Before entering his first award competition last year, Erina-based financial adviser Martin McGrath thought that awards were for the “good guys, the big guys”. He didn’t think it was him.
Then, another adviser in his firm recommended he enter. It was the first time he’d entered and going through the process was a good experience, he said.
A year on, Martin reflected on winning CFP® Professional of the Year: “It was a stringent process and seeing what it looks like and the quality of the candidates and everyone’s differences and submissions…I was very proud to win it”.
“I think it’s probably the highest standard or highest award you can achieve.”
Even going through the process is rewarding, he said.
Martin is now one of the judges for this year’s CFP Professional of the Year award. “All advisers obviously have different focus but it needs to be broad. It’s not just about one particular area,” he said.
“Most advisers are loved by their clients, and they do a great job, and that’s definitely a large part of the process but I think it’s more than just that.
“It’s about being an advocate for the profession.”
Advocating for financial advice
Being an advocate for the profession and mentoring other advisers was what Martin believes gave him an edge last year. It’s something Martin has done for many years with video, podcast and other education material freely available to help people needing information about retirement. “It’s also kind of helping the whole industry.”
For some of the people accessing the educational material, that might be enough. They may decide they don’t need financial advice, Martin says. Other people might, for the first time, understand what financial advisers do and they might seek out an adviser to help them.
“For me, my reward is I just enjoy helping and educating people, but effectively it’s kind of helping the whole broader industry,” Martin said.
“I think they’re the kind of key elements that make a potential winner. This award doesn’t mean you’re not good adviser if you’re not doing all those things but I think they’re the elements for this level of finalist and winners.”
In awarding Martin in 2003, FAAA CEO Sarah Abood said the judges were impressed with how he demonstrated care, engagement and understanding of the needs of his clients.
“Martin provided strong examples of his strategic and technical advice and how this led to strong outcomes for his clients.
“Martin also showed how he has gone above and beyond for the financial planning profession with his strong community engagement and focus on improving financial literacy, as well as his tireless commitment to professionalism.”
Winning the award last year was a validation of what Martin and his business was doing, he said. “It meant we were on the right path.
“Winning the award is a big privilege.”
Some clients acknowledged the award and there were probably a few clients who saw the win covered in the media and became clients because of it. However, it was most important to be recognised by the profession and peers, Martin said. And further to that the ability to share insights with other advisers.
Martin’s business is around eight years old and specialises in helping clients aged over 55 with pre-retirement and through retirement. Since the win, the business has added two more advisers.
He has a regular video which is available free on YouTube, Facebook and other social media channels and is also part of a weekly podcast – Retire Right.
Martin also publishes a regular blog and you can follow him on Instagram.
