Jessica Brady, a former Zurich risk strategist well known in the AFA community, and Glen Hare, a former associate director and business development manager at Macquarie, have launched Fox & Hare, a Sydney-based financial advice practice licensed through non-aligned group The Wealth Network.
Both Fox & Hare founders have been actively involved in LGBTI advocacy efforts and other social justice initiatives within their former work networks and the wider community.
Speaking to ifa following the announcement of a yes verdict in the national same sex marriage postal survey, Ms Brady said the financial advice industry could do a much better job of promoting its services and value to minority groups and untapped demographics.
“We know that only 5 per cent of younger Australians have a financial adviser, yet all of them have financial aspirations,” she said. “We wanted to create a place that spoke their language, wasn’t intimidating and got them excited about their financial future.”
Ms Brady said that notwithstanding the verdict of the survey, advisers working with LGBTI individuals need to be aware of the current legislative environment and realities governing this niche client base.
“We believe until same-sex couples have equal rights with the rest of Australian’s, the LGBTI community needs to be aware of the nuisances that should be considered when sorting out their finances,” she said.
“They should be registering their relationship and ensuring they have a robust estate plan. Obviously, this is a very topical discussion at the moment and we want to be very loud about support for the LGBTI community.”
Fox & Hare also endorsed the yes vote, with its founder saying the firm hopes its LGBTI clients can soon have an “Australian wedding”, if they so choose.
More broadly, Ms Brady said the firm seeks to debunk the misperception that financial advice is “just for greying Baby Boomers with truckloads of cash”.
Please don’t go saying gays need specialised advice on investing. Please don’t. Absolute nonsense. There might be a slight difference in estate planning but not investments or wealth.
Well said, Alistair! It’s so frustrating to work in an industry that is so obviously blind to the needs of others that more than 75% who responded to the IFA survey said “No”…
The decision yesterday to bring about this change is simply something that needed correction in our society Family law, superannuation (dependency) is not merely for those not in same sex relationships. A wrong perpetrated of any type is simply that. Wrong. So well done on yesterdays vote. As for our industry, it simply it needs to wake up. Society is changing be this on gender, race, creed, colour and sexual orientation. So our indutry needs to move with the times. To those practices that are engaging on this front. Well done. After all, this group has great income, often no kids and accumulate wealth it seems with the same desire as the rest of society. Now if only more advisers were able to put aside their misguided thoughts and bias and instead undertand that yes. The times they are a changin….
you should write to your MP to get the amount of red tape advisers face reduced, the ability to make advice fees tax deductible, remove obligations like opt in, and the requirements to produce complex documents like SoA’s removed, and then finally we will be able to service every one in the community. Don’t blame me, i find your comments very offensive.
Thanks for the suggestion of writing to my MP and fees being tax deductible, opt in, FDS etc. Anonoymous I and I’m certain you feel frustrated if not downright angry at where our industry has gone. In my view, it has been hijacked by incompetents who have not a clue as to what it is that we do and the long term benefits we bring to our clients and in turn the economy as well by reducing the cost of ageing via a bloating cost to the natinal budget. So your concern for the direction of the industry is warranted and I’m sure many agree. From January 1st, our revenues will be compromised in risk despite what you, I and many have said for quite some time. But where are our associations on this ? Will they take up the fight for us. It appears not. There efforts have been next to nil, simply outlining that the Labor proposals would be worse, so we should merely accept what we have been dealt with and move on. Many IFA’s will be compromised going forward.
Here is a thought. With the recent fiasco of Citizenship and our Politicians, Jackie Lambie did a last minute deal with Sam Dastyari of Labor to bring about Opt In and FDS. Lambie is now found to have not been eligible to sit in the Sentate. So, does this mean that the OPT IN AND FDS regulations were invalid ? Ought we take uyp this fight ? Where are our associations Anonymous ? I am beyond angry at both the AFA and FPA on this.
As to my comments causing offence. I apologise if it has but there are significant issues at stake for our industry and our nation. Wil the brave in our industry rise up and govern for all or merely tolerate political ideology and dogma? Lets see…
We can certainly agree on all those points Alistair.
You’re not telling us anything new, except calling us misguided and bias, assuming that we don’t look after same sex couples. I have some gay clients, but to me they are like all my other clients. If the law gets changed i’m sure the superannuation laws will change with it. Until then, yeah…not my problem.
Are we not all equal under the law ? Any Law ?….this is the problem…but not your problem…right? Exactly !!