Financial Planner of the Year: Second time's a charm for this all-rounder

It seems appropriate that last year’s runner-up for Money Management’s Financial Planner of the Year, Peter Roan, has been awarded the title this year.

In fact, it’s been a bumper year for the financial planner: at the beginning of the financial year he started an accounting firm; and in October this year he was made a Fellow of the Financial Planning Association (FPA).

“It recognises outstanding professional practice [and] contribution to the profession and the community, and leadership as a practitioner,” Roan said of the FPA Fellowship, which is actually his second Fellow.

“I received a Paul Harris Fellow, which is the most prestigious award given by Rotary. It is in recognition of service to Rotary and the community.”

Roan is certainly an active community player. Judges of this year’s award commended him for his ongoing commitment to his local community, and to the industry in general.

One of this year’s judges, Marianne Perkovic, noted in particular Roan’s involvement with the FPA’s Statement of Advice, which “aims to simplify advice documentation to ensure greater client understanding”.

Perkovic added that Roan’s experience and his continued commitment to education ensured he’s up-to-date with critical issues and learning new skills.

In terms of his involvement in the local community, Perkovic said Roan’s commitment “helps raise his profile and also demonstrates his motivation to help and assist people”.

“It would be a great sense of achievement for him and his office and also wonderful for his clients to see him giving up so much time to assist the youth and community members,” she added.

But coming back to financial planning, Roan, who is managing director of Roan Financial, is more than willing to enlighten, discussing what matters to him as a planner.

“I enjoy financial planning because you are making real differences to enhance a client’s financial position,” Roan said.

And he wants advisers to adhere to the highest standards and give clients the best quality service. He wants value for clients, particularly during trying financial times like these.

“We as planners are all aware that with the good times, clients will have to weather some bad periods. Like the drought we have just experienced, and are still experiencing, we do not know how long or severe these bad times may be,” Roan said.

He believes that such events stress the significance of ongoing education and, in particular, ongoing communication to reassure clients.

“It also presents some positive opportunities for clients for those with excess cash to invest,” he said.

“It is certainly character building but it is important we help clients through this, so constant communication, education is the key. It is about being proactive rather than reactive.”

But Roan does have concerns about the industry he has been involved in for so long.

He said that while the industry is growing increasingly professional, entry level and course requirements should be revised, adding that “… to be a Certified Financial Planner (CFP) practitioner requires a tertiary qualification and this is what all planners should strive for”.

Roan also acknowledged the topicality of self-managed superannuation funds (SMSFs). He believes “it is still not a level-playing field between accountants and financial planners”.

He also feels planners’ focus is “highjacked by silly debates over fees and commissions and industry funds”.

“Clients are seeking independent advice yet this space is clouded by pretenders,” he said.

“If you are predominantly fee-based, no institution or product ties, then these advisers should be able to say it as it is. Call it truth in advertising.”

For Roan, the true focus should be about the quality and value of advice. He’s evidently getting that part right. In 2005, he received the FPA Distinguished Service Award, which his wife, Toni Roan, who is the compliance and systems manager at Roan Financial, received two years later.

“It is rare to have two recipients in one business of this award,” said Roan, who is also a member of a number of committees, has been a Chapter chairperson for over 10 years and a director and president of Rotary.

However, just as important as all his other commitments is his business and having his own Australian Financial Services Licence, under Roan Financial Group.

And despite the honours received in the past, Roan conceded that he had hoped to improve on his runner-up position last year in Money Management’s Financial Planner of the Year.

“The Money Management award is certainly the benchmark that all planners should dream to achieve. I was very honoured to have been awarded runner-up.”

Impressing judges this year with his skilled approach to fostering excellent relationships with his clients, Roan is going from strength to strength in his field. There is the new accounting firm — Roan Accounting Pty Ltd — and his office also includes a “stand alone” finance business and legal services.

Perkovic commended Roan for “his well-structured review service” and for extending “his service offering to non-investment services to help service the total needs of clients”, a holistic approach that has delivered solid results for the planner.

Despite the doom and gloom of current global markets, Roan said Australia is at the forefront of the financial planning industry.

“We are as much regulated in financial planning as is the banking system, which has shown to be a strength through these current times.”

You might be forgiven for thinking it is all work and no play for the very busy financial planner.

“I think the [work/life] balance is getting better,” Roan said.

“That was not always the case in the early stages of starting and developing a business. It is certainly slightly easier, which is mainly due to the tremendous support of my wife and the employees of the business.”