I doubt that I ever thought that I would own a business when I started in planning. It really came to a head about 7 years ago, and for a number of reasons.
I was unhappy with the direction that the company I worked for was taking. I felt uncomfortable, to say the least, with the sales at all costs ethic, and what I guess I would consider a product first approach. I felt, and still do, that client needs come (waaay) before the 'product'.
Secondly, I was concerned about the compliance record. I personally did OK, but the practice had...issues. Compliance can be onerous at times, but it is in general for consumer protection, and important.
Finally, I had started to look into ethical and responsible investment. More to the point, it had started to make real sense personally, and from a business sense. Even more to the point, I was beginning to feel uncomfortable about the 'disconnect' between how I felt personally on issues, and what I was doing 'at work'. With regard to that, I don't feel that there is ANYTHING unethical or irresponsible with financial planning or investing per se (fancy, huh). But there can be unethical practices that underline this. Moreso, it is a problem if you (the invetor), aren't aware of the practices, and they are something that in general you wouldn't feel comfortable with (or worse, would actively avoid).
(Oh, OK, so you are aren't an investor? Just about any person under the age of 50 who has had a job has super. And it just might curl your lashes to see where they invest YOUR money).
It came to a head when I mentioned the idea of incorporating thses ideas into the practice. It did not go well. Hippy sh*t may have been mentioned, (as per a Brisbane Times article from a couple of years ago).
So putting the three together, I decided that the practice that I worked at was no longer for me. I couldn't see the point in working elsewhere, thinking that the lack of control would be the same everywhere.
In essence, I felt that the way forward was to go and do something else completely, or go and set out our 'own shingle'. That new business would have to have the clients interests at heart, ensure appropriate client protections were in place, and that we respected, and actively canvassed client values.
A few rushed months of rudimentary business planning later, and Viridian Wealth Management Pty Ltd was born.
Feel free to comment. I would love to hear what you think.
