Q&A with Matthew Fogarty as he takes on his new role as CEO at Fitzpatricks July 2018

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Matthew Fogarty has had a diverse career in the finance sector - from setting up a business of his own, through to holding senior roles in boutiques and large financial institutions - and last month was appointed to the top job at wealth management firm Fitzpatricks. He tells Industry Moves about his goals in the role and the changes he sees for the future of financial advice, including its rapid acceleration as a profession. He also offers some sage advice to his younger self and names his 'sliding doors' profession.

What are your goals for the first 12 months in your new role at Fitzpatricks?

Continue to support and develop the community of advisers we have in the group, seeking to partner and grow with like minded advisers and firms. Importantly to provide a strong sense of leadership and direction for our adviser community and support staff at a time of significant chance and opportunity.

What led you to a career in finance?

My father had a long career in the general insurance industry at senior level, so I had the opportunity grew up seeing snippets of the world he operated in. Once I finished Uni, I followed his path into the GI sector which I absolutely loved. As a result of that decision, I subsequently had the career opportunity to move into the life insurance and investment side of the industry.

Are there any career achievements that stand out for you?

I have been very fortunate to have worked with a wide range of people across the industry on some diverse projects and business opportunities. But some of the highlights would be setting up a business called The Encore Group which we ran for over 10 years starting from a scratch. This also led to setting up a business in South Africa which is still being operated by a friend and former business partner. The other highlight was playing a small role in the establishment and operation of the original AMP Horizons Academy.

Who do you most admire and how have they influenced your life/career?

I admire my parents greatly, they have always been a terrific support for me and their actions demonstrate the values they live by. From a career perspective, I have had many positive influencers over time and always looked to find what it is that makes them who they are. You can only be yourself, but I think that it can be a positive thing to reflect on the behaviours, styles, approaches, values that you align with and admire.

What do you feel will be the greatest changes in the financial planning industry in the next 5 – 10 years

From my perspective, it will be the continued rise of how we value the client relationship, which in turn means an evolving client experience, significantly different technology and tools, likely a different licensing regime, and significantly different economic/business models to cater for the ongoing need and value of advice. I also think that we will see significant progress in the newer advice specialisation areas like retirement planning and the product solutions that will become available. Finally I believe that the young profession of advice will accelerate rapidly, and this is a good thing for all involved.

Where did you grow up and what was it like?

I was born in Sydney (northern beaches), then moved to Adelaide, Melbourne and back to Sydney to finish high school. Once I finished school I was back to Adelaide for a few years and have been back in Sydney now for 20 years.

What advice would you give to your 21 year old self?

Save, Invest, Diversify….always be prepared to back yourself.

How do you maintain a work/life balance?

I am not sure it really exists, but in practical terms its about prioritisation and maintaining perspective about what’s truly important.

If not finance what would you be doing?

A landscape gardener

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