TRADE SECRETS

December 2025 Edition

2025 Season Greetings

By Patrick Malcolm

2025 has been another successful year for GFM Wealth Advisory. While the global landscape has provided its share of complexity, we were proud to see our team continue to deliver stability, foresight, and exceptional care to you, our clients.

As a business, we are proud of the GFM team’s performance in 2025. They worked incredibly hard throughout the year, navigating everything with dedication and expertise, and they truly deserve a well-earned break over the festive season.

The stability of the senior core staff at GFM remains the envy of our peers. We have a loyal, hard-working, knowledgeable, and caring team passionate about delivering high-quality financial planning. Their commitment is the bedrock of our service.

GFM celebrated several important personal and professional milestones throughout the year, demonstrating the long-term dedication that drives our firm:

• Longevity of Service: We celebrated massive anniversaries with indispensable members of our team: This year, Mel notched up 10 years of service, and Annie celebrated an incredible 20 years with GFM. Early next year, Donna also reaches 10 years of service. These milestones represent decades of invaluable wisdom and commitment to our clients.
• New Faces: We were delighted to welcome Angelique to the GFM team this year. She is quickly becoming an integral part of our operations.
• Family Additions: A huge personal congratulations to Adam on the arrival of his twins! While his sleep schedule may never recover, Adam is now officially qualified in high-level resource allocation and chaos management—skills that, surprisingly, are quite useful in wealth advisory!

At GFM, our core value remains firm: our clients are our business. Our financial advice is always tailored to each individual’s unique needs, risk profile, and investment preferences, ensuring you receive the best advice for your particular stage of life.

We are always grateful for our clients’ confidence in us, and it is an honour to play a part in your financial journey, whether you are already in retirement or working towards it. It truly is a privilege and a pleasure to partner with you. From the GFM Wealth Advisory and GFM Gruchy Accounting teams, we extend our sincerest and warmest wishes as the festive season arrives. We hope you get the opportunity to truly relax, rejuvenate, and enjoy the company of those closest to you—whether that involves a quiet break at home or an adventure away.

As you navigate the holidays, please prioritise your well-being. We encourage everyone to stay safe and healthy, especially when travelling or gathering with loved ones. It is also a wonderful time to look out for others in your community, remembering that small acts of kindness can make a huge difference.

Thank you, once again, for making 2025 such a memorable and successful year. We look forward to continuing our valuable partnership and seeing you in 2026!

Our office will close at 11 am on Friday, December 19 and re-open on Monday, January 5 2026, at 8:30 am.

Australia’s Top 150 Financial Advisers 2025

By Mai Davies

We are proud to share that our Managing Partner, Paul Nicol and Senior Partner, Patrick Malcolm, have been included in the prestigious list of Australia’s Top 150 Financial Advisers for 2025. The list was published on Thursday, November 20, in “The Australian’s The List” magazine, produced in collaboration 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 which run multi-office practices. Paul ranked 38th and has now been featured in each of the nine years this prestigious list has been published. Patrick ranked 122nd and was also featured in 2020 & 2024.

This recognition reflects the transparent, professional approach that underpins GFM Wealth Advisory. While Paul and Patrick are honoured individually, they credit this achievement to the strength of our entire team. As a privately owned firm with no institutional alignment, our advice remains firmly client-focused, always putting clients’ best interests first.

We are incredibly proud of Paul and Patrick and thrilled that they have been featured on the list.

Congratulations, Paul and Patrick!

Roger & Renuka:

CLIENTS OF GFM SINCE 1990

By Amelia Paullo

Roger has kindly written an article about his and Renuka’s working life, retirement, and relationship with GFM Wealth Advisory. We greatly appreciate their contribution to Trade Secrets.

Our client relationship with GFM commenced over 35 years ago, in May 1990.

We are both retired and over 85, but we keep busy. Renuka is a ceramic artist who has worked with her ‘guru’ for the past 16 years. I continue to work in my professional area, which concerns supply chains, and I write a weekly blog post, self-publish eBooks, and still have real books published.

Renuka’s career was teaching Home Economics and Textiles at various high schools in India and Victoria. I was born in the UK, and after completing school, I went to sea as a cadet and later became a navigating officer. When the glamour had worn off, I came ashore and worked in manufacturing; then I used the knowledge I had gained to implement manufacturing IT systems. From there, it was management consulting, and finally, at RMIT University, designing and building an international postgraduate program in supply chains and logistics.

In the mid-1980s, we bought land in the Dandenong Ranges and became owner-builders of a passive solar energy house, but it wasn’t easy to obtain insurance for acreage properties. By chance, I was visiting a colleague in St Kilda Road and met Tony Gilham, who came to the property to confirm that the house was real. We were comfortable working with Tony, so we became clients of his insurance brokerage firm.

At the time, we were each contributing to our own superannuation accounts and were not in a rush to change courses, but we did our homework. When I retired, an SMSF proposal was presented, and with trust on both sides, we felt comfortable proceeding.

Paul Nicol was our first financial advisor. In the early years of the SMSF, I continued consulting and travelled extensively, with little time for other matters. There was confidence that Paul had the knowledge and time to develop an investment plan and argue about its merits. We agreed to the plan, and it was implemented, so less worry and hassle.

GFM is a professional firm that is not beholden to the sales culture of large financial institutions. GFM appears to gain most of its clients through referrals; therefore, it does not require a large advertising budget or sales force to build the business.

The firm is a relaxed but professional business, with low staff turnover, so many of the staff have been familiar with us over the years. A culture has been built in the business that says clients provide the income, look after the clients, and profit will follow. This style of client relationship has remained the same over the years, with all staff being friendly, helpful, and obliging.

Because we are comfortable with our client relationship, we have referred GFM to friends and colleagues, always stating “we like GFM as an advisory firm and here are the contact details”, but there have been no follow-up enquiries, as the outcome, of course, is their business.

Annie An:

20 Years At GFM

By Paul Nicol

It still feels like yesterday, but it is hard to believe that just over 20 years ago, Annie joined GFM. Having settled her life in Australia, moved from China, and completed her studies, Annie wouldn’t mind me saying she was very “raw” in her interview for the Client Service Assistant role. On Bryan’s insistence, who has now retired from GFM, we hired Annie. Bryan was adamant that Annie was made of the right character, and we would be crazy not to hire her. He was 100% spot on, and we could not be more grateful that we took his recommendation.

It was immediately obvious that Annie was a great addition to the GFM team, with a strong work ethic and a caring, kind demeanour. It didn’t take long for Annie to move up the ranks into our SMSF team, and for many years she has been a Senior Administrator in our SMSF team.

During her employment at GFM, Annie was married and had two children who are now teenagers, and she seamlessly combined her full-time work and parenting duties. We have been lucky enough to see her journey over these years. Much has changed in Annie’s life, but what hasn’t changed is Annie’s cheerful disposition and can-do attitude. Annie has an incredible ability to get through a significant amount of work while maintaining a positive attitude and helping others.

Annie is an extremely popular member of the team because she is modest, easy to deal with, has a great laugh, and gets the job done with no fuss. We are extremely grateful to Annie for her loyalty and dedication to GFM, and we hope to see many more years of employment!

Below, Annie has reflected on her time with GFM.

Twenty years ago, shortly after completing my university studies, I joined GFM as a Client Services Assistant. Although I was initially unfamiliar with the business, I learned quickly and soon developed a strong understanding of both the workflow and the broader Superannuation landscape. Approximately eighteen months into my role, I transitioned into the SMSF team. Over the years, through continuous learning and hands-on experience, I am now an SMSF Senior Administrator. I am primarily responsible for assisting accountants with preparing SMSF annual accounts, responding to auditor queries, supporting clients with their Centrelink requirements, processing transactions in the accounting software, setting up pensions, and maintaining all related pension documentation.

I married Aaron two years after starting my career, and in the years that followed, we welcomed our daughter, Amanda and son, Aiden. They have grown up now, and I devote much of my time to being actively involved in their lives. Amanda enjoys figure skating, and I regularly take her to the ice rink for training. Aiden is passionate about soccer. During the summer months, our family enjoys beach fishing trips and outdoor barbecues. I cherish my family and feel fortunate that my first job was here – and that I continue to be part of the GFM team. The stability of both my work and family life over the years has allowed me to spend more quality time with my family.

My work brings me great satisfaction, as it allows me to utilise my strengths and my accounting academic background. I’m grateful for the supportive and collaborative environment we have, especially as our team has grown. We work closely together, offering support and encouragement to one another, creating a warm and positive workplace culture. The GFM leadership group has provided tremendous guidance, and under their direction, the company has continued to expand. I feel genuinely happy and proud to be working here.

Reducing the potential tax payable by superannuation beneficiaries

By Rebecca Dhillon

Recently, there has been increasing media coverage of the potential ‘death tax’ payable by beneficiaries upon receiving superannuation benefits. Under current legislation, when the taxable component of an individual’s superannuation benefit is paid to a non–tax dependent beneficiary via their estate, it is subject to tax at a rate of 15%. This tax rate increases to 17% (including the Medicare Levy) when the taxable superannuation benefit is paid to a non–tax dependent directly (and not via the individual’s estate).

A tax dependent includes:

• The deceased’s spouse or de facto spouse
• The deceased’s former spouse or de facto spouse
• A child of the deceased under 18 years old
• A person financially dependent on the deceased
• A person in an interdependency relationship with the deceased

The taxable component of your superannuation balance is made up of contributions where the contributor claimed a tax deduction, i.e., employer super guarantee, salary sacrifice, and personal concessional contributions. The tax-free component comprises contributions made with after-tax monies, i.e., non-concessional and downsizer contributions.

One of the simplest methods of reducing any potential tax payable by a non–tax dependent is to implement a recontribution strategy with your superannuation benefits. This strategy can only be utilised by an individual who has met a condition of release. Conditions of release include reaching preservation age and retiring, ceasing an employment arrangement on or after age 60, or reaching age 65 (even if you haven’t retired).

A recontribution strategy involves an individual withdrawing part or all of their superannuation balance and re-contributing the funds back into the superannuation environment as a non-concessional contribution, thereby increasing the tax–free component of their superannuation benefits.

When withdrawing funds from superannuation, they are drawn proportionately from the taxable and tax-free components of your benefits; i.e., you cannot nominate to withdraw only funds from the taxable component of your superannuation balance.

Non-concessional contributions can be made by individuals up to the age of 75, provided their total super balance is below $2 million as of June 30 of the previous financial year. An individual can contribute up to $120,000 in a single financial year as a non-concessional contribution (the maximum cap), or $360,000 in a single financial year by ‘bringing forward’ the next two years’ contribution limits.

The effectiveness of the strategy can be illustrated through the following case study.

Case Study

Leo (70) has $850,000 in super. Seventy per cent of his superannuation benefit is taxable, and 30 per cent is tax–free. His wife Sophie (68) has $625,000 in super. Eighty per cent of her super benefit is taxable, and twenty per cent is tax–free.

Leo and Sophie both have a Binding Death Benefit nomination in place for their superannuation benefits, to be paid to their three adult children via their estate upon their death.

The table below shows the tax payable by their nominated beneficiaries if they received the super benefits, based on the current component breakdown:

Leo

Sophie

*15% of the taxable component.

Leo and Sophie’s beneficiaries would receive a combined benefit of $1,310,750 after paying tax of $164,250.

Let’s assume Leo and Sophie implement a recontribution strategy, each withdrawing $360,000 from their superannuation benefits and re-contributing the funds to superannuation as non-concessional contributions in the same financial year. In doing this, they will trigger the ‘bring forward’ rule and will be unable to make further non-concessional contributions into super for the next two financial years.

As shown in the table below, implementing the re-contribution strategy will increase the combined benefit received by beneficiaries to $1,391,750 and reduce the potential tax payable by beneficiaries (saving $81,000).

Leo

Sophie

*15% of the taxable component.

Furthermore, as individuals can make non-concessional contributions up to age 75, there is the potential for Leo and Sophie to implement this strategy again in the future, once their non-concessional caps reset (as they have triggered the ‘bring forward’ rule).

Recontribution strategies are an effective way to increase the tax–free proportion of your superannuation benefits, reducing or even eliminating any tax payable by non–tax dependent beneficiaries in the future. This ensures more of your superannuation benefits pass to your nominated beneficiaries after your death.

SMSF In–Specie Transfers:

A Powerful Strategy for Pre–Retirees and Retirees

By Adam Blanchard

As retirement approaches, many Australians start to examine their superannuation more closely. For pre–retirees and retirees, super is one of the most tax–effective structures available, providing concessional tax on earnings and the potential for tax–free income in retirement. One strategy that often flies under the radar but can deliver significant benefits is the in–specie transfer of assets into a self–managed super fund (SMSF).

An in–specie transfer is the process of moving assets you already own, such as listed shares, exchange–traded funds (ETFs), or business real property, directly into your SMSF. Rather than selling those assets, realising capital gains, and then contributing the cash to repurchase them inside super, the transfer allows you to move the investment “as is”. This keeps the investment intact while shifting it into the more concessional tax environment of superannuation.

Why Consider an In–Specie Transfer?

There are several reasons why in–specie transfers appeal to SMSF investors:

1. Tax Effectiveness on Earnings

Investment earnings within superannuation are taxed at just 15% in the accumulation phase and potentially 0% in the pension phase. This contrasts starkly with personal marginal tax rates that can reach 47% for high-income earners and investors. For someone on the top marginal rate, every $1 of investment income earned outside super can lose nearly half its value to tax. Moving those same assets into super can immediately reduce the ongoing tax burden, and for those in pension phase, potentially eliminate it.

2. Capital Gains Management

An in–specie transfer may trigger a capital gains tax (CGT) event, as the asset is deemed to be sold at market value upon transfer. However, this can often be managed strategically. For instance, if the asset has been held for more than 12 months, individuals are entitled to a 50% CGT discount, which halves the taxable gain. Additionally, offsetting gains against existing capital losses or using lower–income years to make transfers can reduce the impact.

The long–term benefit is that once the asset is within the SMSF, future growth will be subject to the same concessional tax rates as income and earnings – 15% in the accumulation phase and potentially 0% in the pension phase.

Contributions: The Technical Side

An in–specie transfer is treated as a contribution and therefore counts towards your annual contribution caps. This makes it a powerful way to maximise your resources, particularly if you don’t have much spare cash.

Concessional Contributions

• The annual concessional cap for the 2025/26 financial year is $30,000.
• Concessional contributions include employer super guarantee (SG), salary sacrifice, and personal deductible contributions.
• Individuals with a total super balance of less than $500,000 as of June 30 may access carry–forward unused concessional contributions from the past five years. This means that if contributions have been below the cap in prior years, it may be possible to contribute significantly more than $30,000 in a single year.
• For example, consider a 62–year–old pre–retiree with a super balance under $500,000 who has not fully utilised their concessional contribution caps in prior years. By accessing the carry–forward provisions, they could make a larger in–specie transfer of existing investments into their SMSF, utilising the accumulated cap space in a single year. This strategy enables them to shift more wealth into the concessional tax environment of superannuation before retirement, without needing to make additional cash contributions. For high-income earners, this is particularly valuable, as it allows them to convert wealth sitting in a heavily taxed personal environment into the concessionally taxed super system.

Non-Concessional Contributions

• The annual non-concessional cap for the 2025/26 financial year is $120,000.
• These contributions are made with after–tax funds and are not taxed on entry to the fund.
• Under the bring–forward rule, it is possible to contribute up to three years’ worth of contributions in advance, $360,000 in one year. The ability to trigger the bring–forward depends on your total super balance, and once activated, no further non-concessional contributions can be made above the cap until the three–year period has passed.
• For high-net-worth investors, the bring–forward provision is often the most effective way to quickly move a large block of existing investments into their SMSF, thereby reducing exposure to the top marginal tax rate outside super.

Strategic Considerations

The appeal of in–specie transfers lies in their flexibility and in the ability to leverage contribution rules to maximise wealth within super. For pre–retirees, this may mean utilising unused concessional caps to transfer a larger portion of assets before retirement, thereby ensuring a stronger balance in the tax-advantaged super environment. For retirees, it’s about maximising pension phase balances to ensure that as much of their wealth as possible generates tax–free income.

For high-income earners and investors on the top marginal tax rate, the strategy becomes even more compelling. Every year that investments remain outside super can mean paying close to half of all income to the ATO. By progressively transferring those holdings into super, the annual tax leakage can be dramatically reduced, providing a compounding benefit over time.

Of course, timing and planning are crucial. Transfers must be carefully documented, valued at current market rates, and structured correctly to ensure they are allocated against the appropriate contribution caps. The potential CGT on transfer must be considered, and the eligibility to use carry–forward concessional or bring-forward non-concessional contributions needs to be reviewed in light of total super balances.

The Bottom Line

For many pre–retirees and retirees, in–specie transfers represent a unique opportunity; they allow you to keep your investments, while unlocking the tax benefits of superannuation. By utilising concessional and non-concessional contribution rules, including carry–forward and bring–forward provisions, investors can transfer significant wealth into their SMSF in a structured and tax–effective manner.

Like most super strategies, in–specie transfers are not a “one-size-fits-all” solution. The rules are detailed, and the tax implications must be carefully considered. However, with the right advice, they can play a crucial role in a retirement strategy, ensuring that more of your wealth works for you in the most effective environment possible.

Division 296:

Understanding the Proposed Superannuation Tax (Status as at November 25 2025)

By Adam Blanchard

The Federal Government’s proposed Division 296 tax, commonly referred to as the “$3 million super tax”, continues to attract significant public attention. Although first announced in early 2023, the policy has undergone several rounds of revision as industry bodies, advisers, super funds and SMSF trustees raised concerns about fairness, practicality, and unintended consequences.

Currently, the measure has not passed Parliament, and the Government has indicated that further drafting and consultation will occur before any legislation is finalised. Despite this, key details of the policy have been publicly outlined, giving individuals with large super balances a clearer understanding of how the tax might operate once introduced.

The purpose of Division 296 is to increase the tax paid on superannuation earnings for those with very large total super balances, on the basis that tax concessions within the super system should be better targeted. The exact design of the policy has shifted since its original form. However, its intention remains consistent: to create an additional tax obligation for members whose combined superannuation balance exceeds certain thresholds.

Key Features of the Latest Proposal (October 2025 Update)

The Government’s most recent announcement outlines several major changes compared with the earlier drafts:

• Unrealised gains removed: The original proposal included unrealised capital gains in the calculation of taxable earnings. This has now been abandoned, and only realised earnings, actual income, or gains from the sale of assets would be subject to the additional tax.
• Two thresholds introduced:
  • A primary threshold of $3 million.
  • A new upper threshold of $10 million for substantially higher balances.
• Tiered additional tax rates:
  • Earnings attributable to super balances above $3 million would be taxed at an extra 15%.
  • Earnings attributable to balances above $10 million would be subject to an additional 25% tax.
• Indexation applied: Both thresholds would increase over time to reflect inflation, rather than remaining fixed.
• Later start date: The commencement is now proposed for July 1 2026, with the first Division 296 assessments expected for the 2027–28 financial year.

While these details provide a clear indication of the Government’s intent, the final design remains subject to the upcoming consultation process.

Who May Be Affected

The proposed tax is expected to impact a relatively small segment of superannuation members, those with total balances exceeding $3 million, including amounts held across multiple funds and in both accumulation and pension phases.

The following groups may be particularly affected:

• Members with high combined balances who continue to accumulate.
• Self-managed super fund (SMSF) trustees holding illiquid or lumpy assets, such as commercial property or unlisted investments.
• Individuals relying on super as part of longer-term estate planning or intergenerational wealth strategies, where large balances remain in the system for extended periods.

For those holding illiquid assets, timing and liquidity management may become more important, as the tax will apply to realised earnings.

Practical Considerations for Members

Given that the proposal remains unlegislated, individuals should be cautious about making major structural decisions based solely on the current draft. Nonetheless, it may be sensible to:

• Monitor total super balances and consider long-term projections.
• Review the liquidity profile and asset composition within SMSFs.
• Stay informed about future announcements and draft legislation.
• Seek professional advice before undertaking any significant transactions or restructuring within super.

Current Status and What to Expect Next

As of late November 2025, the Division 296 tax is not yet law. The Government has indicated that an updated draft of the legislation will be released in early 2026, followed by a formal consultation period. Further changes are possible as details are refined, particularly around how “realised earnings” will be calculated and attributed to individual members in different fund types.

Until the legislation is introduced and passed by Parliament, the final shape of Division 296 remains uncertain.

Individuals with large balances may wish to stay engaged with developments, but significant planning decisions are best deferred until the legislative detail is settled.

Centrelink Scam Emails:

What You Need to Know

By Witi Suma

Over 270,000 malicious emails impersonating Services Australia and Centrelink have targeted Australians in one of the country’s largest phishing attacks in recent years. Cybercriminals have sent an average of 70,000 fraudulent emails per month over the past four months, using AI, making these emails extremely convincing and hard to detect.

Who is most at risk?

The scam is designed to trick people – particularly vulnerable Australians relying on welfare services – into giving away their personal information, convincingly mimicking correspondence related to Medicare, JobSeeker payments, Superannuation, and Family Tax Benefits.

Why Is This Dangerous?

Worryingly, criminals are hiding behind trusted platforms like Microsoft Office 365, making it harder for spam filters to block them. Victims who click on malicious links and submit personal details are at risk of exposing themselves to identity theft, malware infections, and ransomware attacks.

How to Stay Safe

Always remain vigilant, verify the authenticity of Government communications, and implement robust email security measures, as follows:

• Do not click links or download attachments from suspicious emails
• Always navigate directly to myGov by typing the address into your browser
• Report any suspicious emails to Scamwatch.gov.au or ring the national cybersecurity hotline on 1300 CYBER1 (1300 292 371).

Quarterly Business Lunch:

Fund Manager Panel – An Update on Markets

By Mai Davies

On Monday, October 20, we hosted our Quarterly Business Lunch at Leonda By The Yarra, featuring a panel discussion with some of Australia’s leading Fund Managers.

Paul Nicol and Patrick Malcolm were joined by:

Listen or watch here:

• Sean Roger – Portfolio Manager at Perpetual
• Stephen Arnold – Chief Investment Officer at Aoris
• Nick Griffin – Founding Partner & Chief Investment Officer at Munro Investment Partners

Together, they shared valuable insights into the current domestic and global economic landscape and explored key trends shaping investment markets in an engaging Q&A format.

We were thrilled to welcome a full room of clients and guests, and the feedback has been overwhelmingly positive. It was a fantastic opportunity to hear directly from industry leaders and gain a deeper understanding of the forces driving market movements.

Click here to view the presentation.

End of Year Seminar:

Market Update & Outlook for 2026

By Mai Davies

On Wednesday, November 12, we hosted our Market Update & Outlook for 2026 Seminar at Riversdale Golf Club. The event covered investment market trends from 2025 and provided insights into the outlook for 2026.

Our special guest, James Holt, Head Investment Specialist for Equities at Perpetual, joined us for his tenth 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 featured in multiple publications, including the Journal of Investment Strategy.

James provided valuable insights into the key themes shaping 2026 and what they could mean for global markets and investment strategies.

It was fantastic to see such a strong turnout. Our clients enjoyed the opportunity to connect with James and catch up with the GFM 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.

GFM Podcasts

By Mai Davies

We’re pleased to share the latest episodes of the GFM Wealth Advisory Podcast, featuring insightful conversations with leading investment managers. These episodes are available on Apple Podcasts, Spotify, and YouTube—follow the links below to tune in.

Episode 08 – Meet The Manager: Perennial Strategic Natural Resources Trust

Managing Partner Paul Nicol and Senior Financial Adviser Amelia Paullo are joined by Sam Berridge and Ewan Galloway, Portfolio Managers at Perennial Partners, to discuss the Strategic Natural Resources Trust. Together, they explore the opportunities and challenges of investing in the natural resources sector — a space that’s often overlooked but increasingly relevant in today’s shifting macroeconomic and geopolitical landscape.

Episode 09 – Meet The Manager: Ellerston JAADE Private Assets Fund

In this episode, Managing Partner Paul Nicol and Senior Financial Adviser Sam Eley are joined by David Leslie, Investment Director, for an insightful discussion on private asset investing. David explains what private equity represents as an asset class, the key traits Ellerston JAADE looks for in investment opportunities, and how the team actively adds value to portfolio companies. The conversation covers recent portfolio activity, trends in the Australian private equity market, and the outlook for key holdings like Mable and Firmus. David also shares how Ellerston JAADE navigates emotional involvement while maintaining a disciplined valuation approach and a focus on long-term returns.

Episode 10 – Meet The Manager: WCM Investment Management

In this episode, Senior Partner Patrick Malcolm and Senior Financial Adviser James Malliaros speak with Ryan Quinn from WCM Investment Management about the firm’s distinctive global growth strategy, which focuses on companies with expanding competitive advantages and strong corporate cultures. Ryan shares how WCM evaluates these intangible qualities, balances bottom-up stock selection with macroeconomic factors and identifies long-term opportunities across sectors such as Healthcare and Technology. He also discusses portfolio construction, risk management, and the red flags that prompt sell decisions, offering valuable insights for Australian investors considering global exposure.

Listen or watch here:

• GFM website
• Spotify
• Apple Podcasts
• Watch on YouTube

CHRISTMAS CARDS AND CHARITABLE DONATIONS

By Mai Davies

For the past 27 years, we’ve maintained a tradition of not sending physical Christmas cards. Instead, we share an e-card and donate the equivalent amount to a selection of well-recognised charities.

If you’d like to recommend a charitable cause, please email mai@gfmwealth.com.au with the name of the charity and a brief note on why you believe we should support it. We welcome and appreciate your suggestions.

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.