WEALTH OF ETHICS AND EDUCATION KEY TO WINNING

At a time when trust in the banking and financial services sector is being seriously questioned, Gold Coast businesswoman Felicity Cooper is a shining light for others in the industry to follow.

 

Ms Cooper, who launched her wealth management practice at Isle of Capri three years ago, attributes much of her success to ethics.

 

“My operating principle is pretty simple. Every one of us always has to juggle a number of balls in the air – family, friends, your business, personal growth and ethics,” said Ms Cooper, who just won the National Financial Planner of the Year Award at this year’s Money Management Women in Financial Services Awards as well as The Association of Financial Advisers Excellence in Education Award.

 

“I believe you can drop most of these balls and pick them up on the bounce, and you’ll be fine…. all except one – the ethics ball is made from glass – drop that and you can’t get it back.”

 

Ms Cooper, who has been in the financial services industry for more than two decades having worked as an investment adviser at Goldman Sachs JB Were, Macquarie Bank and RBS Morgans, acknowledges the sector has taken a battering during the Royal Commission.

 

“While it’s sad that this means the focus hasn’t been on the good work financial planners can do for clients – helping them maximise their financial potential, set them up for retirement, invest correctly – it’s even sadder that this uncovered such bad behaviour from advisers and firms alike,” said the Cooper Wealth Management founder.

 

“At what point would taking insurance premiums from dead people, or churning insurance policies for increased commissions, or charging clients for advice when they didn’t even have an adviser in place seem like a fair or right thing to do?

 

“For many of us though, it provides hope that this will create change – that all people and firms in the industry will be supporting their clients’ interests, and people will feel they can trust a planner to be working for them – until then, as a self-owned practice we can ensure that’s already the case.”

 

Ms Cooper is very eager to point out that her practice does not recommend products for clients based on the trailing commissions available.

 

“We are not aligned – in fact we have absolutely no product to sell. We take no commissions, except on insurance. We are upfront on our fees and that, along with our academic qualifications, stands us apart.”

 

Ms Cooper, who is a finalist in this month’s SMSF and Accounting Awards for Investment Manager of the Year, said she was concerned many financial planners did not consider it essential to pursue continuing professional development.

 

“I believe that keeping up-to-date with our ever-changing industry is key, and furthermore, that educating the public is equally important,” she said.

 

“Developing financial literacy amongst the community is one of my passions,” she said.

 

“Finance is so complex in Australia. Super is complex, investment is complex.

 

“To make the best decisions, our community needs access to people who have done all the study and have the experience.”

 

Ms Cooper has also been part of the Australian Shareholders ‘Own Your Own Financial Future’ Programme, which is part of a Federal Government grant to improve financial literacy in women over the age of 65.

 

“We’re currently rolling out a pilot program in regional Victoria and hope to be able to roll the program out nationwide – it’s really exciting.”

 

In addition, Ms Cooper helps educate via her female-focused Facebook page Financial Women https://www.facebook.com/The-Financial-Woman-549758441701340/, which has over 4100 followers.