Two weeks ago, I interviewed Jeremy Gillman-Wells. Jeremy Gillman-Wells won the Financial Planning Association’s annual award for Pre-Retirement Planning. Jeremy works for Bentham Financial (in Canberra). He was so gracious with his time and in his interview he shared some very useful financial planning advice. Without further adieu, lets get started….

What is an appropriate age to start financial planning? And do we have to have large sums of money to start planning or can we start with little sums?

There is no doubt that the earlier you start the better. It’s actually not so much about getting your money to compound for longer (albeit that this is very important), but it is actually the discipline of a regular planning process and the personal self education journey in terms of understanding how money works.

Most people find that they make a couple of mistakes along the way, so it is obviously best to do this younger and learn by it, and with a smaller sum of money - than making mistakes at age 55 with your $500,000 retirement benefits!

You do not need a large sum of money to start, because again it is more about the discipline in the early stages. You could pick up an excellent book such as Paul Clitheroe’s Making Money for around $25 in order to start your personal financial planning. Then in terms of investing, it may be an online bank account which could start with as little as one dollar, or managed investments where you might need at least $1000 to start a fund.

You won the national FPA award for Pre-Retirement Planning. Congratulations!!! Can you give us a couple of simple tips/habits my readers can start enforcing from 2009 – financial tips/habits?

• Make a written plan for 2009 in terms of what you want to achieve financially. If you don’t write it down with the goal, the amount and the timeframe, it won’t work. Simple plans are the best - but if your situation is more complex, then speak to a qualified Certified Financial Planner.





• Pay off your Christmas credit card debt as soon as possible - the interest rates are astronomical so it generally pays to start here. If you find that you cannot control your credit cards, cut them up or hide them!





• Add extra repayments to your mortgage instead of the minimum. Paying your mortgage off over 30 years (as the bank would like) will see you paying more in interest alone, and you actually borrowed in the first place. Adding an extra $50 per week, can save over $75,000 in interest cost and reduce the loan term by over seven years on your average sized mortgage.





• Start a savings plan - even $100 per month into a high interest earning Internet bank account is an excellent discipline to begin with.

How did you get started in this industry? (What were you doing before and what drove you to this industry)?

My first career was as an Army Officer and I did this for 11 years. It was an excellent start in terms of understanding how hard you can push yourself, the value of teamwork and recognizing the importance of proper planning in order to achieve the outcome that you desire. I had always been interested in understanding money and investments and was just about to leave the military after completing my Masters in Finance when East Timor blew up.

It was in East Timor while doing humanitarian relief, that I realised that making a difference right on the ground where it counts is what I would like to do. It was therefore an easy decision to not look at institutional banking or trading as a career and instead, focus on the advice side.

What is the most rewarding thing about your job?

The most satisfying part about being a financial adviser is working with clients who value the advice. I thoroughly enjoy being able to take people on a journey that delves into their own life priorities and then uses technical skills to map out financial solutions that are easy to understand.

It is very rewarding to meet with people who are in the early stages of considering retiring and helping them to set their lifestyle goals. They generally start out for the anxiety and concern about their significant life change, and over a number of sessions (and generally years) I love to see their concern change to peace of mind and optimism about the life of head of them.

Can you tell us a couple of things people need to look into before choosing a financial planner?

Licensing arrangements and fees vary greatly within the industry - so as long as the adviser is legally able to provide you with financial advice, has appropriate insurance and provides you with value for money in terms of the fee - then these are not the big issues.


I believe that the number one thing you need to do in terms of choosing a financial adviser is to feel that the adviser is on the same page that you are - you should feel that they have a genuine care for your situation, an understanding of what you are trying to achieve and provide you with a great experience. They should be working with you to achieve excellent financial strategies and outcomes, not just flogging you a product.


They should be technically excellent, knowledgeable and experienced - and yet still able to communicate with you in language you understand. Do not be afraid to ask them about their experience and qualifications. At the end of the day, you want to make sure that the adviser not only understands you, but can also actually deliver the most appropriate financial structures/strategies, investment guidance, tax management and debt management advice.

Click Bentham to contact Jeremy.

Topics: Asides |

One Response to “Financial Planning Advice From Jeremy Gillman-Wells”

1. Financial Planning for Expectant Parents Says:
   January 9th, 2009 at 7:21 pm

   Lovely advice, Jeremy. I love how you talk about finding a financial planner who is on the same page you are. I always recommend that people try to find a planner who is at about your same life stage so that they have a good understanding of where you are and where you want to be. For instance, I have two young children and my whole practice is geared towards new and expectant parents. I am highly tuned into the challenges that come with a growing family and can closely relate to my clients. On the other hand, I wouldn’t take on a client who is nearing retirement, since I don’t have as much insight to their goals and worries. I also remind people that Personality fit is often an over-looked factor. You want to make sure that you share the same basic philosophies with your planner. For example, if your planner is going to insist that you cut out your lattes each day, but you find them to be a $3 slice of heaven, you may not agree on larger issues either.

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