The Year that Was
Most years, the finance industry is presented with challenges and opportunities – frequently with curve balls thrown in for good measure. While 2017 certainly has had its trials, the stormy seas experts predicted were in actual fact relatively smooth sailing.
This enabled us as a business to not only put some great runs on the board for our clients, but also to invest in taking our services to the next level.
In reflecting back on the year, the theme that has run throughout our organisation is progression – in many senses of the word. Here is an inside look at the year that was through the lens of our senior staff with their perspectives on the milestones of 2017.
Damien Cooper (Chief Executive Officer)
At all times, we strive to ensure the financial health of our clients is in the best condition possible and I am proud of what we have been able to achieve for them this year while simultaneously bolstering the foundations for future success.
I believe there are two key factors behind the success we have achieved in these areas: our Purpose and our People.
Purpose
Our purpose is to provide the most comprehensive and holistic financial service possible. With this purpose driving everything we do, we have continued to bring together the various sectors of the business, streamlining processes and operating in unison for maximum effectiveness.
In providing all-inclusive financial services under one roof, we have achieved enhanced client engagement – and results – by delivering traditional, personalised advice that also leverages emerging technology platforms.
Highlighting the uniquely tailored service we offer our clients, we have multiple specialists available for individual clients in order to ensure there are no holes in the financial bucket. As an example, meetings with clients will often include an accountant and an insurance broker to ensure as many bases are covered as possible.
While we have achieved a great deal to this end in 2017, we are planning even more with the roll-out of our Strategic Advice plans in 2018!
We pursue this purpose not only for client convenience, but also to deliver confidence that we have a 360° view of your finances and are here to guide and support you in your wealth creation and management aspirations.
People
Delivery of first-class client service is only possible with first-class people acting for the business. We are proud of all our staff, however special mention must be made of the following people:
- Christeena Smyth
- Chrissy recently completed her Bachelor of Economics degree and has developed even further into an energetic asset to the business
- Leonita Kosasih and Tim Collins
- Leonita and Tim continue to impress all who come into contact with them, providing assurance that as we move into the future, the firm is in good hands
- Matthew Collins
- Matt has been recognised with a nomination for the NSW Premier’s Volunteer Recognition Award for more than 25 years’ loyal service to Mona Vale Surf Life Saving Club. An outstanding achievement, Matt’s dedication and tireless efforts are testament to his commitment and vigilance to the service of others
- Matthew French
- Adding to an already dynamic Tax and Accounting team, Matthew has made an instant impact and has bolstered our capacity to cater to the needs of our clients
- Taxation and Accounting Team
- The rapid growth of our Taxation and Accounting team demonstrates our ongoing commitment to a Strategic Advice model that is focused on helping our clients achieve their financial goals
Matthew Collins (Principal / Adviser)
For me, 2017 has been a great year with some enjoyable experiences and strong highlights in terms of industry and client outcomes.
In simple terms, evaluating the present while looking ahead to the upcoming year speaks to the themes of Performance and Progress.
Performance
The inception and launch of the Generation Fund has exceeded expectations, with positive feedback from clients and results achieved comparing impressively against the market.
We are pleased to report that the performance of the fund has been strong and it has delivered exactly what we envisaged for our clients – a comprehensive, reliable resource that makes sound forward financial planning easily accessible for all clients.
There are some industry hurdles, predominantly around platforms, that still need to be overcome, but we anticipate that as we enter into 2018, the fund will grow to be an even bigger success.
In terms of administration, the investment committee has met twice and everyone involved is impressed with the professionalism and depth of knowledge being shared. Moving forward, a core focus will be making the Generation Fund even more accessible for all our clients – for instance, those people in retail super funds not currently able to take advantage due to outstanding wrap platform approval.
Taking a more granular view of the business outside of the Generation Fund, the outputs achieved by the Insurance team have been outstanding, with a 100% success rate of claims being paid.
Our level of success and consistent insurance payment track record, even with extremely difficult claims, continues to be a significant reason our clients depend on our insurance advice and implementation.
Progress
In 2018, we will be moving towards a Strategic Advice model that is cost and time effective, encompasses all service offerings and is incredibly easy for clients to access.
We have created this approach in response to the feedback that clients are time poor and micro-managing every aspect of their wealth management strategies is difficult at best. It is not a “set and forget” model, rather it is in-depth and ongoing strategic financial advice that looks to the future to ensure the right decisions are made today.
Strategic Advice is outcome focused and aligned to the goals of the individual client, taking into consideration a wide scope of circumstances including:
- Investment
- Risk protection
- Debt management
- Taxation
- Estate planning
- Saving and
- Retirement planning
Eventually we want to move to a situation where each client will have their very own Chief Financial Officer (CFO), with the CFO engaging other in-house specialists as personal circumstances dictate.
We are about providing one service that brings it all together.
The goal of Strategic Advice is to provide clarity and address any financial needs, so you can get on with enjoying life. Stay tuned for more information but we are very much looking forward to introducing you to the new age of financial planning in 2018.
Albert Lee (Chief Investment Officer)
To be honest, 2017 has been an oddity. Conditions have been uncannily stable, even in the face of potentially sweeping global economic changes. Not even uncertainty surrounding the Trump administration’s first year in office has derailed confidence or performance. That is why, for me, 2017 has been about Perseverance, while the transition into 2018 is all about taking advantage of emerging Platforms.
Perseverance
This year had lots of surprises, like synchronised upward-market movement, and virtually no volatility. Despite the feared large-scale political and economic changes emanating from the USA over the past year, without a doubt the biggest challenge both we as a business and the finance industry as a whole faced, were the changes and revisions to regulatory framework.
Each year, regulations seem to get tighter and tougher – and this year, with the Royal Commission into the banks bringing additional scrutiny, strict compliance was a major focus for ASIC and other bodies. While this has made for some cumbersome progress, at least the quality of checks and balances keeping the banks honest has grown in reliability.
In terms of market movement, we have seen decisive, upward-moving trends which has certainly helped client returns and portfolios. The trend has been welcomed with open arms and has seen a great many savvy investors reap the benefits.
In maintaining the theme of Perseverance, our business has grown at a sustainable rate on a multitude of fronts. We have had had the pleasure of welcoming some large-scale clients on board as well as astute individuals looking to grow and intelligently manage their assets and wealth.
Platforms
This year we were lucky enough to get the inside track on the amazing technology arising out of the FINTECH forum in San Francisco. The key takeaway from this event was that emerging platforms and the next wave of technology is going to be pivotal to the finance industry, its growth and its ability to instantly impact markets in real time speeds that were previously unimaginable.
With futuristic technological platforms the big thing in 2018, be prepared for a raft of products to hit the market. Apps, subscription services and cloud-based software packages will be dominant and further herald the new age of finance.
Overall, the next year poses one very key question: Can the USA continue to lead the way and pass tax legislation significant to impact global markets? Substantial corporate tax cuts and extensive repatriation of money from overseas are being priced into the market right now, so the size of the tax cuts will have major implications for global markets.
In all, I am guardedly optimistic about the upcoming year. However, it is always worth noting that high expectations are great, but regardless of the situation the market should still be viewed with caution as volatility is always a threat.
Chetan Sharma (Principal / Accountant)
The past year has been one of positive progress and provocative possibilities with Taxation and Accounting growing from strength the strength and adding real value to our clients. As we move forward, the T&A team will be tasked with optimising tax Productivity and fostering the multitude of Prospects open to the division.
Productivity
We envisage working even more closely with our clients on a holistic basis – as mentioned previously, our traditional advice offering will undergo a change to a Strategic Advice model. We hope to cover all aspects of a client’s financial affairs in one sitting; essentially providing them with a roadmap, navigating towards their desired financial destinations.
We are committed to covering investments, insurance, mortgage, super and tax all at once and identifying how these elements ultimately impact on a client’s chosen strategy. The change in the way we deliver our services will be our key strategic initiative for the 2018 year and represents an exciting new age for Financial Decisions and the way in which we do business.
Prospects
The T&A team is presented with tantalising prospects both in terms of clients and also attracting talent to the organisation. With young candidates such as Matthew French joining the team as our new in-house accountant, we are developing not only a significate pool of talent, but also a formidable unit that integrates seamlessly with the other elements of the organisation.
We also sponsor some of our clients in their charitable endeavours based on the principle of making a real difference in the community. This fits into our ethos of positively impacting our client’s lives not just financially, but also socially.
We believe that by continually striving to achieve the fulfilment of this purpose while adhering to our core values, we will further build the trust and confidence of our clients. At all times, we endeavour to make decisions that are in the best interests of our clients and believe ethics and moral fortitude are important elements in delivering the best quality customer service possible.
Congratulations on 2017 and best of luck for 2018!
From all of us here at Financial Decisions, thank you for your continued clientele. We look forward to talking more about the Strategic Advice model as we roll it out over the next 12 months and the other exciting initiatives we have up our sleeves!
Please note that our office will be closed during the holiday period from Monday 25 December 2017 and will reopen on Monday 8 January 2018.
Wishing you a happy, safe and prosperous Christmas and New Year period from all of us here at Financial Decisions!
Disclaimer: This publication has been compiled by Financial Decisions (AFSL/ACL Number 341678). Past performance is not a reliable indicator of future performance. While every effort has been taken to ensure that the assumptions on which the outlooks given in this publication are based on reasonable data, the outlooks may be based on incorrect assumptions or may not take into account known or unknown risk and uncertainties. Material contained in this publication is an overview or summary only and it should not be considered a comprehensive statement on any matter nor relied upon as such. The information and any advice in this publication do not take into account your personal objectives, financial situation or needs. Therefore you should consider its appropriateness having regard to these factors before acting on it. While the information contained in this publication is based on information obtained from sources believed to be reliable, it has not been independently verified. To the maximum extent permitted by law: (a) no guarantee, representation or warranty is given that any information or advice in this publication is complete, accurate, up-to-date or fit for any purpose; and (b) Financial Decisions nor its employees are in any way liable to you (including for negligence) in respect of any reliance upon such information or advice. December 2017
Contact: Financial Decisions PO Box 484 Mona Vale NSW 1660, T 02 9997 4647, F 02 9997 7407