consequences for both his clients and the communities who benefit from Future2 funding. “Many of the real financial challenges of COVID aren’t going to happen until 2021 when we’re really going to see the impact on our economy and society,” he says. “We’re still operating on JobKeeper and higher JobSeeker payments.”  

“As financial planners we need to build ourselves up to provide a high level of assistance to our clients in the coming year. With the Future2 Community Cycling and Walking Challenges we have a chance to keep making a difference to these charities and the people they support as they face even tougher conditions for the year ahead. And if financial planners couldn’t take part before because they couldn’t take the time away from their business, this is the perfect opportunity to step up to the challenge.”  

Sign up to the 2020 Future2 Community Cycling & Walking Challenge here.

MLC is Gold partner of the 2020 Future2 Community Cycling & Walking Challenge.