Where are they now? Frances Magill on life after 'retirement'

Frances Magill was Statewide Super's first CEO and retired from the fund in 2009. After a short-lived retirement, she set up Frances Magill Financial Strategists, which is now a family run business with son Brian Magill.

What was the highlight of your time as CEO of Statewide Super?

Being the inaugural, integral part of a business that gathered together 152 talented individuals, who bought their passion for excellent member service to Statewide in a family friendly sustainable atmosphere together with the culmination of the signing of the United Nation Principles for Responsible Investing (UNPRI).

After your short-lived retirement, where are you now?

I am the CEO of FRANCES MAGILL FINANCIAL STRATEGISTS. After leaving Statewide I undertook 6 months of due diligence on the opportunities; cost effectiveness; freedom and compatibility of either registering under our own license or joining with an existing licensee. We knew that we wanted to be able to provide our future clients with a strategic plan that was not based on product. My family has a strong and ethical conscience to provide our clients with strategic plans that are in their best interest. We established the business on a fee for service basis and our tag is "Always in your best interest everyday" 3 years before FOFA. We determined to partner with Matrix Planning Solutions Limited as our licensee as it gave us the opportunity to be a part of an independently owned license that is culturally allied to our business objectives. They also provide quality dealer services that are necessary in running a good financial planning practice.

In what way is your new role different to your previous role/s?

My current role is similar to Chair of the Board and overall business support. After 5 years we have, in line with our business plan, recently successfully transitioned the business to my eldest son Brian Magill.

What do you like about your new role?

I enjoy working with my family and being able to bring my years of experience to our current business. Frances Magill Financial Strategists is the 5th business I have established and exponentially grown during my career. I know that the basis of all financial planning is good budgeting and especially cash flow management. Matrix has developed a software program called PROSPERA that enables our planners to assist our clients with their budgeting needs. The Software allows us to provide a report to our clients on a monthly basis that shows them their net position and allows them to track how they are doing against their goals.

What don't you like about it?

The constant legislative and regulatory changes that have continued ad infinitum since I started working in the industry. For instance the first 6 months of 1990 there were over 448 changes and believe this has been replicated at least 10 times since. This has only made people unsure of the veracity of the decisions that they have to make on top of the fact that we constantly remind them of the ongoing risk of legislative and regulatory changes.

What did you learn in previous roles that has helped you in your new role?

Be consistent. Always look after the people you work with. My inaugural membership with BEHIND CLOSED DOORS, an executive women's program that brings professional women together to share experiences and knowledge, develop networks and receive support and mentoring opportunities in a welcoming and relaxed environment, continues to be invaluable. Although I have an accounting background, I completed further study, qualifying as an authorised representative. This gave me a solid foundation before retiring from Statewide and the working knowledge which enabled me to establish a financial planning practice and assist Brian in running his own business as a Certified Financial Planner. He is the backbone of the business now.

What advice would you give someone starting out in financial services?

Do your due diligence. It is not hard to contact someone at the peak of the industry that you admire and ask them if they have any advice on what you should or should not do, after all INDUSTRY MOVES have. Don't think you can sail through life and work without being committed to providing the best you can at all times, remember, what you earn comes out of your friends, neighbours and families pockets every day. The finance industry is built on looking after other people's money.