Why did you commence a career in Financial Advice?
Peggy (my wife) and I met at university studying Business/Hospitality Management. My first role was a management traineeship during the opening of the Sanctuary Cove Resort on the Gold Coast before moving to Hamilton Island for two years. In the 1990s I moved to Sydney working in various hotels and then Ansett Airlines. I found myself being more involved with finance, defined benefit superannuation and implementing the new compulsory ‘superannuation’ for staff. At Ansett I lobbied the Executive to offer investment selections within the staff super fund. This sparked my deeper interest in finance and I commenced self-funded studies whilst working full time.
With the arrival of the first of our four children, and a mortgage in Sydney after the boom – every cent counted. I was extremely focused on reading and implementing basic smart financial strategies for our family. The light bulb moment was in 2000. Ansett was the airline of the Olympics. A senior Ansett executive said that the company was making a lot of bad financial decisions. I started at the NAB shortly after as a Financial Planner – just 4 months before Ansett failed. Still to this day I have friends from Ansett.
What was the path to your own practice?
Working for a big bank you learn a lot. You also have high short-term targets that are not aligned with assisting clients for the long term. I left to join a boutique firm before opening my own practice in conjunction with a friend Rebecca who is a great accountant. Our practices are separately owned, but the expertise and a second opinion is close at hand when needed. Most good advisers end up in their own practice – it is the desire to do the best for clients and a belief that the financial rewards will follow. It just takes time.
Personal life?
We have been very focused on raising four children, and to make them good citizens. Now that they are all out of school, it’s about enjoying the time they are prepared to spend with us. My three sons and I surf together on rocky reefs. We also canyon in the Blue Mountains regularly – if you haven’t tried, I recommend it as its outstandingly beautiful. My daughter is completing her professional year of dance before commencing a science/dietetics degree. For a number of year’s I was part of the Surf Life Saving movement at North Cronulla and Water Safety Captain for the nippers. We also have a small entity called the “Children’s Charity” that donates money to children for health and education against extreme poverty.
And the Future?
When you enjoy what you do – keep doing it. I spend the majority of my time in Sydney. We also spend regular time on the Gold Coast where we built a small granny flat in 2018. The next 15 plus years are about continuing to enjoy the people I work with, time in Sydney and on the Gold Coast, starting to travel regularly, rebuilding a house in 5 years, keeping fit, surfing at least weekly, and importantly living within my means so savings can gradually accumulate.
Where did the business name Adsum Wealth come from?
Our founding office manager enjoyed Latin and suggested the name. The definition is to “be present” and “to assist”. This is what I am all about. It also has the obvious play on words to:
“Add Sum” wealth to your life. We chose it hoping that it is memorable.