Phillip Richards – Money & Life Article
- March 06, 2019
- by Endorphin Wealth Management
Congratulations to our Director Phillip Richards featured in an article on the Money & Life website:
The two of us: Josie & Phillip
There’s never a dull moment in Josie’s lifestyle. Whether she’s travelling the world, creating art or catching up with her grandkids, she’s making the most of every moment. Discover how working with Phillip Richards AFP® from Endorphin Wealth has helped her fit everything into her budget:
I’m lucky enough to lead a very rich and rewarding life, full of friends, family and fellow artists here in Melbourne. After my divorce, I managed to buy my apartment which keeps a roof over my head, but I was relying on my pension to meet other living expenses.
I did have money invested in shares and when I wanted extra income I’d get my broker to sell some. It felt like I was having to dip into my nest egg to keep doing things that were important to me, like buying art materials or spending time with my son who lives in London.
So when my bank manager introduced me to Phillip, it was a great opportunity to completely transform my whole outlook on money and retirement. As I’m on my own, it’s very important that I can take care of myself financially for the rest of my life. Phillip has really taken that on board and come up with a plan that gives me the income I need, without running down my savings.
With a more generous regular income, I have the freedom to make exciting plans from one year to the next. Visiting my son in London is one of my top priorities, especially since he became a father last year. I travelled there soon after my granddaughter Pearl was born and I’ll be returning soon for her first birthday. And while these trips definitely have a family focus, I also enjoy my side trips to Spain and Italy, taking in the amazing culture and art in places like Barcelona, Seville, Venice and Rome.
Although I love exploring the world, I have so many reasons to feel grateful when I return home to Melbourne. I get to enjoy indulging my other two grandchildren living with my son and his wife in Kew. It’s such a privilege to be a grandmother and have all the fun with much less of the responsibility!
Young people are an important part of my family and my artistic community so I make regular donations to children’s charities, here in Australian and overseas as well as volunteering as a mentor to younger artists at my shared studio space. Thanks to the financial plan Phillip has put together for me and the income that it creates, I have enough to look after myself as well as some extra to do what I can for others.
Thinking about where I’d be now without the benefit of Phillip’s advice is quite scary. I was relying on just one type of investment before because I didn’t really know what my options were for making my money go further. He communicated it all to me so clearly, I knew I was making the right choice to go with his recommendations. And it’s paid off for me in all sorts of ways, as we’ve become good friends along the way. With our shared love of art and Italian food, there’s always plenty to talk about after the money part of the conversation is all taken care of.
When I asked Josie about her life goals, it really came down to two things – being able to continue with her art, and be part of her son and granddaughter’s lives with regular visits to London. As things stood with her finances then, it made her feel very vulnerable to be drawing on her savings as it’s the only reliable source of income she has, apart from her pension. This is a situation that’s quite common for people after divorce and bereavement. They end up with a fixed sum to last them a lifetime and if they lose that money, their financial security goes with it.
Establishing trust between us was a very important part of the advice process and it doesn’t happen overnight. Getting to know Josie and what matters to her was essential to coming up with the right recommendations for her financial plan. It also gave her time to understand that I was committed to getting the right outcome for her money and her future.
Josie is definitely one of life’s explorers and I could see that she already had what she needed, financially-speaking, to follow her innate sense of adventure and put her life goals within reach. So I put together a plan to move her investments into a conservative blend of assets, including bonds and annuities. This gives her a boost to her income to cover regular expenses like art supplies and to pay for adventures overseas. Her capital is well-protected so she can rely on this money coming in, knowing she isn’t drawing down large sums from her savings to create the extra cash flow.
Josie has really opened my eyes to all the variety and talent in the Melbourne art scene. She shows an extraordinary commitment to fostering young artists and using her own experience to help them find an audience for their work. She’s often said how grateful she is to me for stepping in and helping her enjoy the financial freedom to see her family overseas from year to year.
But I’m just as grateful to her for helping me follow my passion for arts and culture right here on our doorstep. It’s been a very warm and rewarding relationship between us and I always look forward to catching up with Josie over a glass of Prosecco after an exhibition opening at the studio.
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My husband and I wanted to find a trusted partner to advise us on our financial plans and help grow our wealth. We met with a couple of firms before meeting with Rob and they just didn’t grab us and it just didn’t feel right. One meeting with Rob and we were both sold on the spot that Rob was our man. And we haven’t looked back. Rob offers a very prompt, efficient and client focused service and always keeps us up to date and on track with what is happening with our portfolio. We couldn’t be happier with the service we’ve received from Rob and wouldn’t hesitate in recommending him to others looking for a trusted financial advisor.
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It was a pleasure to engage Rob to assist with a review of my fiances which included financial modelling of 3 options for my property plans and a review of personal insurances tailored to my needs. He displayed great patience and understanding throughout my journey and gently sent reminders for paperwork he needed without being pushy. He was contactable in person, email, text messages even outside of standard business hours. The plan he produced was not only tailored to me, but his approach and style he adopted was very tailored as well. The future of Financial planning in in safe hands with approaches like Rob’s.
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I would highly recommend Rob as a caring and passionate financial advisor. Before meeting with rob I felt very apprehensive about discussing our financial situation but rob quickly put my mind at ease and made me feel very comfortable. He asked lots of questions in order to ascertain our true situation and tailor advice accordingly. Beforehand I was nervous about our financial future moving into retirement but his advise showed us how we cam move forward with confidence, taking the worry away. We will be staying with rob for the long term
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We have been working with Robert since February this year, just prior to the birth of our second child. He has been a pleasure to work with and has provided comprehensive financial advice to us. Robert takes the time to get to know you and your family so that he can fully understand your financial situation and what your plans and goals are for now and into the future. He is extremely knowledgeable and very passionate about his job. He is a great communicator, responds to calls and emails promptly, and displays a genuine interest in our family. I have no hesitation in recommending Robert and Endorphin Wealth Management
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Rob Rich has a well-earned reputation for providing articulate and direct financial advice and he has been the consummate professional for me, particularly regarding my superannuation. His intelligent approach and outstanding knowledge has been second to none. He's a great communicator and has done a fantastic job of translating complex financial issues and concepts into terms that are easy to understand. I would certainly recommend Rob and Endorphin for his well considered and practical advice.
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Phillip has been my financial advisor for the last few years and I could not be happier. The outstanding retirement planning and financial advice that Phillip provided has put me in the best possible position to enjoy my future with confidence, for which I am extremely grateful.
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Phillip and the team at Endorphin have looked after my financial affairs for a few years now and I could not be happier. They are pro active with communication, experts at investment advice and are friendly and great to deal with. They are my trusted financials professionals. I highly recommend them if you are looking for a financial planning team that will look after you for the future.
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Great financial planning and advice.
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Robert Rich is a gun and has been a pleasure to work with, he spent a lot of time asking questions and listening to both my husband and I to get a deep understanding of our current financial situation of who we are and where we want to be. His advice has been comprehensive and easy to understand. The genuine interest and enthusiasm he has demonstrated has made the whole experience to date, fun and engaging (it has also been awesome to see some great financial results!). Rob is a great communicator and is always available to chat, meet up or respond to an email. We wish we had seen Rob earlier, and plan to have him as our advisor now and into the future, I have and will continue to recommend him and his services.
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