An advocate for evolution in the retirement system: Q&A with Mercer's William Burkitt
Inspired by his father's experience in finance and his mother's dedication in supporting seniors, a young William Burkitt was already on the path to his newest role as Mercer's innovation leader, post retirement. Speaking passionately about his work, he tells us why we need tighter integration between the aged care and financial services industry, and touches on the importance of taking opportunities to work in different environments. He also shares a highlight from his twenty years' overseeing portfolios and how he maintains a work/life balance.
Inspired by his father's experience in finance and his mother's dedication in supporting seniors, a young William Burkitt was already on the path to his newest role as Mercer's innovation leader, post retirement. Speaking passionately about his work, he tells us why we need tighter integration between the aged care and financial services industry, and touches on the importance of taking opportunities to work in different environments. He also shares a highlight from his twenty years' overseeing portfolios and how he maintains a work/life balance.
What initially attracted you towards a career in finance?
My father was a stock broker, so I was introduced at an early age to the concepts of investing and finance. Following school, I worked full time as an accountant while completing a Bachelor of Economics part-time. It wasn't long after that I had come to the realisation that accounting was a little too binary for my liking. Luckily enough this was at the same time that I was approached by James Burkitt and Chris Page, the joint founders of Rainmaker, to join them. This was my first introduction to working within the financial services industry and it was from there that I grew to value the importance of professional investment management and financial savings discipline.
My passion for aged-care and living was inspired by my mother. As a child growing up in Darwin, and through my adolescent years, I watched my mother manage Red Cross Home Care for the Northern Territory. It was her care, expertise and dedication that grounded my passion for supporting seniors for their care and living needs during their retirement years.
Can you tell us a little about your new role as Innovation Leader, Post Retirement with Mercer?
Understanding the options and making the best decisions for ensuring retirement income availability, and separately the primary needs of care and living for someone throughout their senior years, and for their families and carers, is complex, emotional and expensive. Already there are 400 people turning 75 years old every day in Australia and this is continuing to accelerate with the Baby Boomer generation retiring.
At a time when the options available to decide amongst is increasing in complexity and the Government is transitioning to more of a consumer pays funding model. I fundamentally believe that Australians will be much better served with a tighter integration between the aged care industry and the financial services industry which offers easier to access and relevant support services.
Mercer is in a unique position to leverage its range of expertise across research and investments, career and insurance businesses to provide a new range of integrated solutions and thought leadership for Australian's as they transition through their retiring and post retirement phases of life. I'm fortunate enough to be joining Mercer as a leader in developing and offering leading differentiated solutions in support senior Australian's needs.
...and what are your key goals for this role over the coming 12 months?
Establishing a strong foundation of advocacy for the key needs and challenges faced by senior Australians. Mercer will join the leadership group within Australia as advocates for evolution of the existing system and raise awareness of the range of issues facing senior Australians. Specific for the client offering, we will rapidly develop the range of aged-care and living solutions under a clear strategic plan in a phased development schedule. Importantly, this includes close engagement and input by consumer groups and key industry participants who find the current aged care system complex and value the services Mercer will be developing for them. In addition, we will continue to deliver retirement income solutions, such as Mercer'sLifetimePlus, and contribute to the financial service industry's development of the post retirement system.
Throughout your time working in various product and research related roles, what has been one of the most interesting products or services that you've come across?
I think it is crucial for people to be invested according to a strategy which is suitable for their unique circumstances. For many with lower account balances and less complex financial circumstances a simple and low cost investment strategy is most suitable. For people who are more affluent, their circumstances can be more complex and individualised and hence greater tailoring is suitable, and affordable. An interesting service is an investment service which has full flexibility to manage to a person's individual investment strategy including with filters for particular beliefs and other circumstances, such as a delegated solution or true discretionary managed account. This can include incorporation of longevity oriented products to anchor income for the investor through the later years of life. It needs to be professionally managed, however, and not at the discretion of individual advisers.
Otherwise, many of what some people may consider "interesting" products are likely to be the dogs to avoid which blow up in a future extreme market crisis.
Previously, you spent some time working in the UK at Skandia Investment Group. What were the biggest cultural differences that you experienced throughout this time?
Working in the UK was a fascinating period of time in my career. Everyone should take and create opportunities to experience different working environments throughout their career, including internationally. The Skandia Group had operations in 13 countries across UK, Europe and South America, as well as having a South African parent in Old Mutual. Leading people, achieving decisions and executing to strategy across a wide range of cultures, from Swedish who like round robin debate and unanimous agreement, to British who are more direct and wide ranging levels of commitment to seemingly agreed decisions, was at times particularly complex and challenging. The scale and variety of the UK and European economies and markets, combined with close proximity to each other, lead to my time based in London being a wonderful experience.
What has been one of your career highlights to date?
Over twenty years overseeing portfolios, research and product approvals, the teams I have been part of have avoided the major product and provider demises. Making thousands of decisions in any given year, this achievement is one of my most proud achievements. In addition, product approvals and portfolios I've been responsible for have consistently, over the medium to long term, added value to investors wealth above objective and industry average.
"Have a clear personal purpose, a North Star, to base your shorter term decision making on."
What's the best piece of advice that you have received?
Truly understand who you are providing your service to and what their real life needs and circumstances are. In doing so, be mindful not to lose sight of this within a narrow corporatised perspective.
...and what advice would you offer to an industry newcomer?
Have a clear personal purpose, a North Star, to base your shorter term decision making on. In addition, take calculated risks to gain different experience.
What was your very first job?
Early in my career, as a 27 year old, I moved to Hong Kong not knowing anyone and with limited investment industry experience to open up Rainmaker's first overseas office. The rapid practical learning I experienced during that 1 ½ years in Hong Kong was enormous and would not have been achieved without the courage to take on the opportunity.
How do you maintain a work/life balance?
Ensuring I have a range of interests outside of work and respecting time for them in turn supports my passion and longevity for work. I spend time as much time as possible with my teenage boys, travel to far flung adventures around the world, keep fit with running a marathon a year, have philanthropic interests related to the care industry and going to live music gigs. Currently, I'm completing the Bronze Medallion with Coogee Surf Life Saving Club - a great community!
