As a proud South Australian business and industry leader in financial services, Goldsborough has nurtured a workplace culture that attracts and retains great people who want to grow with us, both from our internal team and client perspective.
We recognise that culture is an outcome of those that contribute to it and our contributors (our people, professional relationships & our clients) have been key to our longevity.
Following the 2023 retirement of our last remaining founding partner (we love you John Oliver!), our senior advisers have stepped into the shoes of our forebears as shareholders and continue to build the Goldsborough legacy. Of course, it helps that our advisers have a habit of staying around long term; the last time an adviser chose to move somewhere else was over 10 years ago. We’re not the proverbial utopia of the financial planning scene, but our clients have certainly benefitted from our stability.
However, as is the case with any business that has been around for more than one generation, success in succession planning has been pivotal. Succession planning is more than drafting some steps to follow; it needs to consider matters like how do we retain our culture and identity during a succession change? How do we engage with all stakeholders to explain why we’re making the changes? It’s a disaster if done poorly.
Separately, one of our industry challenges in recent years has been the barriers of entry to becoming a Financial Adviser. The number of licenced financial advisers in Australia has fallen by a third in the wake of the 2018 Hayne Royal Commission and with new legal requirements thrust upon the industry, the cost of becoming a financial adviser and/or staying as one has absolutely skyrocketed. Hence the significant exodus.
So here was our dilemma at the start of 2023: around the same time as losing our last founding father (to a well-earned retirement), we need to retain our culture and team spirit, plus find more people to grow our business from a diminishing pool of industry talent, all whilst the cost of sponsoring someone to become an adviser through their “Professional Year” (PY) is seen in our industry as unaffordable.
As it turns out, unaffordable is simply a reflection of competing priorities. The solution to our dilemma was to support a new adviser through the PY process and give them the resources to flourish in our business. In doing so, we’re expanding the next generation of Goldsborough, while developing our industry’s talent pool and fostering a youthful injection of enthusiasm within our workplace. Unaffordable? I’d say the opposite.
So let me introduce our newest adviser Momir who recently finished his PY and is now meeting with his own clients. He possesses a rare blend of relatability to young and old, with a maturity and professionalism beyond his years. More than that, like our other team members who have joined and stayed, he’s just a really easy person to chat and work with.
If you’re checking out our advisers at Goldsborough and looking for someone relatable, give Momir a call or watch his video here.
If you’re from another financial planning firm and just checking out the competition… I would strongly advocate for the PY program and how you can help rebuild our industry. There are simply so many Australians out there that need our help!
