Intro: 00:00 This episode was recorded live at United, the 2019 AFA conference in Adelaide. The Association of Financial Advisors is the association of choice for financial advice professionals, and empowers them to transform the lives of Australians through quality financial advice. For more information, check out afa.asn.au.
Fraser Jack: 00:22 Hello, and welcome to the Goals Based Advice Podcast where I have conversations with pioneers of the new world of financial advice.
Marc Bineham: 00:29 Oh, pioneers?
Fraser Jack: 00:30 I’m your host, Fraser Jack, and I want to thank you so much for tuning in today, coming at you from the Association of Financial Advisors or AFA conference, day three. Wrapping it up almost, we’re almost at the end of it. Like to thank our supporting partner, Advice Intelligence, for powering this podcast. Also to the crew at Oh My Pod! for editing these podcasts and getting them out so quickly, I really appreciate that. And of course to the AFA. I’m joined by the man of the moment, the president of the AFA, Marc Bineham. Welcome.
Marc Bineham: 01:05 Thank you, Fraser. And United AFA.
Fraser Jack: 01:08 The United, United. Oh, there you go. I’ve been saying it wrong the whole time. I have to go back and re-record every episode. Firstly, do you want to just introduce yourself as a human being to people that may not know about the AFE?
Marc Bineham: 01:22 Sure. There’s two major associations of financial advisors in Australia, the FPA and the AFA. So we’re sometimes called as the little brother of that. But we’re the Association of Financial Advisors, around 4,500 advisors and members, and we have a 70 year long history. It’s been a bit of a transition. We’ve gone from a life insurance background seven years ago, and probably the last 20 years we’ve now moved into ... Well, our base is definitely younger, more diversified and far more holistic than it would’ve been even just 10 years ago. So it’s been actually an exciting thing to watch, transition. One of the differentiators I suppose for just our profession is that our association always has had a board that’s been made up of practicing advisors. So there’s nine advisors on that, representing all the states, and three for an executive, which I’ve been lucky enough to be president for the last few years.
Fraser Jack: 02:32 Yes. You’ve had a lot to do with the board over many, many years, but not to forget the fact that you are an advisor.
Marc Bineham: 02:32 Yes.
Fraser Jack: 02:37 You’re a practicing advisor, you’ve got a practice in Sydney that you probably get to spend very little time in at the moment. Tell us-
Marc Bineham: 02:45 Feels that way sometimes, especially around conference.
Fraser Jack: 02:47 Take us back a step though. Just to tell us about your pathway and your journey to becoming a financial advisor.
Marc Bineham: 02:52 Sure. 1987, Fraser. That was a pretty big year for the financial markets, but I was an electrical engineer for 10 years, out of school, and just realized I was a very average electrical engineer but was always good at mathematics, and saw this share market skyrocketing in the mid ‘80s. So I thought this is what I need to be part of, and then did leave that and joined a firm of share brokers around July. And then my girlfriend, who’s now my wife, we decided to take off, did our three, four months around Europe. While that happened, Black Tuesday, the October crash of ‘87. So when I got back, they were losing jobs rather than that, and I just found a chap that was actually my sister’s old boss who was in this game called superannuation, which I really didn’t know much about.
So I went and met him, and after about an hour and a half chatting just about what life and all that, he actually offered me a job. So superannuation insurance was then my life for the next, oh, gee, five years there until he got bought out and I went out on my own. So I’ve been superannuation insurance for the last 30 odd years and loving it.
Fraser Jack: 04:07 I suspect you would have seen a fair bit of change over that time.
Marc Bineham: 04:10 Yeah. Well, it started off with 3% back then. But yes, it was always important to actually see ... Actually, I was talking to someone yesterday about it, how all the people, the mentors, and I was saying that that person who employed me 30 years ago, he’s still my mentor. And he taught me all about the listening skills, the caring skills, the empathy that you needed to show and just to be able to grow a good practice. But I do notice how then it just cycled 10 years ago when all the compliance requirements came in and though it’s all about the fact finding, getting information, and I was wondering why I wasn’t actually getting as many clients as I used to. It’s because you lost those listening skills even though you’re asking questions, they are matter of fact questions and you weren’t building relationships.
So the last five, seven years, it’s been ... And actually, a great passion of mine is actually going out, teaching advisors to go back to those original EQ skills, and helping advisors, especially now we’re charging fees more than ever, that we need to be able to show the value that we can provide. As advisors, we’re not used to that. So that’s been a bit of a cyclical road for me, but I’m loving it more than ever now because I’m back to caring, building relationships and the whole EQ side of business. [inaudible 00:05:30] my client.
Fraser Jack: 05:31 Just quickly on your business, what size is it at the moment?
Marc Bineham: 05:34 Okay, so it’s been downsizing. A year ago was about 15 staff, five advisors and 10 administration. At the moment it’s five because we’ve just ... 12 months ago, sitting back in Italy, thinking, “This is the lifestyle. I want to do more of this.” So I’ve actually downsized. And there’s also with the AFA role, it does take a fair bit of my time. But saying, I have about 30 fee paying clients, about 400 insurance clients who are looked after by someone else, and also have a corporate superannuation, which is looked after by someone else as well.
Fraser Jack: 06:07 Great. Okay. What drew you to the AFA to start with?
Marc Bineham: 06:14 Probably about 12, 15 years ago. Went to a Melbourne conference, and I had actually been going to a lot of conferences overseas and here. But the first one I really can remember with the AFA was down in Melbourne, and I just love the ... It was a community, it really was. I remember Michael Murphy, the late Michael Murphy. I remember him getting up on stage at the time saying, “No one sits by themselves at an AFA conference.” And you didn’t. If you’re a first timer, there was always someone come and say, “Hi, who are you? What are you doing?” And I’ve got friends from that one first 10 or 12 years ago in Melbourne, and still have them as friends and look forward to catching up.
So I love that side of the community, but I also saw it as a lot of what my old mentor used to do in all the value. The emotional side. Yes, I had my licensee for the technical, but this conference was showing me all those little great 1% that I could take back from business. So I’ve pretty well been every conference since.
Fraser Jack: 07:11 Fair enough. Now, similar sort of thing once you start coming to the conferences. One of the things I’ve done though really that benefited me personally from when I joined the AFA was getting involved and becoming part of committees and memberships. I felt like I almost got more out of that than anything else. So just by donating your time and getting involved, you actually got a lot more out of it.
Marc Bineham: 07:36 It’s always been the way that whatever you give back, you reap 10 fold. I’ve always believed that. I’ve also been told you’re being on this earth to serve, so I’ve had that philosophy. And one of the things that was really drilled into me by the older advisors, and I remember Russell Collins of this type of the world, and he absolutely said, “I will give you everything for you to have a successful practice, but when it’s your turn you give back.” That’s pretty well what I’m doing now. Even right at this second with the challenges we have, the education requirements and all the other things, we still have over four to 500 volunteers in the AFA through the different communities, whether they’re state directors to whether they’re on some committee.
And that’s more than goals. Just over 10 to 15% of the membership is actually giving back still. I just think that’s a great trait of our profession because I definitely go to ... I’ve been to accounting expose, medical conferences and other things in the past, and they don’t share nothing like what we do. It’s a great attribute of our profession.
Fraser Jack: 08:50 Yeah, certainly is. You mentioned time before. How much time does it take out of your practice and day and life to be the president of the AFA?
Marc Bineham: 09:01 Okay. It does vary and it is getting better, but things like a royal commission, you can’t pick things like that. So that’s maybe a once in a lifetime situation. Last year was very difficult, and we all had to pitch in and help where we can. So it could take three days of my week. The moment’s probably more like a day, spread over the five days of the week. Sometimes, last month, leading up to conference, maybe a day and a half. But the good thing is from when I first started and was a state director 10 odd years ago, the AFA head office was [Clippo 00:09:40] and maybe one other. And then Phil Anderson came on board and another admin staff.
But now that we have a CEO that has general managers, a really good staff, we can actually as a board be far more governance, far more oversight, and not so much hands-on. So that’s one of the things I encourage anyone who wants to put their hand up that it’s not the whole hands-on that used to have to do. There is definitely work to do but not as much.
Fraser Jack: 10:15 The thing about the AFA board is the positions change every couple of years.
Marc Bineham: 10:18 That’s right.
Fraser Jack: 10:19 So if anybody wants to put their hand up the, anyone’s a member can put their hand up and-
Marc Bineham: 10:23 Yeah, and you start with your state committee. Whatever state you’re in, you go in there, you get involved and see what’s it’s like. There’ll be enough people there to tell you how much they are doing and how much they’re involved, and you just really, some people just say, “Well, I can actually give you a month now leading up to conference because I want to help out.” Pretty well what you’re doing now for podcasts and happy in that rather than do a whole year through. And it just works, whatever it is, but we’re just happy. If someone’s willing to give up some of their time, we’ll very happily take it.
Fraser Jack: 10:52 Yes, fantastic. Now we’re obviously at the conference, the United conference, and obviously you know there’s been a very big theme with everything. And obviously we’ve had the FPA here, we’ve had other associations here.
Marc Bineham: 11:05 [inaudible 00:11:05] super fun. Tom [Moroni’s 00:11:06] here.
Fraser Jack: 11:06 Yeah. And we talked a lot about the comments about we all might have different voices, but we have the same messaging or same message.
Marc Bineham: 11:16 Yeah, single message. The AFA, the FPA, all the associations and even probably [inaudible 00:11:27], insurance companies, fund managers, all have their own uniqueness, and in a lot of ways our competitors. But what we have realized, if we’re going to work with the federal government, we want to get traction with media. If we want to help rebuild trust in our profession and industry, we can’t have 100 different voices with 100 different messages. So having that amount of voices is fine as long as we have a united voice, so we’ve tried that throughout this whole conference. We’ve even just a week before this conference started, sent out an advocacy pack so that every member could go see their local federal minister and explain what they did. But we had a set message so that we’ll say three or four points and this planetary note, but at least everyone who go to their local politician would be on the same page.
So I think we’ve had enough lobbyists and other people just saying, “You need to have this united voice.” Coming in from different angles, that’s fine, but just a single message is so pointed. So just fit with this whole thing. Once we actually had that united thought, we could build everything around that. That’s come from the insurance companies. We saw on the panel yesterday, and they are competitors, but I’ve never seen in 30 years, a more united view that if we want to actually help save this industry on behalf of everyday Australians, they need to have a united voice. And even speaking to companies like AIA and MLC, their own advisors are coming to them saying, “It’s great you’re doing stuff, but we want you to do this as a united group.” So if we’ve been able to, with the FPA, facilitate in some of that, we’re going to be very happy to do so.
Fraser Jack: 13:26 Yes. Sounds good. Now a lot of work goes into organizing a conference like this. Take us through some of the hard work that goes on behind the scenes.
Marc Bineham: 13:34 Well, we have a central person. We have our conference chair, Glen James. So usually someone from the board is the overseer of this, and puts their own flavor to it as we saw from the advices right this morning. That was all Glen James, you could tell. But that’s it. We need something, we need to break it up, and if you’re doing something differently and even trying to attract different audiences, you need that. So then you have the head office, the AFA head office. [Nahu Clivot 00:14:01] ran that, and she’s just sensational. She’s new to the AFA, and what that’s done is, well hang on, why was it done this way? Well, it’s always been done this way. She just said, “No, white piece of paper. What’s worked? What hasn’t worked? What can we change? What we look at?”
We said, “Well, hang on, this is August. We’re bringing this forward so we haven’t got as many months.” “No, no, we need to get this right. We need to do this differently if you’re having this united theme. Even the awards night changing from the final night to the middle night.” [inaudible 00:14:33] was saying, “Well, what if no one turns up the next morning?” Luckily, it was a full house this morning.
And then finally, we have a [Jeanette Pedel 00:14:40] and her TPMT running this, and she’s been with us for a number of years and just gets it. She just loves advisers, loves what we do, and her team works tirelessly. But yeah, Natalie [Cliver 00:14:54] from the AFA head office and the whole head office team, they just done a wonderful one.
Fraser Jack: 14:59 One of the things that’s really great about a conference like this is that there’s a lot of presentations delivered and sessions delivered by the actual members.
Marc Bineham: 15:12 Well, we’ll always have great inspirational speakers, thought leaders, industry leaders, that’s necessary. A conference of this size can always get an international speaker that would be hard for a small licensee or something like that. So we will always try and do that just to get that different point of view. But it is definitely one of my favorite areas of conferences that advisors are just willing to share. We’re talking about the volunteers, just an advisor speaker. No one has ever seemed to have a worry about this is my intellectual property. I’m going to hide it. Maybe it’s because we only have 20% of our Australians have had advice where there’s so much upside. But an advisor so willing to share, and we would have had all, probably about 40 to 50 advisors through focus sessions, meet the professional, and just other areas have just given up their time, share their IP, what works, what hasn’t worked for the benefit of others.
I must admit, all the ideas that I think a great work in my business, I haven’t come up with them. I’m not trying to reinvent the wheel. It’s always come from what other advisors done before me, and it’s just so appreciated. It’s just a sigh of what we do well [inaudible 00:16:28].
Fraser Jack: 16:29 I heard a great term the other day about the idea of wisdom being defined as knowledge shared.
Marc Bineham: 16:35 Yes, definitely.
Fraser Jack: 16:36 So I think that pretty much very much fits with the agenda of what’s going on here.
Marc Bineham: 16:40 I think people, just on a little bit of a side note, Google this information. You can Google everything you’re feeling. Well, I can Google that, get all information in the world, but the doctor has the knowledge. And I think that’s a really good analogy for what advisors do. You can say, “Yeah, I know what the share market’s doing,” and all that, but that’s Google. You can’t have a successful investment portfolio, just like you can’t have your health if you’re just trying to do it by Google. Our the advisors are the professionals, they have the knowledge, and doing it for the benefit of their clients.
Fraser Jack: 17:19 Now it was an awards night last night.
Marc Bineham: 17:21 Yes, lot of fun.
Fraser Jack: 17:22 There was some fantastic recognition of some amazing advisors in our industry/ profession. There was a number of different categories that were awarded last night, and we also saw some great united behaviors coming from the sponsors.
Marc Bineham: 17:45 Every sponsor who has an award, [Telone Path, Efstron 00:17:49] in Zurich, have all had their space at the conference. It’s just been traditionally. But we just said, “If we’re going to do this united thing, why don’t we do it all on the gala dinner nights?” People weren’t quite sure, never been done before, but once everyone was on board and definitely from the feedback from those partners as well as the people, attendees, all loved it, having it the one thing. Everyone was able to share in that. We just had some phenomenal winners as we do always who were just, and as people said that there is definitely ... One of the things about awards is now really, do you want to have awards to this time? But they’re the inspiration for us to just say ... They’re the torch bearers of our profession who are just showing us how well we can do. And the good thing is they’re willing to share as well what’s worked for them.
Fraser Jack: 18:45 So last night, there was a number of awards given out. We had the excellence in education award. Do you want to talk about that?
Marc Bineham: 18:54 Yes. Okay. So, regionally by Astron and now by ... Sorry, you’re going to be testing me on my memory for who the actual winners are. Okay. The first names are fine, but surnames are going to be a problem. So we had Ben [Nash 00:19:10] doing the education award. Now, one of the things, especially-
Fraser Jack: 19:16 And congratulations to Ben Nash too, by the way.
Marc Bineham: 19:21 [inaudible 00:19:18]. With the education award that’s been long time running, with the CEO and the whole education and the actual worries of the advisors trying to get through this, it is great for having this education awards showing what people can do. It’s not just young advisors getting this award. We’ve had people who just, they just believe education is the foundation of their work, of their practice, of what they do best for their clients, and showing how these people were willing to share their tips and benefits to get through. It’s just wonderful.
But then Nash, so we also the ... which one? Female [inaudible 00:20:01] Advice Award. We had Dawn Thomas from Australia from Wealthwise, Western Australia, was the winner. Had one of the most interesting acceptance speeches that she was comparing it to the Marvel comics and superheros, and Wonder Woman and all that. And I’m a bit of a nerd, so getting your comic metaphors all mixed up as a little bit hard for me. But no, it was just brilliant.
But just the showing the quality of women advisors who are doing things for the benefit of women is very important. To give you an idea, when we first started this and the inspire community, we would’ve had about 20, 21% of our membership were advisors. That’s now in the mid 30s, and that’s definitely by the great work they’ve done.
Fraser Jack: 20:50 We also have a really great group of younger advisors coming through in the Rising Star. That’s a great award.
Marc Bineham: 20:56 Yeah, we had six finalists. Normally, we have three or four, but we had six for that. And Chris [Carlen 00:21:03] from Victoria was that, Mosty [Omani 00:21:07] now. Look what irony like, when he got up there and talked was he talked about the mentors, that the people were willing to share and help him get through this as a young advisor. And I do encourage all advisors that the best thing I ever had was having a mentor, taught me and coach get through this. The final one would be the AFA advisor, he is sponsored by Zurich. We had three finalists, of with [Simone Duchesnay 00:21:31] from new South Wales was the winner. So it’s actually a great. We had two ladies, two miles for our winners. We’re showing you the diversity of the award, but Simone was just an interesting story because both her mother and father were great advisors and she came through. But she just transformed the business and it’s just a great story.
Fraser Jack: 21:58 Now when I talk to people about the actual awards process, they do always have a common theme, that they get a lot out of the process. Whether they win or lose, or just by going through the process, they learn a lot.
Marc Bineham: 22:12 We have a lot of rigor for these awards. We know there are a fair amount awards out there now, but the most people ... And I actually have to admit, we were probably about 20, 30% down in probably attendees this year [inaudible 00:22:27] because while we actually got the same amount of applications, once we actually then came back and said, “This is what we need to do and how much time you’d have to put in. We would need to speak to your client, we’d need to look at your statement advices and do this.” It really is a significant commitment, so people said, “Well, no, I will do this next year. I’ve got to get through my education.” So we understand that, but it is just a reflection of the rigor that goes to these awards.
Fraser Jack: 22:55 Yeah. I think I described it with another guest that it’s like doing your own business coaching session and then learning some stuff about your business.
Marc Bineham: 23:03 Yeah, no, totally. And it’s hard. A lot of advisors don’t like talking about their business or talking about themselves. You really are going to be asked some hard questions, so it’s interesting. If you get to the final, you’ve done something well. You must have something going really well for you. So they should all be congratulated.
Fraser Jack: 23:24 Very good. Now we’re coming to the end of this day three, the conference. Is there a sneak peak on next year’s conference at all? Have we organized that?
Marc Bineham: 23:31 No, no. Because we did do things so differently this year, we thought, no, we’ll give ourselves some time. Even the date, the time of the year. So we’re going to get a lot of feedback and just see what worked, what didn’t work. It’s very different to the previous conferences where you probably had four or five conferences that were very, very similar. We had a thing that because we did do things so differently, we’re just going to give it some time. But the vibe has been really good. There’s been so much positive feedback. People really enjoyed the united theme. I’m not quite sure even whether we keep that or change. But no, we’ll just this once [inaudible 00:24:11].
Fraser Jack: 24:12 Fair enough.
Marc Bineham: 24:13 But it is the third day. One of the things that I’m very, really pleased about, even just this morning we had Chelsea Pottinger, and she just spoke on the neuro science of looking after yourself. Not just the mental health but your diet, your spirituality, and I just ... And after the gala dinner, I thought, “Well, gee, how many people were going to do?” And it was full. So people are really responding to this type of thing. It’s nearly a financial well-being conference if it was there, and hopefully I’m not saying anything [inaudible 00:24:50] for Natalie, but it’s been that feeling about it is that we’ve obviously got ... You’re growing your business, but if you as the advisor are not looking after yourself, well, how can the client experience if you’re not well yourself. So it really is still so important to look after yourself, to be healthy. And a common theme that we have also is that care factor, that look after your mates. Look out after your mates.
Fraser Jack: 25:14 That’s been a really big thing through the whole conference. There’s been a lot of conversation, a lot of topic around this idea of looking after yourself and looking after your mates, your colleagues, the people that you work with because it is a challenging time for a lot of people going through at the moment. So it’s been a really big ... that human factor probably more so than the the technical factor. This has been a lot of human factors.
Marc Bineham: 25:37 Yeah, I think-
Fraser Jack: 25:37 Content.
Marc Bineham: 25:40 It’s definitely been done on purpose. I would meet with a couple of advisors every week and they’re just struggling. It is a very challenging time. And even what Chelsea was saying that it is, and I’ve got two 20 year old daughters, for the leading number of suicide is young men. But the next level number of suicide is men over 45 to 55. That’s just terrible how that is. But I get it because under my 50s, I was not brought up to talk. If someone came up to me and say, “How you going, Marc?” I’d still find it really difficult. All my daughter’s 20 year old friends all come up and give me a hug, and I’m thinking, “Yeah, we didn’t do that when I was in my 20s. We don’t hug each other.”
And that’s great. It really is good they got there, but it is something we need to keep going. We need to do that because as middle aged men, we’re just not good at it.
Fraser Jack: 26:49 Yeah, middle aged man. That’s one of the things actually speaking with Inspire earlier, the diversity, the gender diversity that’s been taking place within the association and within the industry as a whole over the last few years has been great. Where to from here?
Marc Bineham: 27:05 Well, it was probably eight years in Europe, big part of it was the Gen X. We saw so many new members coming through but they’re all degree qualified, but they didn’t know how to actually run a business, how to actually even talk to people. So with that helping them and putting support systems in place for Gen X. But then we came to Inspire with the ladies, and there was a 20% glass ceiling that was told back then. And while there were a lot of women in industry, probably traditionally, they were in the industry side rather than the advising side. But women just make the best advisors. They are far more empathetic than men. So it was just great, the week with Inspire and [Dip 00:27:48]. A lot of that was Dip Kent, went back there and her drive. We were able to really build this to the point now that we’re not under 20%. we’re over in the mid 30s. We want to get that to 50/50 but it’s just a great reflection.
Probably the next big area for me, that I would like in the next 12 months ... Well, Australia is a multicultural society. We’re part of Asia Pacific and actually, literally AFA is part of the Asia Pacific because all our designations of the FCHFP and all that are coming from Asia and Asian overall body based in Singapore. So 30 years ago, we were a white advising community, that’s just the way it was and that just reflecting of society. But I do think -
Fraser Jack: 28:39 We can’t change the past, but we can change the future.
Marc Bineham: 28:41 Absolutely. You’ve got your New Zealand Chinese back, I’ve got a Chinese background. It really is reflective that, and I’m from Sydney, so we have a huge Chinese population as well as a lot of others. I would really like to see that multicultural diversity reflected in our association at least. So we do need to do things better in that way. We definitely have advisors who come from different backgrounds. Maybe we need someone who says, “Well, okay, I’ve got Korean as my main language but I’m an advisor [inaudible 00:29:17] because I’ve got Korean clients.”
We just need to be able to maybe buddy them up with someone who can speak Korean. We should have our code of conduct in Korean. There’s lots of little things we can do to make it easier to embed a multiculturalism, which is reflective of our society. So not quite sure where that will go, but I just think that’s just the next evolution.
Fraser Jack: 29:39 So plenty of work done, but plenty of work to do.
Marc Bineham: 29:41 Absolutely.
Fraser Jack: 29:42 Also, there’s been a big push, not just for advisors but other people and support staff that are working, paraplanning policy, etc.
Marc Bineham: 29:50 Thank you. Yes, that would’ve been terrible for me to miss that. But yeah, that’s really what the last six to 12 months has been for us. The conversation actually started a couple of years ago with Michelle Hoskin who’s one of the speakers here from the UK, and she built this paraplanner designation. She was just telling me how in the UK that they’re looking to be recognized as their own specialty. So I must admit, wind got back here and was a couple of people in the head office were thinking similar thoughts. And we actually met a few paraplanning groups that were here in Sydney and in Australia. They were saying, “Yeah, paraplanners are not training advisors. This is a specialty career path and we would like our own recognition.” We said from the AFA point of view, “Very happy to do that.” Their own membership category. They will have their own Facebook group and other areas so that as a community, we can actually help them get together, share ideas, get recognition, which is only fair.
And we built their own community, which is called pulse, the heartbeat of any practice. I went to actually the paraplanner breakfast, and it really was advisor and paraplanners are equal and collaborate rather than master, slave type relationship which is traditionally I suppose where it’s been or feeling. So it was just a breath of fresh air. I know all the people there in that community and who’ve already joined the FA, and came to this conference. I just love it.
A few things I didn’t realize until about six months ago, but was there’s over 5,000 paraplanners in Australia. That just blew me away. So it’s amazing if there’s that many, it really is a silent majority. And if we can help them and find a home or community for them to feel proud of, and to be able to network where we can. Yeah, we can’t wait to see where this goes.
Fraser Jack: 31:48 Sure. Now they’ve got an AGM coming up. [crosstalk 00:31:52], election year for you, is it?
Marc Bineham: 31:55 No, it’s not.
Fraser Jack: 31:56 There are a few roles.
Marc Bineham: 31:57 Yeah, there’s three roles coming up. The treasurer role, Western Australia state director and the Tasmanian state director.
Fraser Jack: 32:05 Great. Okay. And-
Marc Bineham: 32:07 West, South Australian state director and Tasmanian state director.
Fraser Jack: 32:10 So that’s coming up in a couple of months?
Marc Bineham: 32:12 I think it’s the ninth or 10th of October.
Fraser Jack: 32:14 Okay. So you’ve got one more year left on your tenure.
Marc Bineham: 32:20 Yes, yes. It’s a two year term, so I renewed last October. It was a tough time, I thought, for anyone to come into this role because we’re going through royal commission and the challenges of the foreseer, and helping our advisors get through that. So I just thought that was fair for me having experienced that, that I would just tay on and just get through this period so that when it is the time for someone to take over this role, that while there still will be challenges, you will have the lift review, you’ll have the foreseer going [inaudible 00:32:57] for the next few years. But at least things will be far more settled.
Fraser Jack: 33:00 And are you staying on again or you-
Marc Bineham: 33:03 No, no. Actually, I can’t. The constitution does say that your time on the board all up is 10 years.
Fraser Jack: 33:12 Okay.
Marc Bineham: 33:12 So that will be my 10th year.
Fraser Jack: 33:13 There you go. Well, well done. So we might leave it there. Thank you so much for coming on the show and-
Marc Bineham: 33:13 Oh, pleasure.
Fraser Jack: 33:18 ... sharing all the behind the scenes of what goes on at the conference and also with the AFA. I really appreciate your time and good luck for the next 12 months.
Marc Bineham: 33:26 Yeah. No, no, thank you. Just the two things I always like to say is that, as we’ve been saying, look out for a mate. Just give him a call. As I said, I’m one of the worst people at doing this, but it’s important that we care for our fellow professional. And the second thing is, yes, there is, I call it noise. It’s pretty big noise, getting through the exams, all that. But that’s still just hygiene. At the end of the day, you need to have value, show value to your clients, and the care and all that, that’s valuable. You are in the hopes and dreams business, and you help your clients get there every day. That’s just a commendable thing to do, and I just encourage everyone just to keep their heads up and look forward.
Fraser Jack: 34:11 Fantastic.
Marc Bineham: 34:12 Thank you.
Fraser Jack: 34:12 Thank you very much, Marc Bineham.
Marc Bineham: 34:12 Thanks, man.
Fraser Jack: 34:15 If you haven’t already, I’d love you to subscribe to the podcast on your podcast platform of choice. To continue the conversation, head over to our social media channels. We’ll catch you next time.
Disclaimer: This document is a transcription obtained through a third party. There is no claim to accuracy on the content provided in this document, and divergence from the audio file are to be expected. As a transcription, this is not a legal document in itself, and should not be considered binding to advice intelligence, but merely a convenience for reference.