
TRADE SECRETS
IN THIS ISSUE
- 2024 Seasons Greetings
- Christmas Office Closure Dates
- Mai Davies – Celebrating 40 Years at GFM
- Australia’s Top 150 Financial Advisers 2024
- Client Profile – Jeanette Bennett & Fred Douglas – Clients of GFM Since 2016
- GFM Podcasts
- Case Study – Early Home Access Scheme
- Aged Care Reforms
- Staff Profile – Introducing Adam Blanchard
- SMSF Conference
- Quarterly Business Lunch – Fund Manager Panel – An Update On Markets
- Christmas Cards & Charitable Donations
- End of Year Seminar – Market Update & Outlook for 2025

2024 Season Greetings
By Paul Nicol
2024 was another big year for GFM Wealth as we continued our celebration of 50 years of continuous operation.
As a business, we continue to be proud of how the GFM team performed in 2024. Our brilliant team has worked incredibly hard throughout the year and deserves a well–earned break over the festive season.
The stability of the senior core staff at GFM is the envy of our peers. We have a loyal, hard–working, knowledgeable, and caring team passionate about delivering high–quality financial planning.
GFM celebrated other important events throughout the year. These included:
- Mai Davies reaching 40 years of service
- Some new additions to the team:
- Orrin Shaw (Associate Adviser)
- Adam Blanchard (Senior Financial Planner)
- Harriet Bainbridge (Administrator)
- Sadia Baig (Paraplanner)
- There were two GFM weddings! Orrin married Kirsten on May 4 & GFM Gruchy Partner & Senior Accountant Ivan Yeung married Wai on May 11
- Paul Nicol & Patrick Malcolm’s inclusion in the Barron’s Top Adviser List
At GFM, our core value is that our clients are our business. Our financial advice is tailored to each individual’s unique needs, risk profile, and investment preferences, ensuring they receive the best advice.
We are always grateful for our clients’ confidence in us, and it is an honour to play a part in your financial journey, whether in or towards retirement. It truly is a privilege and a pleasure.
From the GFM Wealth Advisory and GFM Gruchy Accounting teams, may the festive season bring you joy, peace, and prosperity.
We hope you get the opportunity to relax, rejuvenate, and enjoy the company of those closest to you.
Please stay safe, and we look forward to seeing you in 2025!

OFFICE CLOSING OVER CHRISTMAS
Our office will close at 11 am on Friday, December 20 and re-open on Monday, January 6 2025, at 8:30 am.

Mai Davies:
Celebrating 40 Years at GFM
By Paul Nicol
On October 11, the GFM Team and Mai’s family got together at the Stokehouse in St.Kilda to recognise the significant milestone of Mai reaching 40 years of employment at GFM. All had a wonderful night as we celebrated Mai’s achievements.

Mai’s story at GFM is a great one. Back in 1984, as part of the Year 12 Business Studies course Mai completed her schooling at Star of the Sea College, she was required to complete two weeks of work experience. Mai was assigned to AG Gilham and Associates on Queens Road in Melbourne. At the time, AG Gilham and Associates was a general insurance broking and life insurance business with a small team of three: Tony Gilham (the firm’s founder) and two staff members. Impressed with Mai’s enthusiasm and quality of work, Mai was offered a full-time job as a Junior Assistant starting in November 1984.
In 1988, Mai had her first child, Melissa. 14 months later, Mai’s second child Matt followed. During this period, Mai took time away from work. However, in 1992, she returned to GFM to work casually while raising her family. As the children got older, Mai increased her capacity at GFM until she returned to full-time again.

In the early years of working at GFM, Mai’s day involved administrative duties, including answering the phone, typing invoices, letters and memos on a typewriter (there were no computers then!), filing, preparing cheques for banking, writing up the mail and folding newsletters.
However, as the business grew and evolved to what it is today, it was clear that Mai had a natural knack for managing client events and speaking with clients, something she also thoroughly enjoys doing. Mai is now our Marketing and Client Services Manager. The many clients that have spoken to Mai over the years or attended our client seminars, movie nights, golf days and client dinners will attest to how incredibly well Mai organises and manages these events.
We are incredibly fortunate to have Mai at GFM. Mai has made many friendships in the business and is universally loved by the team. She is never flustered, has a beautiful nature and demeanour, genuinely cares for our clients and the GFM team and has incredible patience. Her longevity in the business is amazing when you consider that almost half our staff were not born when Mai started at GFM! Mai is a culture setter, and for any new staff member that arrives, they very quickly work out that the customer service levels are impeccable and everything we do is in our client’s best interests.
Congratulations, Mai, on behalf of the GFM team, on a wonderful career thus far. We thank you for your loyalty, dedication and friendship over 40 years.


Australia’s Top 150 Financial Advisers 2024
By Mai Davies

We are thrilled to announce that our Managing Partner, Paul Nicol and Senior Partner, Patrick Malcolm, have made the prestigious list of Australia’s Top 150 Financial Advisers for 2024. The list was published on Thursday, November 21, in “The Australian” in “The Deal” magazine, produced in conjunction with respected US financial investment publication Barron’s.
Positioning in this year’s Top 150 list was again very competitive with the inclusion of larger firms, many of whom run multi-office practices. Paul ranked 32, has now been featured in each of the eight years this prestigious list has been published. Patrick ranked 117 and was also featured in 2020.
This industry endorsement of Paul and Patrick acknowledges the transparent and professional approach that underpins the way GFM does business. As Paul and Patrick would attest, our business is a team effort, and this recognition is also a strong reflection on all staff. As a privately owned firm with no institutional alignment, our advice always has and will continue to be a client-centric approach, putting the best interests of our clients first.
We are incredibly proud of Paul and Patrick and thrilled they have featured in the list.
Congratulations, Paul and Patrick!

Jeanette Bennett & Fred Douglas:
CLIENTS OF GFM SINCE 2016
By Sam Eley
Jeanette has kindly written the article on their working life, retirement and relationship with GFM Wealth Advisory. We greatly appreciate her contribution to Trade Secrets.

Fred and I have both worked from a very young age and had a few “jobs” before settling on a career in Shopping Centres, where we met. I was leaving the staff Christmas party at 9 pm, and Fred was arriving!
We have managed shopping centres in both NSW and Victoria before moving to Dubai in 2004. Fred was General Manager of Leasing for what was to be The World’s Largest Shopping Centre, Dubai Mall (3 times Chadstone). Being quite naïve about the Middle East, I asked if I could also work given my career; I went for an interview and was given a role, leasing the luxury fashion, mid-level fashion, watches and jewellery and children’s fashion of the Centre (some 200 stores to lease) and reporting to Fred! Our role entailed working with the Architects on the design, space planning, proposed retailers (tenancy mix) and then approaching those retailers and negotiating with them to sign a lease. For the first 6 months, it was Fred and I only before he employed another five others to help us lease 1,200 shops. We had signed a contract for 2 ½ years, but at the end of this period, we had leased 1,000 shops. The construction of the Mall was behind and not opening for another 2 years.
Fred was headhunted to go to Abu Dhabi (120km down a four-lane highway each way, where there is almost no speed limit), where he did it all again for Yas Mall, where Ferrari World is. I went onto The Palm and leased the retail there. We stayed living in Dubai for 10 ½ years. Both professionally and financially it was the best thing we have ever done.
Living in Dubai, we were fortunate to be able to travel both for work and pleasure. We have been to over 40 countries. While still in Dubai, we bought a home on the Murray River in Bundalong near Yarrawonga in Regional Victoria and returned home to live in December 2014. Bundalong is the mecca of water skiing, which we both love to do.
Fred is now retired, serving on a few Boards. I am semi-retired, undertaking short-term management of Shopping Centres when their staff resign, are sick or on maternity leave.
We moved to Maroochydore in Queensland in April 2023 to escape Victoria’s cold and enjoy our love of water sports all year round. We both row and have our own single sculls and have now bought ourselves a surf ski, which we use on the Maroochy River.
Fred represented Australia in the World Over 35’s Water Ski Championships Slalom Division in 2018 in Chile and 2022 in Bordeaux. He was selected again for Spain in September. He competed in the Over 70’s division. He was training 2-3 times a week at an old quarry in Coolum, now a professional waterski facility. Fred reached the Final for the first time and finished 8th of 14 globally. Fred is the current Australian Slalom Champion in the Over 70’s. I still love to ski once a week but have never competed.
Fred is a real adventurer, having done Kokoda, Kilimanjaro, Everest Base Camp, the West-East walk across England, and last year trekked through Switzerland. He trained by carrying a 15 kg backpack and walking through the dunes from Twin Waters up to Coolum and then up Mt Coolum, too! Fred did more trekking this year in Switzerland. He works out twice a day, 6 days a week and is the fittest 74-year-old you will ever know.
A year after returning from Dubai our Financial Advisor of 15+ years was retiring. Our friends Val and Bill had been with GFM since its inception, and they had constantly told us we should be with them. So, we took the opportunity to meet with Paul Nicol at GFM. We moved to GFM and wished we had listened to our friends years earlier! Paul’s energy, knowledge, professionalism, and genuine caring about what we wanted to do with our lives convinced us to join. It has only gone from strength to strength since becoming a client of GFM.
When dealing with your life savings, there has to be utmost trust and respect in their knowledge and professionalism that they will do the right thing. Not only do we feel this, but we want our friends to feel that too, hence we have recommended them.
I love the quarterly reports and Fred has great conversations with Sam Eley, our Adviser, about the investments.
We see GFM as the individual people we deal with, not a “firm”. And each is so caring and professional. We feel part of the GFM “family” now and are reassured that we are in good hands.

GFM PODCASTS
By Mai Davies
We are excited to share our very first Podcast recorded on Wednesday, November 13 2024, available for listening on Apple Podcasts and Spotify or watching on YouTube.
Senior Partner Patrick Malcolm was joined by Co-Portfolio Managers Alex Patten and James Rutledge from Perpetual Investments to explore the world of microcap investing. They discuss key portfolio positions, emerging investment opportunities, and the broader macroeconomic landscape.
We hope you enjoy the Podcast and feedback is always appreciated.
Click on the links below to listen:

Home Equity Access Scheme
By Sam Eley
We often get questions from clients about the pros and cons of reverse mortgages. In essence, a reverse mortgage allows a third party to take an ownership stake in your home, in exchange for an upfront lump sum to assist you in funding your retirement. A considerable downside of a reverse mortgage is the punitive interest rates charged by the lender, along with significant estate planning and later life ramifications as the lender takes more and more property equity over time.
These interest rates can be as high as 9.50% p.a., compounding on the loan each year – a significant impost, which can lead to issues such as not having enough capital to properly downsize or fund a bond for Aged Care or poor Estate Planning outcomes when intended inheritances are much smaller than desired.
As an alternative to a reverse mortgage, but still allowing Australians to age in their own home, the Government introduced the Home Equity Access Scheme (HEAS) in January 2022. The HEAS allows older Australians who are Age Pension age or older to get a voluntary, non–taxable loan from the Government, using security from Australian real estate. The current interest rate is 3.95% p.a., making it considerably more cost-effective than using a reverse mortgage from a private lender.
While the ‘repayments’ compound on the loan over time, it is certainly a better option than a standalone reverse mortgage for those who don’t wish to downsize and prefer to remain in their home (but don’t have the cash flow to sustain it without opting for either of these options).
The Government also provides a ‘no negative equity guarantee’ for additional peace of mind. For example, if the Government ‘loaned’ you $250,000 and the home was sold for $200,000 with no encumbrances, you would only need to repay $200,000 rather than the full loan amount.
Should a lump sum be sought rather than instalments, you can apply for up to 50% of your maximum pension rate as an advance payment, providing additional flexibility.
Case Study:
Robert is 71 years old, and Joan is 70. They enjoy their retirement but are concerned about their ability to fund ongoing expenses as their capital has reduced over time due to a higher cost of living in retirement than expected. They love their home in Camberwell (valued at $2.5 million) and have no desire to consider downsizing now – but would seriously consider it in around ten years. Their super balance is $350,000, and their living expenses are $85,000 p.a., including the travel they enjoy in retirement. They currently draw $40,000 p.a. in pension payments from their super fund and receive the full Centrelink Age Pension of $862.60 p.f. each ($44,855.20 combined).
Given that they are drawing over 10% of their super fund balance each year, they can see they have an asset shortfall that will be a problem later in retirement. Their dilemma is that they don’t wish to sell their home at this stage and don’t know how to ‘bridge the gap’ for the remainder of retirement as their super balance decreases.
Under the Home Equity Access Scheme, you can receive up to 150% of your maximum Age Pension rate. As Robert and Joan receive the full Age Pension, this is up to an additional amount of $431.40 p.f. each that they can receive in income. If they were to accept this, their Age Pension payments would increase to $1,293.90 p.f. each, or $67,212.80 p.a. This allows them to decrease their draw down from their super assets to approximately $18,000 p.a. on a balance of $350,000, a more sustainable withdrawal rate of 5% p.a.
While there is a formula that calculates your maximum loan amount (based on your age and the security used for the loan), you can build protections within the scheme to ensure the loan size does not exceed what you are comfortable with.
In Robert and Joan’s example, a maximum of $150,000 loan size could be set, which would be met in July 2035. This would then coincide with their 10-year timeframe to downsize from their current home, allowing them to repay the outstanding loan in full while still having sufficient residual capital to purchase a new home and potentially free up some additional equity at that time.

While the decision to utilise the Home Equity Access Scheme should not be made lightly and should be part of an overall conversation with your Financial Adviser about your particular circumstances – it is an additional option to help clients age in their homes and provide flexibility during those peak spending years in retirement.

Aged Care Reforms
By Karen Maher
On November 25 2024, legislation was passed introducing a new Aged Care Act supporting ageing Australians at home and in residential aged care services, effective July 1 2025.
These changes followed public consultation on draft legislation in December 2023 and recommendations from the Aged Care Taskforce Report released in March 2024. The reforms aim to address industry sustainability and manage the projected rise in government spending on aged care in the coming years.
Importantly, as of June 30 2025, existing residential aged care recipients will not pay any more for care unless they change facilities or leave care entirely.
While government subsidies will remain substantial, residents with higher income and asset levels will contribute more to ensure funding is directed to those most in need.
Below is a summary of the key changes:
Accommodation Fees
Accommodation fees cover the cost of the room and can be paid as:
- A refundable lump sum (Refundable Accommodation Deposit or RAD)
- A non-refundable daily fee (Daily Accommodation Payment or DAP)
- Or a combination of both
Currently, any refundable lump sum paid is returned upon leaving care (minus any other fees that you’ve agreed to have debited from the amount).
From January 1 2025;
- The maximum RAD chargeable without Aged Care Pricing Authority approval will increase from $550,000 to $750,000, indexed annually to CPI.
From July 1 2025;
- A RAD retention fee of 2% per year (calculated daily and debited monthly) will be introduced for five years, reducing the refunded RAD when leaving care.
- DAP rates will be indexed to CPI twice a year. Currently, DAP rates are fixed at entry based on the Maximum Permissible Interest Rate (MPIR).
From 2029/30:
- The Government will review the sector’s readiness to phase out RADs by 2035.
Ongoing Care Fees
Ongoing care fees cover daily care services such as meals, bathing, and related services.
For new entrants from July 1 2025;
- The Basic Daily Care Fee (BDF) remains payable by all residents, set at 85% of the single rate of Age Pension, less the minimum pension supplement and energy supplement (currently $63.57 per day).
- A Hotelling Supplement Contribution (HSC) of up to $12.55 per day (indexed) will apply to residents with assessable assets over $238,000 or income exceeding $95,400 annually.
- The Means-tested fee will be replaced with the Non–Clinical Care Contribution (NCCC), calculated based on income and assets. Contributions will cease upon reaching a $130,000 lifetime cap (indexed) or after four years in care, whichever comes first. Contributions under the Support at Home program (currently the Home Care Packages program) will count toward this cap. However, the alternative four–year limit only applies from the date the person enters residential care.
- Assessment of the former home will not change.
In summary, the residential care fees that may be payable when entering aged care before and after July 1 2025 are as follows:
Pre-July 1 2025 | |||
Accommodation Costs | Ongoing Care Fees | ||
Accommodation Fee | Basic Daily Fee | Means-tested Fee | Extra–services Fee |
Paid as a lump sum and/or non-refundable daily accommodation payment | Paid by all residents | Calculated based on income and assets (up to a maximum of $417 per day) | Additional fee agreed between the resident and the facility for additional or premium services. |
The lump sum is fully refundable | 85% of the full single rate of Age Pension | Annual and lifetime caps apply (currently $34,176.16 and $82,018.15, respectively) | |
Daily Accommodation Payment is fixed at entry based on a set rate | Currently $63.57 per day | ||
Maximum lump sum $550,000 (unless additional approved) |
Post July 1 2025 | ||||
Accommodation Costs | Ongoing Care Fees | |||
Accommodation Fee | Basic Daily Fee | Non–clinical Care Contribution | Hotelling Contribution | Fee For Higher Everyday Living |
Paid as a lump sum and/or non-refundable daily accommodation payment | Paid by all residents | Calculated based on income and assets | Payable for singles if assets over $238,000, income over $95,400, or a combination (indexed) | Additional fee agreed between the resident and the facility for additional or premium services. |
The facility retains an amount of 2% of the refundable lump sum deposit for 5 years, with the remaining balance refundable | 85% of the full single rate of Age pension | A lifetime cap of $130,000 (indexed), or after 4 years in residential care – whichever is reached first | Up to a maximum of $12.55 per day indexed) | |
Daily Accommodation Payment indexed to CPI after entry | Currently $63.57 per day | Paid if assets above $502,981 and/or income above $131,279, or a combination (indexed) | ||
From January 1 2025: Maximum lump sum $750,000 – indexed (unless additional approved) | up to a maximum of $101.16 per day (indexed) |

Introducing:
Adam Blanchard
By Paul Nicol
Adam joined GFM Wealth in August 2024 as a Senior Financial Planner. With a wealth of experience in financial planning, he brings expertise in crafting tailored advice to help clients achieve their financial goals. Adam’s strategic mindset and client-first approach make him an invaluable asset to the GFM team.
Q. Your family?
I’m married to my wonderful wife, Deanne, and we have a beautiful two–year–old daughter, Eloise. We’re also preparing for the arrival of twins in February 2025–a very exciting new chapter for our family!

Q. Favourite holiday destination?
Greece, without a doubt! From the rich history and stunning architecture of Athens to the crystal–clear waters of the Greek islands, there’s something magical about this destination. The warm, welcoming nature of the Greek people makes every visit feel special, and the cuisine is simply unmatched–fresh seafood, vibrant salads, and the best olives you’ll ever taste.
Q. Hobbies?
Running and cycling are my go-to activities, although I’ve had limited time for both in recent years. A highlight of my sporting journey has been completing two full Ironman distance and five half–Ironman distance triathlons–an unforgettable challenge that pushed me to my limits. While not competing, I still love watching and supporting athletes as they achieve incredible feats. You learn a lot about yourself during the 226 km of an Ironman.
Q. Favourite food/drink?
Italian food is hard to beat. I’ve just purchased a pizza oven to recreate the best Neapolitan pizza this side of Naples. I’m a simple pizza lover, but there’s certainly a place for creativity with the ingredients. This will almost certainly get me in trouble, but it includes the odd ham and pineapple combination.
Q. Your proudest moment?
My proudest moment came when I first saw my daughter, Eloise. The journey to that moment began 12 years earlier when we started our IVF journey. Eloise was the 26th transfer, and the successful cycle was completed in Athens, Greece–a place that holds a special significance in their hearts. My wife is incredibly strong and determined; she never gave up on her dream of becoming a mum.
Q. What sports do you follow?
I’m a Hawks supporter in the AFL. Hopefully, we can continue to improve in the 2025 season; it should be an exciting year. I spend too many late Sunday nights watching the F1 live where I can. I’m a Ferrari fan, which causes me more headaches than anything else. With driver and personnel changes for the 2025 season, it will hopefully improve Ferrari’s chances of winning.
Q. The best part of working at GFM?
The people. Working with the other advisers and the support staff makes it easy to come to work. I love the strong sense of community developed between advisers and clients. Seeing the number of clients engaging with our social events and client briefings is amazing.

SMSF ASSOCIATION ANNUAL CONFERENCE
By James Malliaros

The SMSF Association is the independent, professional body representing Australia’s self–managed super fund sector. We joined the SMSF Association in 2003, and eight of the GFM team are SMSF Specialist Advisors.
The Association runs an intensive three–day annual conference that provides up–to–date SMSF legislative, taxation, and estate planning training and education. The annual conference was in Brisbane this year; six GFM employees attended in person, and two attended virtually.
The SMSF sector is in good shape, well–regulated and steadily growing.
We picked up plenty of valuable information to help us fine-tune our SMSF advice and service offering.
The GFM Group is committed to delivering high–quality advice in the SMSF area.

Quarterly Business Lunch Fund Manager Panel:
An Update On Markets
By Mai Davies
On Monday, October 7, we hosted our Quarterly Business Lunch at Leonda By The Yarra. The event was extremely popular, with more than 180 clients in attendance, accompanied by their family, friends and colleagues. They joined us to hear from a panel of Australia’s finest fund managers:
- Nick Griffin – Founding Partner & Chief Investment Officer at Munro Investment Partners
- David Grace – Portfolio Manager at Australian Foundation Investment Company
- Tim Hall – Portfolio Manager at Fairview Equity Partners
Nick, David and Tim have an abundance of experience and knowledge in investment markets. They provided an update on the current domestic and global economy. They discussed what’s happening in investment markets in a Q&A Forum.
The attendees appreciated the opportunity to attend such an interesting and insightful presentation.
Click here to view the presentation


CHRISTMAS CARDS AND CHARITABLE DONATIONS
By Mai Davies
For 26 years now, it has been our standard policy not to send Christmas cards but instead send an e-card and contribute an equivalent amount of money to a well–recognised group of charities.
If you would like to recommend a charitable cause, please email mai@gfmwealth.com.au with a note about the charity and why you believe we should support it. We are happy to take any suggestions.

End of Year Seminar:
Market Update & Outlook for 2025
By Mai Davies
On Wednesday, November 13, we hosted our Market Update & Outlook for 2025 Seminar at Riversdale Golf Club. The event covered investment market trends from 2024 and provided insights into the outlook for 2025.

Our special guest, James Holt, Head Investment Specialist for Equities at Perpetual, joined us for his ninth year. With over 20 years in financial services, James is highly respected, having presented to countless advisers and investors and has appeared in various media such as CNBC, Sky News, and ABC. His articles have been featured in multiple publications, including the Journal of Investment Strategy.
During the seminar, James presented key themes for 2025. He gave a comprehensive overview of the global economic backdrop, offering perspectives on potential impacts on investment markets in the coming years.

The seminar was well attended, and clients appreciated the opportunity to chat with James afterwards and catch up with the team.
As this was our last seminar for the year, we concluded the evening with some celebratory drinks and canapés. Our team enjoyed the opportunity to have a drink and a chat with our clients.

Disclaimer: This document is not an offer or invitation to any person to buy or sell any interest in or deposit funds with any institution. The information here is of a generic nature, and does not take into account your investment objectives or financial needs. No person should act upon this information without firstly seeking competent professional advice specifically relating to their own particular situations.
Copyright: © This publication is copyright. Subject to the conditions prescribed under the Copyright Act, no part of it may, in any form, or by any means (electronic, mechanical, microcopying, photocopying, recording or otherwise) be reproduced or transmitted without permission. Enquiries should be addressed to GFM Wealth Advisory.