Ross Kilborn
Ross has kindly written the article below on his working life, retirement and relationship with GFM Wealth Advisory. We greatly appreciate Ross’ contribution to Trade Secrets.
Compulsory superannuation was introduced in 1992. I was one of a generation halfway through their working life, with little thought for superannuation, until then! I then realised I had not contributed to superannuation for the first half of my working life. Having missed the long-term benefit of compounding, I had plenty of ground to make up to enjoy a comfortable retirement.
It took a few years for these thoughts to galvanise into action. I managed a large digital printing and marketing business, HPA, that did everything from print and mail Telstra and utility bills to direct marketing. The most straightforward approach to super was to default to one of the large corporate funds, which I did. At this point, I was probably working too hard in the business and not smart enough with my superannuation.
In the mid-1990s, I managed the development of a database marketing business using UK-developed technology and comprehensive Australian consumer data. In many ways, it was the forerunner of modern digital data-based marketing. Given that it was about marketing “smarter”, it made sense to be more thoughtful about my super. At the time, I also had a small business partnership with a close friend, Peter. We decided a Self Managed Super Fund (SMSF), which we would both be members of, was the way to go. We identified a manager for the SMSF and contributed whatever we could. The investments were in a range of domestic equities, from Blue Chip to Small Caps, and returns were in line with the market.
During the 2000s, Peter and I knew we needed something extra with our SMSF. Firstly we wanted a more strategic approach to our investments, and more diversity, both with International shares and domestic property.
Secondly, tax advice was becoming more critical, with both transition to retirement on the horizon and the opportunity to exploit pretty much unlimited contribution caps. I am a qualified Accountant. However, I wasn’t confident I had the expertise on superannuation taxation opportunities. I also didn’t want to spend my spare time on SMSF administration requirements.
Then I was introduced to Paul Nicol through another close friend, Warwick, a client of GFM. Paul undertook the detailed assessment of our SMSF and financial positions, providing a detailed recommendation of several account items we had not considered. The detail of the recommendations was compelling, and we decided to engage with GFM in 2011.
Twelve years later, the fundamentals of that advice, reviewed annually, are still the same.
Sailing and cycling are my main hobbies. I was fortunate to spend the last ten years of my life working in sports administration, primarily as CEO of Yachting Victoria. Since moving to GFM, I have also enjoyed many wonderful overseas and local cycling trips, and it’s great to do that without thinking about super!
Peter’s wife Lynn joined the SMSF as a member during this period, and we are all now retired.
I have been comfortable relying on Paul’s investment selections within the range of the agreed asset allocation. I monitor the SMSF’s performance closely. The SMSF administration is a breeze, thanks to Witi and the team, and the seminars and webinars GFM conduct regularly are extremely valuable. Seeing Paul in Barron’s Top 100 Advisers each year has also been fantastic.
It’s a very comfortable relationship with Paul and the GFM team. GFM has provided a strategic and sensible approach to managing the SMSF and enabled me to enjoy the retirement I had been looking forward to. Thank you, GFM.