Ipac head of advice and business optimisation Matthew Fogarty loves the financial advice profession because he gets to connect and work with talented people in a dynamic landscape.
Why financial advice?
I have been lucky to have worked in the financial services industry for over 20 years. My Dad worked in the general insurance industry for over 40 years and I was introduced to that world early on. A mixture of luck and determination has helped open up terrific opportunities for me to pursue, and my recent role with ipac is another example of this.
That’s why I think the financial advice profession is so great – it offers up so many varied opportunities. It is also a sector of the economy that has so much to offer in terms of the positive contribution it makes to people's wellbeing.
How would you sum up advisers in three words?
Evolving, challenged, motivated.
How would you change the industry?
I think that we need to push ahead with higher educational standards for planners, keep working hard to seek greater clarity from the regulator on how to effectively and efficiently deliver more module advice, have a more co-ordinated industry approach to ongoing financial literacy education, and keep investing and innovating in technologies and approaches that are going to drive a better, more engaged client experience.
Best advice you’ve ever been given?
Make the most of your opportunities, and always try to work with people you like working with.
What’s the most important thing an adviser can do to develop their business?
Have clarity on their personal and business vision and a flexible plan on how to get there, including a strong sense of what the business stands for and how they can make a difference for their clients. Increasingly, focus on how the experience they are providing to their clients can act as a real differentiator and way to engage clients.
What’s the biggest challenge facing the industry today?
The advice cost gap – while on average 20% of Australians are receiving professional financial advice, we know that there is a huge potential demand for advice. The biggest issue is having an operating model that can support the delivery of advice at different price and complexity points.
What has been the highlight of your career?
Establishing and running our own consulting business for just over 10 years and playing a small role in shaping the focus and delivery of practice management solutions across the industry, having the opportunity to work with a diverse group of clients in the development and delivery of several significant projects, from AMP
Horizons through to FOFA transition programmes.
NRL, AFL, soccer or other?
Very keen AFL fan and a Carlton supporter – but also enjoy most other sports, especially playing golf.
What’s your favoured style of coffee?
I haven't been drinking coffee for over 12 months, so I’d choose black tea or peppermint tea.
If you could invite three people to dinner, dead or alive, and excluding family and friends, who would they be and why?
Clint Eastwood – always been a big fan, and I am sure he would have some fantastic stories to tell.
Chris Judd – one of the best AFL players to have played the game and would love to get closer to the discipline and commitment he has been able to maintain at such a high level for so long.
Richard Branson – to get up close with such a creative and calculated entrepreneur.
Complete this sentence: If I wasn’t in advice, I would be…
Travelling Australia with my family and enjoying as much as possible of this great country.
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