#249 Morgan Hayward – Transcript

Episode details

Fraser Jack 

Welcome back to the x y advisor podcast. I’m Fraser Jack and today I am joined by Morgan Haywood. Hello. Hello for raiza and we are actually in the same room. I know it’s a weird thing considering half the country is in lockdown at the time of this recording. It is delightful. It’s better than zooming. Yes, it is. And so we’re doing a live right now we’re not doing live, but we are actually in the same room. Thanks for hanging out. Thank you for having me. Now, let’s start with you. Tell us about you and your current situation, my current

 

Morgan Hayward 

situation. So I’ve recently gone into partnership with someone and we’ve opened up a financial planning firm and off the back of very successful accounting and business advice firms. That’s been my recent adventure which has consumed every part of my mental energy. And it’s just it’s been an amazing Yeah,

 

Fraser Jack 

yes. So massive transition over the last couple of months going on in your life, a new beginning a new partnership, a new business starting from scratch, which we’re going to get into before we do that. Tell us about your how you got into advice.

 

Morgan Hayward 

Advice. Um, so I started off science, I have science background. And at uni I was going to med I actually ended up graduating my degree I changed paths halfway through, I end up graduating with environmental science. I’m actually technically zoologist, an ecologist. Wow, weird. Bradley’s gonna love this one, Dr. Hayward. And then at the time Look, that I think it was more of an Abbott governmental someone and they said climate change isn’t real. And then I remember graduating and it was no jobs in the sector. And I was like, wow, this is fun. And, and the only jobs that were available, you need 10 years experience. Or you were sent to a mine site for sporting, you know, go in front of the tractors and picking out lizards wasn’t really my thing. At the time, you know, how people align for reason? Yes. So partner at the time, and that he wasn’t a real estate agent. But he, he worked with a financial planner. And I went to this gig with him one day, and I saw this financial planner in action and it just blew my mind. Like you don’t learn this stuff at school and you know, firsthand. I’ve got to go do that. And then I just had a complete career change. I met these two beautiful women. And I knew I wanted to be a financial planner, but I didn’t know any you know, at the time. 23 year old financial planners, partner at the time said no one’s gonna take financial advice from a 23 year old female. And I was like cool.

 

Fraser Jack 

Sure wrong shaking my head, right.

 

Morgan Hayward 

But that’s like me, tell me I can’t do it. Now just fire up, do the opposite. I met these two women. And they did mortgage broking and added specialist mortgage broking. But they didn’t also do that they did, you know, debt reduction, cash flow management. And they ended up harvesting me. I was there for many years. They ended up offering financial planning as a service at the end. The type of hydroplane they did wasn’t really that want, they got in, didn’t want to do it. I met someone else. And then went straight into financial planning. Well, yeah, that’s been a, like an experience of jumping in the ocean and try to swim.

 

Fraser Jack 

Yeah, yeah, absolutely. And that, look, this, you know, I think we all fall into it in different ways. And that’s the that’s been the pathway. Fantastic. The science of financial planning, I guess, is what you been following.

 

Morgan Hayward 

And it is it is methodical, but so is financial planning, right? I get my brain tingles from it, my brain activity goes wild. I’m about it. It’s also something where you feel good, because you are helping everyone. So how I see it is I can help people in different ways. And then obviously now with ethical investing, I can kind of align both of those. Yep. As well offer that as a service. Fantastic.

 

Fraser Jack 

And we’re going to get into that in a minute. Because you certainly one of the people on the on the ethics committee with the advisory group. So we’ll pack that for now. We’ll get we’ll get to it. So you got then into financial planning, you started working as an employee with other businesses.

 

Morgan Hayward 

So the first firm I was at, you know, walked into like, Hey, you have this book of clients and just learn and the only way that I actually learned the best thing for me, I think I’ve got nothing from the principal at all, was the x y committee. Yep, I remember back then it was I joined the Facebook group, only meet a few 100 people. But I was like, hey, Chuck, it’s quiet. I have no idea how to deal with them. And and just the support that I received from the community, it was so important for me and I could not have succeeded back then. Then given the job that I had without the support of the community and going to my fellow colleagues and strategizing. And then you have a curly one, you put a post up and you know, you get the support. And that’s why I’m so big on giving back to the community because I couldn’t have actually succeeded or, you know, being in a position that I mean without the support of other advisors.

 

Fraser Jack 

Yeah, I’m really I’m really big on that community aspect and the idea Giving as well as receiving because you know, you can go to a community and receive that’s, that’s, that’s fairly easy. But to feel that sense of belonging, you really need to give and feel like you’re being appreciated as well as receiving

 

Morgan Hayward 

advices. I think whilst it’s a lonely place, advisors are willing to open up to other advisors, you know, if you have a chat to someone, I say, someone is always experiencing the same problem as you. You just need to reach out.

 

Fraser Jack 

Yep. Yep. Fantastic. Excellent. So you’re, you’re an employed advisor. You’re taking along you’re working in in Brisbane and commuting because you will actually at the time, I was working on a cold case. And I was looking at Brisbane, so I was commuting the other way. slaved my car, why is it that you never live in the same place? You

 

Morgan Hayward 

know, it doesn’t never Alliance? I think for me, I actually deep down on what I mean, I probably like my drive time, because it’s my disconnect. So I can be present at home. So it’s the hour where I’m getting the thoughts of the clients out of my head, I’m catching up on phone calls. And that way when I can be at home, I can be present, and try to actually be with my partner. But if I had a five minute walk, I’d go home be like, Oh, I had this client or I did this

 

Fraser Jack 

right. Okay. Yeah. Fantastic. A little separate the third space as Dr. Adam Fraser would call it. Yeah, exactly. There you go. So so you work that out before Dr. Adam present. By the way, we’ll just he won’t be happy. So then, so now you are but then of course, recently you would. You’re going the other way. You were living in the Gold Coast, but working in Brisbane?

 

Morgan Hayward 

Yes. I’m sorry. It’s sort of on the Gold Coast. My partner refuses to move to Brisbane. stuff come down here, but I actually love it. I love the coastal love the lifestyle. And I have Flexi work hours anyway. So a lot of my clients, I’ll mostly work tend to probably seven, but that that time of night when you drive home, there’s no traffic. And also all my extra curricular activities are in Brisbane. So if I finish at six, usually my dance classes aren’t at seven, that kind of thing. So it doesn’t line well.

 

Fraser Jack 

Yep. Fantastic. Now let’s get into that. Because you know, little people know that about you can keep it private. out there. Tell us about your dance class.

 

Morgan Hayward 

Yeah, no, I love dancing. I think in this type of job, it’s important that you can have your creative side because obviously, if you’re planning it’s such a headspace thing, right? All day, you’re in your head. And when I say when I am dancing, I’m not thinking about work. I’m not thinking about anything else. It’s just my complete zoned out space. And so I love it. I do salsa, Samba, pretty much any Latin style. I also do performances, I’ve actually got performance on tonight,

 

Fraser Jack 

with the feathers

 

Morgan Hayward 

with the feathers. And that’s my thing. It’s it’s fun exercise, it’s freeing. It’s good for the mind. You can also be creative. I think for anyone that would say the first thing psychologist is prescribed to someone’s depression is exercise, right? is the most important thing. If you have a mental or mentally draining job. Yes, go do some exercise and find exercise that you like it doesn’t need to be gym, find a sport. Yes. And it doesn’t like your exercise,

 

Fraser Jack 

makes you smile and enjoy it. Wonderful. Now let’s get into the the idea that you’ve recently started your business. Now, this is the transition from you being an employee working for somebody else into your own business. Tell us about how that came about and your thought process.

 

Morgan Hayward 

my thought process, I’ve always thought about it. I actually never wanted a business. And the reason why it’s just my practice my environment. My parents had a business when I was probably still breastfeeding. He went south. And my parents repaid that debt pretty much until I was in high school. And they’ve always had that bad experience. And I’ve always thought about that, oh, you know, my parents were in that position because of that. So I’ve always been like, Oh, I’d rather be an employee, but really high up. I think I just clouded myself with that. But then obviously being in the community, talking to all the advisors, seeing how you can get that support, you can thrive with the right people around you kind of opened my mind up. And I was starting my master’s. So I spent three years doing my masters. I finished that last year in November, and I thought right in November, it is going to come to me what I want to do with my future just gonna click when I have one free day, and didn’t happen straightaway. Yep. I went to the summer break last holidays. And it really bothered me that I didn’t have the direction. Really I thought about it all night, every night. That I thought I was always

 

Fraser Jack 

doing it time. You spent three years studying and you had this goal outcome.

 

Morgan Hayward 

Yeah, I thought I’ll just get the Masters done. And then I will figure out what I want to do long term after

 

Fraser Jack 

and then after that you were like craving the new goal.

 

Morgan Hayward 

Yes. craving it to the point that it kept me up at night.

 

Fraser Jack 

Well, yeah, yeah. So there’s the there’s the you know, there’s the conversation I guess, or the or the, the idea around, you know, being able to have set goals and beyond to strive. Like

 

Morgan Hayward 

that every year. I write goals list for myself for things that I want to achieve during the year and I’m very big on having them achievable steps, because you can’t, you know, aim for the Empire State Building need to climb the stairs first I say, say have small, achievable goals that you can actually do throughout the year, and you’re going to get them done. I was writing them down, January 1, I had nothing, I was really struggling my part and I was sitting there writing my goals. I had goals for me, with, you know, call my parents, and we’ll go see them or see, you know, be more engaged with my friends. And, you know, goals, my partner’s goals for dancing, I really struggle on the business side, because I don’t study it, I’m gonna do the Masters actually looked into doing other masters.

 

Fraser Jack 

Maybe that’s a good subject.

 

Morgan Hayward 

could do it all up sides. So I thought, I’m gonna buy the business that I’m in my boss, he’s winding down. Look, there’s a couple of trigger things that happened. And I just went, I’m not gonna buy the business.

 

Fraser Jack 

So this is interesting, because you’re an employee in the business. And from the your ex bosses point of view, we were you a possible succession plan.

 

Morgan Hayward 

Yeah. And I’d always told him that, and I did have plans of buying the business. But there’s just a couple of things that happen this year. And I just went, this is not the one and I got a feeling in my stomach was big on that gut feeling. Yep, that gut feeling was like no. And at the time, the universe pushed me for no reason. My LinkedIn just blew up, had job offers coming left, right and center. And the guy actually met I’ve gone to business with I actually knew him already through the industry, and already working in an accounting practice, and bumped into him and just started those conversations. Now, we had probably six meetings together. And it wasn’t just him interviewing me, it was me interviewing him up alignment was so important for me, I’m not changing firms again. And as an advisor, you don’t want any resume either and changing licenses and getting, it’s a pain in the butt. So for me, I needed to make sure that was the right one, then the entire line in the way that they do business in the type of clients that they have in their values. So six meetings, and not once did I get the guts, you know, I get the tingling in my stomach of all I didn’t like that response. And for Laughlin and I, we just aligned in every single way. He’s a country boy. He’s an accountant. He’s just an absolutely pure soul. And I got that feeling from him. And everything else has just clicked into place since then.

 

Fraser Jack 

Well, okay. So it was a fairly well, I guess it was six meetings. But so for quite a short period of time that you came to this decision.

 

Morgan Hayward 

Yes, it was a couple of months of meetings. And there was the point that having my partner I said, am I doing the right thing? You know, grass isn’t always greener on the other side, I guess, in this industry as well. You know, someone can sell something in the way of hype, you know, I’m, ah, I know, people get really excited. And they say, oh, and gray 90 days, and I do this. So I usually kind of discount it. I say, oh, if you say this, maybe just kind of 50% that’s probably the facts and figures. And so Lacan was telling me these things, and I’ve actually just discounted in my head automatically. It’s a blessing and a curse. So what I’ve actually come in to pieces with him, it’s the opposite. He’s an accountant. He was underselling himself actually knew the numbers. Yeah, he knew numbers and accordion and it’s just, he’s a leader. Yep. And he’s built this beautiful team, who all love and respect him. I think that’s a big thing as well. And we’ll get into a bit about that, how he, the office morale and everyone’s laughing and joking and they do a group huddle in the morning, every single morning and group huddle. Talk about what they’re going to do for the day. You’re sending staff events. And it’s just he’s so heavy on the recruiting part, getting the person right for the team. Because you have one bad apple

 

Fraser Jack 

a year they can amongst the pigeons in they don’t have any more pigeons. Tell me about that. Did that process then you? You met with him. But did you meet with other people around like the star?

 

Morgan Hayward 

Yeah. He said probably the third mean, he said I want you to meet the staff, as if they go along with you. And if you vibe with them, because you’re going to be doing everything together. So there was a lunch, we had lunch. Just went These are my people. I think I had ABS from laughing. That was amazing. And met the meeting, met the senior leaders as well. And then he was obviously negotiating terms. back and forward. And even then I still handle the process. No doubting it be like, Oh, it’s too good to be true. Maybe I’ll just stay where I am. Then the universe sent me not the sign. Okay. You’re not meant to say that. I can’t explain it but something happened as a as another sign. No, you’re not

 

Fraser Jack 

excellent. Okay, so if all roads were pointing in this direction. This is an existing accounting business with existing staff existing clientele with no financial planning to it.

 

Morgan Hayward 

So the biggest thing for law comm was he loves his clients, he wants to look after them, he was referring the workout. It’s the same for me if I refer someone to a mortgage broker, and that mortgage broker doesn’t give the same service that you want, it reflects poorly on you. So he just went, how can I give my clients the service that they need? They all needed financial planning? How can I not control that, but make sure it’s a good experience for them, so that I don’t lose my client, I don’t have an unhappy client. And it’s works well. Now for his type of client, you need to have a financial planner that actually knows accounting, but gets along with the accountant, because you need joint strategies when you’ve got business owners that have 58 entities, all flying money to different avenues, you need the financial planner to sit in on that meeting and go, Okay, we’re distributing here. Let’s invest here, or let’s distribute out there.

 

Fraser Jack 

Yeah, we’ve talked recently about the professional network and how it needs to work so closely together, especially when there’s lots of different entities and in bits and pieces. How long had he been thinking of? of starting financial planning?

 

Morgan Hayward 

Yeah. So when we caught up, he had actually been trying to find someone for a year. He said, just haven’t had the right fit. Yep. There krytus had put a few people in front of him that just didn’t align. And then just so happened to be that we bumped into each other, I say, What are you doing? Um, and it just all worked up for a year for him?

 

Fraser Jack 

Okay. Well, so you mash this together? How do you set up a structure that then is? Because there’s lots of different concepts and thoughts and ideas for that? How did you come into this? And what angle? Did you approach that when it came to setting up a business together? With a person who’s got an existing business? Obviously, your work you can buy into the accounting business, or you can set up a new entity tell us how you

 

Morgan Hayward 

Yes, we set up a new entity because I didn’t want you know, from a licensing perspective as well, if I’m controlling it, I can control what I do. Can’t control others do. We thought about changing the name, we thought about yield well, having it separate. So the MCs actually yield financial advisory, but we trade under yield advisories, the whole thing, the only reason I was comfortable in actually trading under the same name is he does such a good job over there. He’s branded hard. It’s got great reviews, there is nothing going to drag me down from that. And he runs a tight ship. And that’s why it took six meetings for me to figure that out. So I was more than happy to use his branding. And then it was just negotiating the terms of our agreement. He actually has no say in anything of the planning, because I don’t want to do planning. I don’t know it, you take 100% control, you take the reins, you know what’s best. He literally said, Look after the clients, that’s all I care about, do a good job. And you can control that space. So then for me, it was analysis paralysis, right? I’m overwhelmed with decisions. Yeah, I hadn’t had that before. Yep. had to think of it go back to basics. And I think we had the discussion. And you actually said to me, what do you want the client to experience? And then cater your process back from there? And that was really important for me. Yeah,

 

Fraser Jack 

thank you. So let’s go through that then. Because he’s got a great brand, already established brand in a in a marketplace with clients. So you’re, obviously the new business is leveraging of that brand. It’s fantastic. But it’s not something that a lot of people have the opportunity to walk into. You mentioned there that when it comes to setting up the client process, you really had a blank sheet of paper. Talk us through that blank sheet of paper.

 

Morgan Hayward 

It’s a fresh terrain, pretty fresh space to work in. However, what type of clients Am I going to attract? What type of clients are working with? What do I want them to experience?

 

Fraser Jack 

And just before we do that the clients that you’re mostly going to be starting with or started with are the existing clients of the firm. Yep. So so that your niche, I guess, or the clients you’re attracting to would be very, if not the same? Is that

 

Morgan Hayward 

yes. Business owners and professionals. So that’s what the the fam targets. I think a lot of the, the business owners are actually pharmacy owners. So I’ve got some, they nation that space. They’re like the accountants for pharmacy, okay. And they give a lot of business advice around there. So I thought, How do I attract How did they currently work their business, they’re 100% online, and they use technology to the full of its extent, I’ve never walked into an accounting firm that doesn’t have a sheet of paper on the desk. They’re also really environmentally friendly. They actually write their notes on little whiteboards. And each day they wipe it off, and I just have never seen anything like it coming from paper offices with filing cabinets for days. Really strange. So I thought, Hmm, I can’t send this client a 12 page fat client in paper and ask them to fill it out. I can’t be sending a client this. So what are they used to? How can I make technology work? How can I make the experience work?

 

Fraser Jack 

I’m gonna hang up on the point that I was going to come back to the blank sheet of paper that you’re working with a lot of pharmacies and neuroscientists I want to call you, Dr. Hayward and, and convince you that you need to get You know, a doctorate in something, and I totally get that. Alright, let’s get back to the blank sheet of paper. So you’re starting from fresh, you now know what the clientele is you, you’re you’re you’ve gone through how you want to help those people. Tell us about the

 

Morgan Hayward 

the biggest point was having an accountant and our financial planner line. Naturally, accountants don’t like financial planners, they just don’t they actually also don’t use financial planners. There was some study that came out that said, 95% of accountants, some figure in the 19th, do not have a financial planner do not use and do not like referring unless there’s some kind of benefit for them.

 

Fraser Jack 

Hey, this is a really good point, right? Because this is the sort of point I like to ask people in senior positions in the industry is do you actually have a financial planner. So

 

Morgan Hayward 

the first thing Laughlin did was when I like what you do, here’s, here’s my financial planning, that was big, because it’s like, if I trust you with my finances, then you’re more than welcome to angers look off to the staff, I’m actually presenting to the staff on Tuesday, and because if they see and they believe what you do, they’re going to refer right, and that process is going to be solidified I 100%. If accountants if you are out there listening to this, align yourself with a financial planner. And for both of you no financial gain just a symbiotic relationship, because if you’re looking at business owners and professionals or anyone with any kind of structure in place, the two of you need to be aligned to have the best outcome for the client. So think of the client, even if once a year accountant, a financial planner, they zoom in 15 minutes with each other. They Alright, this is situation this year, how can we make it best work for the client? I think there is a disconnect in those industries still. And I think that that gap also needs to be bridged.

 

Fraser Jack 

And and talk to me about this blank sheet of paper Did you set goals based advice moment, you get to start digging deep?

 

Morgan Hayward 

goals face to face? For me, I love anything that challenges me. So these type of clients, I say you need soul feels something that makes me feel warm and fuzzy. I need my brain to be working. Yep. I, I love my retiree clients. I’ve always done retirees, but I can’t just do retirees. My brain doesn’t become these clients challenged me. They’re all extremely smart. They’re scientists, as well, like I attract a lot of engineers, which is a blessing and a curse. I know the financial planner once and they’ll come to me. And they told me they make it just going back to your right, what can I offer them? And that includes pricing structuring that during fixed costs.

 

Fraser Jack 

Yeah, let’s go. Let’s go into that pricing. Because you just mentioned that tell me tell me about how you came to them work out what your pricing is going to be in the structure in the fixed costs? And then how are you going to present them on how you present them to the clients?

 

Morgan Hayward 

Yeah, so I guess it comes based on experience and the type of clients I’ve had. So I’ve always worked alongside an accounting firm. So I know, okay, this type of client, I would have traditionally put 10 hours in. Now that I’m potentially using technology more efficiently probably cut back to seven, I allow bafa. I also look at the value I know I’m adding. So I have four price models. For each, I have got two sections. So I’ve got a retail client section and a wholesale, pretty much the whole sales double. That’s not just because I want to gouge the hiring hammered is because it’s more risk, like if that client Sue’s me, but he damages 10, tenfold. And also they’re going to have different, like the the things that you actually offer to a wholesale client very different as well. And so prices, so offer, my basic package will be I think it’s about 2019 80. This is for my retail, they’ve got one that’s about four, got one, that’s about six, and my complex, my comprehensive, it’s 10. And then use double that for your wholesale. And then even though that itemizes what they’re doing and I think the biggest thing is, how many steps of advice or how many structures and my advising to, because I’m not gonna let you know, a client with 20 structures just that I want the bronze

 

Fraser Jack 

plaque there, but these are clients that are coming from an accounting firm that is not chasing the bottom of the market, right accounting firm that has structured fees in place, and there is a precedent there for the for those clients that they’re already paying for quality accounting advice, and you and I’ve spoken and before and, and it’s not about, you know, reactive counting advice. It’s a proactive looking forward type accounting advice, so they’re paying for that now. So the your packages wouldn’t be necessarily a different step up or step down.

 

Morgan Hayward 

Yeah. And that was really important for me when I was pricing so I used to actually just see clients and then quote them after my old firm I’d be like, okay, what’s the job involved? Because the honey trap is quite wide. Like if you have a problem come and see Morgan right now it’s um, catering to their market. I know they already do fixed price costs and that’s how they work. So actually had to tell My package to them. So I actually have an offering going don’t ABC or D, this is what you’re going to get it’s fixed price. If you know, at 12 months, you needed more work, then we’ll suggest that you go up. But also at that time, they’re gonna see the value that you’ve added as well, and then gonna be more than happy going. Look, we allowed four hours for this, you probably called us 10 times or more, you know, we should consider bumping up a package. Yeah, okay.

 

Fraser Jack 

Yep, very good. So you’ve, you’ve created these packages, you’ve sort of set them and obviously, you know, you’ve worked with the business partner on on those packages. You’ve created that, what are you going to do for each one? Tell me about then do you you put that into marketing documentation? How do you promote it? What are you doing

 

Morgan Hayward 

marketing documentation? 100%. Some nice, beautiful flyers, which I think is really important. I think it’s like a menu. Yep. When you sit down at a restaurant, so on the way doesn’t go, tell me what you think you want? And then I’ll come back and give you a quote.

 

Fraser Jack 

did say you’re hungry? Great.

 

Morgan Hayward 

Exactly. So it’s a it’s like a menu. It’s like, okay, like I had a client last night. I said, Look, these are the you’re not going to be done. He said, You’ve got five entities, I’m going to be advising on either going to be up at these Do you have a look at how much service you want within that. Yep. And then you come back to me with the package, I’m not going you must pay my top end. It’s like, okay, you can pay a little bit lower. But you can actually see that you’re not going to get as much contact rather. Yeah.

 

Fraser Jack 

Do they then? Is there any thoughts in his client’s mind as to on paying this for the accounting forward planning anyway? Is this an extra an optional issue? Or are they two separate things? Completely, two

 

Morgan Hayward 

separate things. So couple of the meetings that I’ve had, I think it’s really important for Laughlin for his clients to diversify out of what they know. So naturally, I’ll give an example pharmacy owners, they go, I know, my pharmacy works, I know I can potentially get 5%, year after pay costs, paying down loan, I’m just gonna replicate that. What happened that sector risk?

 

Fraser Jack 

Absolutely.

 

Morgan Hayward 

I want some of these clients, I want you to actually show them the value of diversifying and not having all of their eggs in one basket thing. It’s like, Okay, I understand that you want about at the pharmacy, pharmacies a high price at the moment, you’re gonna pay at an extremely high premium. What happens in this scenario, would you be upset with your family suffer if you something change in legislation, you lost 20% valuation on birth? All of you pharmacies? Let’s look at other options. Okay. We decide we’re going to invest, then it’s obviously the investment strategy, but then it’s also structure. Yeah. Which structure Are we going to invest in? Yep. To try to put the company bond super. That’s where that joint meeting.

 

Fraser Jack 

Yeah. Yeah. Because of all the risks of you know, being a pharmacy owner as well. So that, yeah, that’s really interesting. And obviously, you know, I straightaway think of the idea that it’s running one pharmacy is, you can be there, running 10 pharmacies is you obviously, you can’t be everywhere at all times, making the work. So you’ve got that you’ve got that now in place, how long has it been? It’s been a month now.

 

Morgan Hayward 

It’s been three months of planning to get to this point, but it’s been up and going for a month. And I kind of set everything up and going so that I wasn’t starting, you know, doomed for failure. You had all the recipes and everything clicked into place. So that’s the second that you need. The doors can open from the factory planning side. It’s just taken off.

 

Fraser Jack 

It’s been excellent. So is it just you doing the work in there at the moment or you’ve got more stuff coming in to help?

 

Morgan Hayward 

Yeah, there will be more. Essentially, I thought, I’ve got to build up enough work for a staff member to come in exactly at some point, bringing more staff I’d love to take. Eventually, I’d like to replicate another me not saying that I perfect, but I’d love to put my time

 

Fraser Jack 

dancing scientists. Yeah, they’re they’re easy to come by. If I’d

 

Morgan Hayward 

really love to harvest the potential in someone out of uni and texting them professionally. I really love to canvass the potential of a human and bring something else in underneath me, and then replicate that out.

 

Fraser Jack 

Fantastic. Fantastic. Well, we’ll all be following following the journey. Do you know what I’m talking about? The community work that you do, because you obviously do a lot of work with the both the IFA as well as x y. Let’s start with the IFA work.

 

Morgan Hayward 

Yeah. So first, we’re gonna say, if you’re listening, get involved in anything that you can sink your teeth into. It is not only going to benefit your career, it’s also going to benefit you personally. There’s so much growth both professionally and personally that you can get from being involved with the community. And also you don’t have that feeling of being alone. As I mentioned, advice. If you’re a sole practitioner and advice firm, it can feel quite lonely and it doesn’t need to be if it is you’re directly making that for yourself. Absolutely shopping. So I have a lot of hyphae I talked about the other states and the other states aren’t quite as active as Queensland Patricia Garcia, who is the, you know, the state lead verse, she does an amazing job of getting the community together. So I’m the chair of the Gold Coast. Gold Coast has traditionally like to hide in their shell. My job is to kind of crack that shell open and get them out and get them involved. And get everyone talking, again, have that community because Brisbane is great.

 

Fraser Jack 

Yeah, the thing about the Gold Coast, it’s people around the country may or may not resonate with this, but the Gold Coast is a long, stretched out area of land. So you could be, you know, an hour’s drive from, you know, one part of the Gold Coast to another. And there’s a lot of things to do. Obviously, there’s not two of them, outdoor beach activities. So it’s very difficult sometimes to get corporate events working here. And I think football teams and sporting teams struggled to get people along because of that exact thing. There’s there’s plenty of other things to do with the weekend.

 

Morgan Hayward 

Yeah, like you talk to some cursors in their Palm Beach they are and I don’t want to do anything up but Southport gets on it hope aren’t they like not gotta Rubino and because of that different

 

Fraser Jack 

cities, you get that concentration in one space, and then it’s easy to renovate

 

Morgan Hayward 

that also Yeah, called curses, they are a bit more keep a lot. I’ve noticed with a lot of practice so many practices on the Gold Coast. A lot of them, we actually talked to me, they keep to themselves. So there’s a few big players, somebody you know, there’s security PA, that’s so many, that nk O, fit great. But there’s also probably another 100 practices that don’t go to anything. So my job is kind of giving them like, hey, look, come connect your problem. I know someone else on the coast have the same problem. Yeah.

 

Fraser Jack 

And you’ve, you’ve taken on that challenge to say get out of your office and get along and be social. But

 

Morgan Hayward 

even then, give back to me accelerating my career, and the type of advice I can give and the value add, it’s 10 fold, you know, I literally give 1% of the 100 that I give back. It’s so important. It’s really important to unite as a profession, especially if we’re in this we’re all in this together of the positive evolution of advice moving forward. We need to be connected, we need to have a voice we need to all be saying the same thing. It’s also helped our career in the community and

 

Fraser Jack 

from the public. Exactly right. Message to public needs to be very consistent. An x y, of course, you’ve done some work there, you’re on the ethics committee.

 

Morgan Hayward 

Yes, the ethics committee is amazing Nathan, done a great job there, we will have extremely different backgrounds and different experiences. And if you have an issue, whether it is personally like you know, I’m in a workplace and it’s x, y Zed happened, or I’ve got this type of client situation, or I’m a cup of juice, you can send it anonymously, or you can have a chat to any of us. It’s we will not judge you. It’s nothing like that. It’s just an outsider perspective to help give clarity on your situation.

 

Fraser Jack 

Yes, and there’s there’s plenty of them. And I guess it from time to time you just you make these decisions alone. And then there is a compliance overlay, right. So you get our will compliantly have to act in the best interest of the client and not just follow that line. And but sometimes ethical decisions can be or ethical judgments. I won’t say decision. Ethical judgments can be the fact that maybe compliance is over there and ethical behaviors over here. And maybe they just only just touching

 

Morgan Hayward 

an example like we have it all the time last year COVID. I had five couples split, he got an SMSF. They’re both clients, right? Yeah. You talked to one I hate the other one I hate the other one had you actually give service to? That’s an ethical dilemma in itself, right? We recently had a submission of that. And then from me, from my perspective, because I’m active practicing advising, I’ve got bdms, you got risk routers in there, etc. I’m like, cool. I’ve had this situation. So many times, this is the steps that I do x y Zed, and they just come up, you don’t sometimes you attract an ethical situation, they just happen in business.

 

Fraser Jack 

Yeah. And the more that we can create this conversation around that and then publish the outcome. Because sometimes, and this is the best part of the ethical conversations, you raise a point and then somebody else raises a completely different point from a different angle, and you actually consider that

 

Morgan Hayward 

it’s the same thing. Two people can always be right, they can both be right in their own way. It’s just a different perception. And I’m a big believer of that. I’m an empath. Naturally, I always put myself in other people’s shoes, and it’s really important to do that. Oh, okay. Do we think of not just the adviser but the client? Or did we think of the other staff members, you know, your actions can sometimes have a compounding effect. And that’s really important.

 

Fraser Jack 

And even to the point where we have to think about the perception this has on work from a consumer looking in. Yes, you know, like, you talked about the the SMSF thing you might think, well, that’s fine. I can do that. But somebody looking might say that, that doesn’t tell like it’s possible. Even they might not know but that even that point of view.

 

Morgan Hayward 

Yeah, exactly. So that’s, that’s what we do. And we get the submission. Coming in, we make a determination, we all put in our different eight different opinions, which are very different. Sometimes you’ve got some really tech, technical heavy legislation gurus in there that have like section 12.2. And then you have another opinion going, Oh, but the client might feel this. And then it ends up coming to a hybrid of both of them, usually. And it’s great to submit those but x, y in general, you know, I’m a big supporter of x, y. Love it. It’s community, it’s like minded individuals making that positive evolution, and it’s just getting involved can’t advocate enough for

 

Fraser Jack 

fantastic now, I just have had people that they want to make a determinate or submitted a termination to the committee, what’s the best way for them to

 

Morgan Hayward 

do that? So you can actually do it through the X ray. app, or directly message me message, Nathan, inquire, contact us on LinkedIn, you can even open up any I don’t care if you private email, open up a fake account just to send me your submission, just send it and

 

Fraser Jack 

so that the idea is that obviously it’s all comfort, who’s in it can be confidential. But you can you say, I’ve got this thing here as a brief summary. And then you might go back and say, Well, tell me about this. Tell me about that. Tell me the other thing, what are rules? What are the contributing factors, blah, blah, blah, which is often and then you can go as he goes, can go in

 

Morgan Hayward 

Yeah. And then we have a private group, which we need, and obviously post the situation there, then we will put our opinions and then some are at the moments Nathan, but eventually all the submissions, and then those will form a library in the x y in the app, you’ll see capture go in and we wanted to be so that eventually, you know, in five years time, there’ll be a similar situation, have

 

Fraser Jack 

lots of precedents sitting there with that. Do you then work with that advisor throughout that process to say, well, we need more information? Tell us tell us about that?

 

Morgan Hayward 

Yes, definitely. So at the moment, Nathan’s been facilitating that. Yes, the submissions have come directly to him. Yeah, absolutely. If he needs more information, or sometimes we get all we need a bit more information, then obviously made them go back.

 

Fraser Jack 

And if you didn’t listen to Nathan’s episode a few episodes back then the The reason this was put in place was because it exists in other professions. And when lawyers for example, come up with something they’ll submit these, you know, these ethical work, not really dilemmas, but situations and then there’ll be determination and those determinations, then the lawyers will just go great. That’s that that’s the determination and hang their head on it and either either walk off or, or proceed.

 

Morgan Hayward 

Yeah, that’s it. So Nathan’s wife was in law and they had a situation which they started doing work on and and they actually just submitted it straight to the committee and they said that and that was the end of it. And he actually went Why do we not have this? Especially as advisors we come? We see so many different types of situations. And we had nothing like it. Yeah, that’s kind of groundbreaking.

 

Fraser Jack 

It’s also kind of nice to be able to hang your head on it as well. If you if you submit something it comes back saying yes, it’s fine then you you can go along with confidence.

 

Morgan Hayward 

It’s peace of mind. It’s also say your brain isn’t exploding at nighttime thinking of all the different possibilities have I call it x y Zed? Yeah. Okay, cool. Peace of mind.

 

Fraser Jack 

Move on. Fantastic. Excellent. Well, we look forward to following your journey doctor.

 

Morgan Hayward 

Never Doctor Doctor gonna be like Ross. So French doctor. It’s kind of like is there a doctor on board? No, but I can

 

Fraser Jack 

so Ross offerings new nickname. Okay, excellent. Fantastic. Thanks for coming on and having a chat sharing your story. We look forward to following it. And we will follow it will actually catch up in you know, a year or so and find out how it all went?

 

Morgan Hayward 

Yeah, definitely. And I hope to see some of you you know, if you’re an x y event that I’m there and a favorite come say hi. Anything you want to chat about just send me an inbox and more than happy to help?

 

Fraser Jack 

That was my next question. How can people continue the conversation with you via LinkedIn? Morgan, Hayward, ha wait wha rd? Yes, that’s the one that I put doctor in there.

 

Morgan Hayward 

Everyone’s like, hey, would quite often you know if you’re if you’re a young young listener as well, I’m a big advocate of doing the mentorship program as a as well if you’re going through uni, if you’re student, just know there is a community out there. If you don’t know where to start, just reach out to me and I can kind of point you in the right direction are aligning with like minded individuals.

 

Fraser Jack 

And you’ve already given away the idea that you might want to take another professional year person in short in the long term. So yeah. Hey, thank you so much. Thank you for having me. We’ll catch you very soon. Thanks. Bye.