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Former CBA dealer group manager starts own practice

A former Commonwealth Financial Planning manager has established his own advice firm, after many years of working as a planner across three states left him wanting a better lifestyle balance.

Speaking to ifa about this week's launch of his new Perth-based advice firm, Safeguard Wealth, Luke Martin said he greatly enjoyed his 13 years in the corporate world, including eight years at Commonwealth Financial Planning, but wanted a better lifestyle while still being in a position to help people.

Mr Martin said that the new firm would be licensed by CBA's Financial Wisdom.

He noted that a significant gap exists between what consumers are willing to pay for advice and the actual cost of delivering advice, and that his firm put considerable time into its pricing models to ensure fairness both for the consumer and the business.

“What I’m most passionate about is making sure that more Australians can get good quality advice,” he said.

“An adviser has certain costs they need to meet to run their business and be profitable, and consumers have a view of what they believe is a fair price to pay for advice, and at the moment there appears to be a bit of a gap between those two.

“I think advisers need to get some really structured pricing models and efficient business models to be able to meet that need,” he said.


Mr Martin noted that finding great partnerships is also very important for any advisers who are considering setting up a new firm, along with tempering expectations during the firm's establishment phase.

“Take the time to find like-minded people in the industry who share your values and are willing to grow their business," he said.

"And also, [don't] have too high expectations on what the first period of your business will be – set yourself aspirational goals, but understand that it will take time to achieve."

Former CBA dealer group manager starts own practice
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Adrian Flores

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].

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