Why Is Retirement Planning Important

Regardless of your age, it is important to start contemplating your retirement – as with most things in life, the younger you start planning, the better!

As we all know, the best laid plans can be derailed by life events and other, more immediate focuses – this therefore makes planning for retirement even more important in order to help ensure you reach financial independence once you reach the end of your working careers.

Retirement 1Here are our top reasons that explain why retirement planning is crucial:

  • 1. Planning is Critical

It is human nature to assume that “things will work out in the end” – even our financial situation. However, assumption and successful retirement aren’t usually a good mix. Ensuring you have sufficient money at retirement should never be left to chance. People who assume ‘things will work out’ are usually the ones left disappointed.

  • 2. Provide Financial Independence for Your Family

In some families, it is the responsibility of the children to look after their parents as they age. Fact is though children can’t always be relied upon, and they have their own financial goals as well. Planning for a successful retirement will help ensure you’re self-sufficient in your later years which also allows greater financial independence for your family members and any children who thought they were up to assisting you financially.

  • 3. Support the Retirement Lifestyle You Want

Responsibilities during your working life such as raising a family can often get in the way of retirement planning. Thoughtful retirement planning takes these responsibilities into account and can help ensure you have the finances for your immediate needs, as well as allocating savings to achieve your retirement goals – such as dream holidays, taking up new hobbies, or spending time with grandchildren.

  • 4. It is a Risk to Rely on Your Pension

For most people, the Age Pension is unlikely to be sufficient to support the lifestyle they want in retirement. The purpose of the Age Pension is to supplement your living expenses, not be your sole source of income. If it’s a financially independent retirement you want, you need to build your retirement nest egg – the Age Pension alone won’t cut it

  • 5. You Always Have Enough Money to Save for Retirement

Guaranteed Employer Super Contributions are unlikely to be enough for the future you desire. You need to be saving extra along the way to really boost your wealth to a point where you can live the lifestyle you want.

With enough discipline, careful planning, and sound advice from Endorphin Wealth, you can always find that little extra to save for retirement. You will thank yourself later on for doing so.

How We Can Help

Why Retirement Planning is Important
Endorphin Wealth can provide you with expert financial advice and help you develop strategies for planning your retirement. For an obligation free discussion, call us on 03 9190 8964, or email us at advice@endorphinwealth.com.au.

Robert Rich – IFA Article

Robert Rich - Financial AdvisorCongratulations to our advisor Robert Rich featured in an article on the IFA website today:



Passion for finance

by Eliot Hastie

Robert Rich found his way into financial advice after a bad experience with an adviser. Since then, it has become his passion.

“I’ve got to work hard but I’m just genuinely loving what I’m doing. They say if you love what you’re doing then you never work a day in your life. It’s so true,” he says.

Mr Rich is a relative newcomer to the financial advice industry, where he works with Phillip Richards for Endorphin Wealth.

Mr Rich was an accountant in a past life. It was only after an experience with a ‘swish’ adviser that he made the change.

“When we got our financial advice document, the man recommended that we get an off-the-plan apartment as part of the advice and said we had to pay them a really large $35,000 fee for the privilege of buying one. So, we had a bit of an argument,” Mr Rich says.

“He said you’re not the type of clients for me and to swished us out of his boardroom.”

It was that experience that led Mr Rich to Endorphin Wealth because he wanted to genuinely help people control their finances.

“If I actually had someone who financially cared about what was best for the client, I could do this for a living,” he expresses.

Robert Rich accepting the award for ‘Newcomer of the Year at the 2018 IFA Excellence Awards in Sydney

Mr Rich says part of his success came from being a property investor himself, which allowed him to mentor his clients.

“I’m walking the walk and talking the talk. I’m more than happy to the pass the knowledge on to my clients to help them grow their own wealth,” he explains.

Mr Rich says he was also able to relate to his clients as they generally were not high-net-worth individuals, which he felt the industry focused too much on.

“I feel like the majority of industry really focuses on anything in the high-net-worth sector. Whereas I think young people or people without a great deal of wealth are probably being forgotten about at this stage,” he says.

It was the ability to help those individuals to develop a financial blueprint for their future that was the rewarding part of the job for Mr Rich.

“When you’re sitting at a dinner table with a glass of wine in hand explaining to them that you know that they’ll be able to retire in three years’ time and just seeing that look on their faces,” he says

“It’s like ‘oh my gosh, wow, we can actually do it’. They look at each other and they hold hands and they cheer. That’s just what it’s all about really. I could just do that every day.”

In fact, client satisfaction ranked higher on Mr Rich’s list than winning Newcomer of the Year at the ifa Excellence Awards earlier this year.

“One of the biggest successes of my career was winning the ifa award. That was just outstanding,” he says.

“But I guess the biggest success is really meeting with clients with a complex situation and being able to tell them they’re fine.”


Jennifer Chin, Robert Rich and Phillip Richards

Mr Rich also expresses gratitude to the Barefoot Investor, Scott Pape, for his work in generating conversations about financial advice. He found that advisers were the last piece of the puzzle for many people.

“It’s creating a lot more conversation. A lot more people are trying to understand and ask questions. People are starting to become wiser about it, which is great,” he says.

“We don’t want a country full of sheep just kind of going about their business while the wealthy people just take advantage of the situation.”

Moving forward, Mr Rich says he wants to help build Endorphin, but also wants to focus on his own education.

“It’s good to complete my studies and have that additional knowledge for my client. I just want to continue to work with clients that energise me and inspire me to actually want to help them,” he says.

Mr Rich must be doing something right though, as his clients keep coming back to him and bringing their friends.

“I’ve got a lot of happy clients who give me great testimonials and I’m getting a lot of referrals from interested clients, which is just the best thing ever,” he concludes.


For an obligation-free conversation about your financial future, Robert Rich can be contacted on 0466 554 234 or at robert@endorphinwealth.com.au

How Does a Financial Advisor Assist Business Owners?

Business owners often have busy and complicated lives. They are required to succeed in a variety of responsibilities from managing staff, monitoring cash flow, to developing client relationships. This may leave very little time to consider their own personal or long-term financial goals.

A financial advisor is an important addition to your team to ensure your personal goals are met and that you can take advantage of all the business opportunities presented to you.

Financial Advice8 strategies business owners need to consider

  • 1. Choosing Your Financial Advisor

Choosing a financial advisor who will provide you with the most appropriate advice for your situation is essential. Ask yourself – are they experts in wealth management for business owners? Are they known for putting their client’s needs first without any conflicts of interest?

  • 2. Planning for Retirement

A financial advisor can help you determine how much money you would need to fund your retirement dreams. They will help you keep track of both business and personal expenses and keep you realistic in terms of the value of your business when it comes time to sell.

  • 3. Saving for Retirement

Like the above point, financial advisors can help you action your retirement plans by giving you a realistic idea of how much you need to save per year to have your desired retirement lifestyle. Automated payments to your superannuation can be organised, or you could potentially contribute more during certain times of year depending on the nature of your business.

  • 4. Investing Tax Effectively

Investing for the future is fundamental to reaching the goals you’re setting out to achieve. Whether it’s paying off your home loan sooner, saving for your children’s education or dreams of a sunny vacation, it takes a plan to turn them into a reality.

Investing can be much more than just a regular deposit into a bank account – by taking advantage of tax legislation, you can magnify your savings and move towards your goals sooner.

  • 5. Managing Risk

In addition to monetary investments, financial advisors will suggest that business owners need to establish protection for both their business and their families. Life and disability insurance may be advisable, in addition to a buy-sell agreement which deals with the buyout of a deceased partner’s ownership of a business.

  • 6. Diversifying Your Assets

Investing in your future after your business is crucial. Financial advisors can assist in ensuring that your wealth is diversified and suits the level of financial risk you are willing to accept. Together, you can plan an investment policy and implement it efficiently, which leaves you with more time to manage your business.

  • 7. Paying Yourself

Business owners often pay themselves a very small salary. This can be due to their money being tied up in other ventures, or they desire to minimise payroll and income tax responsibilities.This can be self-sabotaging in the long-term. However, it is important to pay yourself a salary that is enough to accumulate savings for retirement. Financial advisors can help you determine a suitable yearly amount.

  • 8. Personal Goals

You may wish to buy a home or open your business in another location, for example. A financial advisor approaches these personal goals in the same manner as your systematic, multi-year financial plans. It is important to determine what is reasonably possible for you in your financial circumstances to avoid disappointment and work towards achievable goals.

A discussion from business owner, to business owner

How Does a Financial Advisor Assist Business Owners?
Phillip Richards, a director of two fast growing companies himself understands the life of a busy company director and specialises in assisting others in the same position to achieve their vision for the future.

For an obligation free discussion, call us on 03 9190 8964, or contact Phillip at phillip@endorphinweatlh.com.au

The Benefits of Work in Retirement

I know it sounds a little ironic that we are here talking about the importance of work in retirement, but I can assure you there is some method to our madness.

RetirementThen and Now

Historically, a typical life would consist of 30 to 40 years in the workforce, then completely stop and jump off a cliff. Hopefully you have a parachute for a safe landing, and then enter a life of total ease.

Whilst this may have worked in the past, based on our client observations, we see the need for a new approach to retirement.

We have a saying that ‘a life of total ease is 2 steps away from a life of total disease’.

At Endorphin Wealth we are all about helping people feel good about their future. When dealing with those clients nearing retirement (or those who have already retired) we see the need to explore the benefits of ‘working’ in retirement.

Big Benefits from a Little Extra Work

    Our definition of work is an engagement that brings value to others, and meaning to you. While people often focus on the negatives of the workplace (un-supportive managers, a gruelling commute, or lack of leisure time) we believe it is important to consider the Lifestyle Motivators that a working engagement provides, including:

  • –   Satisfaction from helping others,
    –   Intellectual stimulation,
    –   Social engagement,
    –   Sense of relevance,
    –   Improvements to your physical and mental health,

Many of our retired clients are involved in some form of consulting, volunteering, or part time work, or volunteering in an area that is important to them. It engages their brain from a lifetime of accumulated knowledge. They are staying healthy, staying engaged.

Our Endorphin Offering

Our retirement coaching programs help our clients find the right balance between work and leisure. The results from these discussions often leads to some form of paid / unpaid engagement during retirement that provides massive lifestyle benefits. Scientific studies have also shown that:

  • – Working for one extra year at work can increase your longevity by 11%.
    – While each additional year you work your chances of dementia are reduced by 3%.

The key factor is maintaining intellectual challenge and engagement that adds to your longevity. We believe in Use it or Lose it, and our approach to retirement planning helps our clients understand the Lifestyle & Health benefits of working in some capacity during retirement. It’s all about living a retirement on purpose and feeling good about your future.

One website that has information on volunteering opportunities is www.govolunteer.com.au

Ongoing Service

Ongoing advice is critical to the process as an individual’s wealth grows. This is even more important if you decide to work in to your senior years, as balancing your reduced income, along with changes in superannuation and expenses can be a difficult task which can leave you out of pocket.

Endorphin Wealth recommends that you regularly review your strategy to ensure it remains in line with your desired lifestyle needs.

For an obligation free conversation about your financial future, please contact us on 03 9190 8964 or at advice@endorphinwealth.com.au

Benefits of “Work” in Retirement

The Royal Commission Final Report – Endorphin Wealth’s Take

The Royal Commission has released their 530 Page Final Report into the misconduct in the Banking, Superannuation and Financial Services Industry on Monday 04/02/2019.

As a firm that has been built on putting our clients before ourselves, we welcome the review into the industry, the regulators, the product providers and the practices offering financial services in Australia.

Royal Commission 1Commissioner Kenneth Hayne started his report by saying financial institutions and their staff have focused too much on the pursuit of profit and personal gain:

  • “Providing a service to customers was relegated to second place. Sales became all important. Those who dealt with customers became sellers. And the confusion of roles extended well beyond front line service staff. Advisers became sellers and sellers became advisers.”

The highlights from the report include:

Fees For No Service

The final report recommends financial watchdogs consider criminal charges against the organisations linked to the “fees for no service” scandal.

The royal commission heard cases of customers being charged for services they had never received. In some cases, people were being charged fees even after they had died.


Australian Securities and Investment Commission (ASIC) and Australian Prudential Regulation Authority (APRA) will receive extra power by creating civil penalties for breaches of laws governing superannuation trustees and directors.

Pushing or ‘hawking’ of superannuation products would be prohibited to prevent people being sold superannuation products not in their best interest.

There will also be new protections to ensure superannuation fund members only have one default account.

Financial Industry Regulators

APRA and ASIC are to more heavily regulate conduct and disclosure requirements.

Commissioner Hayne urged ASIC to launch legal action when dealing with large corporations, rather than just issuing infringement notices when they breach laws. He said infringement notices should only be used in administrative matters:

  • “Misconduct will be deterred only if entities believe that misconduct will be detected, denounced and justly punished,”

APRA and ASIC will also receive greater oversight with the creation of an independently chaired oversight body to ensure the regulators are being held accountable for their actions.
Royal Commission 2
Mortgage Brokers

Some of the mortgage-broking industry’s worst fears are contained in the final report, with the commission recommending the industry move from a commission-based to fee-based model.

Currently, brokers receive upfront and trailing commissions from banks and other lenders, meaning the broker is incentivised to secure the customer a loan. Mr Hayne recommends a “steady but deliberate” move from the existing model to a model where a borrower pays a fee instead.

The Government says it will ban trail commissions and other “inappropriate forms of lender-paid commissions” on new loans from July 2020, and will conduct a review in three years to consider the implications of removing upfront commissions and moving to the borrower-pays model.

Mr Hayne recommends a “best interest duty” law for the Mortgage Broking industry to mirror the laws already applied to the Financial Advice industry. A breach could lead to the broker being hit with a civil penalty.

Mr Hayne said there needed to be a debate about whether mortgage brokers were any different to other advisers.

“I consider that after a sufficient period of transition, mortgage brokers should be subject to and regulated by the law that applies to entities providing financial product advice to retail clients,” he wrote.

Next Steps

Commissioner Hayne now passes the baton to legislators and regulators to act on his recommendations, including enforcing existing laws and giving far greater priority to customer needs over profits.

ASIC moved yesterday to ban CBA’s financial planning business from charging any fees or taking on new customers after the regulator determined that the bank hadn’t yet properly rectified their previous issues of charging fees for advice they never received.

How Endorphin Wealth Can Help

When it comes to investing your money – there are a number of things you have a right to expect from your wealth advisor or financial planner.

Ongoing personal attention, for instance, rather than attention that seems to fade after you’ve initially signed up. Access to a full range of investment options, as opposed to a range limited to products owned by your advisor’s employer. And a fee structure that is fair and doesn’t see your earnings diminished by ongoing payments to your advisor.

As a boutique, privately owned wealth advisory firm, Endorphin Wealth can confidently meet all these expectations and more, providing you with the personal, high-quality, tailored advice you deserve.

Obligation Free Initial Conversation

For an obligation free chat about your financial future or your thoughts on the Royal Commission in general, please contact us on 03 9190 8964 or at advice@endorphinwealth.com.auEndorphin Wealth Management Team