New practice profile: Unite Wealth
Implementing a charitable arm to an advice firm enables financial advisers to support Australians with more than just their financial needs, shared the founder of a new practice.
In continuation of the New Practice Profile series, Money Management spoke with Robert Rich, who recently opened up his own firm, Unite Wealth, earlier this month.
After seven years as a financial adviser, Rich realised that he needed to have his own firm to focus on the real reasons why he became an adviser following a previous career in accounting.
“I can actually combine my career with my purpose,” he said, after taking a step back to consider the long-term goals that he and his wife shared.
The adviser also expressed his underlying philanthropic goal to support a charity through his advisory firm.
“I also really wanted to have my own firm that had this charitable arm to it,” Rich said.
Unite Wealth partnered with Brainwave Bikes, an organisation focused on assisting children with neurological conditions by reselling second-hand bikes to raise funds.
“I want to dedicate my life to supporting families and helping families, [alongside] having this charitable purpose.”
The founder additionally commented on the benefits of advisers referring clients to other professionals, such as brokers or accountants.
“One of the main parts about my brand, my business and my logo is this term ‘unite’. I don’t think enough energy is put on surrounding families with a team of experts.”
Despite being an expert in his own field, Rich recognised that clients could be better supported by outsourcing additional services.
When asked about the current state of the advice industry, prior to the Quality of Advice Review release, he noted that there was a lot to be excited about.
“I think it's definitely a positive that advisers are leaving the industry. It means that there's probably people that find it too hard.”
Rich identified that although many advisers regarded the current regulation as ‘cumbersome’, it had their “best interests at heart and is being brought in to tidy up the system,” he said.
Moreover, new technology transformed the way Rich was able to set up his business, such as providing a client portal or requesting digital signatures over traditional methods. It could also minimise the process of providing lengthy Statements of Advice to clients.
“It's driving engagement and it's easier to engage with clients, to provide a better service to them,” he said.
Rich added: “There's just so much opportunity here in Australia, for advisers, and there's so much to be excited about”.
AUTHOR
Jasmine Siljic
Recommended for you
A relevant provider has received a written direction from the Financial Services and Credit Panel after a superannuation rollover resulted in tax bill of over $200,000 for a client.
Estimates for the calendar year 2024 put the advice industry on track for a loss in adviser numbers as exits offset gains from new entrants.
Adviser Ratings shares five ways that financial advice changed in 2024 with an optimistic outlook for 2025, thanks to the Delivering Better Financial Outcomes legislation.
National advice firm Invest Blue has announced several acquisitions, including the purchase of an estate planning and wealth protection business Lambert Group.
