There are few practices that have celebrated half a century advising Australians and Nowak Financial Services is one of them, celebrating its 50th anniversary in June.
The Brisbane-based practice started with Joe Nowak (former AFA President) in 1975; Joe had been a life agent since 1970.
Now run by his youngest son Michael Nowak CFP®, Nowak Financial Services is still going strong, although Joe retired in 2020.
While Joe had wanted one of his children to take over the business, it didn’t happen until Michael, who had completed his Bachelor of Economics degree and worked for a couple of years in London, returned to Australia in 2002 and was weighing up what to do next.
“Dad told me to put on a tie and come into the office – and that’s how it started,” Michael said.
“Dad was very relationship driven, and that’s what he created his business with. He had long-term clients that really loved him.
“I came in and could see that technology was changing. We needed to build a really strong servicing platform behind Joe that allowed him to go out and see clients.”
Michael built the database which allowed Joe to focus on his advice and clients knowing that the new system would manage the admin tasks efficiently.
The business grew three-fold between 2002 and 2008.
Having Joe as his mentor gave Michael a leg up into advice and made it easier for him to step in and take the reins of the business when Joe was diagnosed with cancer.
“I wanted to make dad proud and [to] not worry about the financial side of things. When we looked at the figures from that time, he said ‘wow, you’ve done a great job’ and he offered me to come in as a partner and become his successor.”
Michael’s own kids talk about coming into the business in the future. Aged only 11 and 13, it’s not a done deal, although he says he will definitely keep the door open for them to join him if they want.
Power of connection
Joe served two terms as President of the AFA (one of the two heritage associations of the FAAA), and when Michael became an adviser, his father told him to get involved with the association and make friends.
Michael was involved with GenNext in the mid-2000s and built strong friendships with others going through the same advice journey.
He took on the roles of GenNext Queensland chair and became the AFA state director in Queensland in 2010. He was also AFA national president from 2012-2014, vice-president from 2016-2020 and president again in 2020-2021.
“I was lucky to get involved early on in my career and build great relationships,” he said.
“I put a lot into it and got a lot out of it. I loved the people and the high conviction of those I worked with.”
Michael recommends that all young advisers get involved with the association (now FAAA). “You get back much more than you put in,” he said.
Over time, the business evolved from Joe’s early days as a life insurance agent to providing full holistic advice to professionals, small business owners and retirees.
It’s now a single adviser practice, which Michael prefers. “I see my role as similar to the local GP in that I know my clients, they’ve been with me a long time.” Michael’s commitment to learning is ongoing, having successfully completed the CFP Certification program last year.
Michael says he enjoys working with people who have sacrificed a lot to get where they are but don’t have a clue how to convert that to their retirement phase. “I get to help them understand the process and be clear about what they want to achieve and help them do that. When you do that successfully and you see the clients’ relief that it’s achievable it’s really satisfying.”
