Rich Goodwin

Rich has kindly written the article below on his working life, retirement and relationship with GFM Wealth Advisory. We greatly appreciate Rich’s contribution to Trade Secrets.

My introduction to the permanent workforce and financial independence began one cold winter morning in 1974 at 18. My application to join the Royal Australian Air Force had been successful, and I was to enlist and commence air navigation training.

Life as a navigator and airborne tactician flying in long-range maritime aircraft was fulfilling. It was still in the era of the Cold War, and much of our flying involved locating and tracking Soviet submarines and warships across the Pacific and Indian oceans and through Asian waters. Also, being tasked with low-level coastal surveillance and search and rescue missions meant many interesting regular deployments within Australia and overseas. However, there was very little time to enjoy life at home.

In the 1980s, with a young family to consider, a career change found me working for Esso Australia as an operations technician on offshore oil and gas platforms. Working offshore in a dynamic environment was often challenging but provided a great work-life balance. Later, achieving the position of Installation Manager required me to work a roster of fourteen days, followed by fourteen days off.

During this time, I became interested in investing and began subscribing to financial newsletters. With some savings and a little trepidation, I began investing in the stock market, gaining some experience but with a few losses along the way, consoling myself that these were “educational expenses”.

After 30 years of working offshore, and with my planned retirement a few years away, I began to focus on what to do about my Esso superannuation. I wanted to have a trusting institution or person to manage my benefit within the superannuation environment but where I could have ongoing advice, transparency and direct input in how it was invested. I explored quite a few options, but none appealed.

My good friend and ex-colleague, Wayne, had often spoken to me about GFM, as some years ago, he had gone through a similar process. Wayne had set up an SMSF with GFM and recommended I speak to them. With my retirement now imminent and knowing he had also introduced several workmates to GFM who had become clients, I acted on his advice.

I met with Paul; he patiently listened to my circumstances and explained what GFM could offer. I was immediately taken by their interest, formidable knowledge and confidence. At this point, it was as if a great weight had been lifted from my shoulders, as Paul suggested I roll my superannuation account into a Self-Managed Superannuation Fund (SMSF). I would be in control of a diversified portfolio of investments under GFM’s guidance and management. Months and years of uncertainty and anxiety were dissolved instantly.

After receiving a comprehensive Statement of Advice, I met with Witi to review the paperwork for initiating the SMSF. Once again, I was impressed with the care, expertise and professionalism shown during this process.

Five years on and with profound gratitude to GFM, my financial objectives in retirement have far exceeded my expectations. The respectful culture and team spirit within GFM are to be admired, as is their adoption of Environmental Social Governance investing well before it became fashionable for it to be spoken about in the financial media. I look forward to my six-monthly meetings with Paul and Karen; I’m always amazed by their top-notch preparation and attention to detail.

Paul has been extremely helpful in providing financial advice to my daughter and son-in-law, and my partner Elize. He provided invaluable guidance to us when we recently relocated to a new property further down the Mornington Peninsula to Moonah Links.

With seven children and twelve grandchildren between us, Elize and I are enjoying a busy retirement with time to indulge our passion for multi-day walking, cycling and kayaking within Australia and far-flung corners of the world. Looking back, if I could offer a young person some financial advice, it would simply be this: educate yourself in financial matters and employ the services of a good financial planner from an early stage in your life.