Why I use North with Les McGuire of Future Proof Wealth

In the latest instalment of our interview series with leading advisers, we caught up with Les McGuire of Future Proof Wealth.

Les is an alumnus of the very first AMP Horizons academy for financial advisers, where he passed with flying colours before joining an AMP licensee and quickly becoming director and part owner.

Some years – and many awards – later, he rebranded the practice as Future Proof Wealth and with offices in Brisbane and Ballina, Les now enjoys the best of both worlds – city and beach.

Away from the office, Les loves an adrenalin rush. And when he’s not negotiating moguls on his snowboard or dodging sharks on his surfboard, he’s a devoted husband to Carla and father to six daughters.

What was your first experience with North?

When I first joined the AMP network there were a bunch of platforms around, but I wasn’t a big fan. They were pretty clunky and expensive.

Then when North came along, I quickly realised what a massive difference the platform could make to clients strategically.

Everything should come back to clients’ best interests. And as part of our due diligence, we regularly compare North against similar platforms, and it’s always been very competitive.

What are the top reasons you use North?

1. Strategic advice - North allows you to do things like capture losses in Australian dollars and reinvest quickly back into the market.
   
2. Day one buy/sell - A powerful feature when it comes to working with clients’ money.
3. Competitive fee structure - Lower fees mean happy days for clients.
    

What aspects of North have made the biggest difference to your business?

One of the biggest evolutions in Future Proof Wealth’s journey has been the Incrementum Managed Portfolios we’ve set up with Evidentia.¹

The managed portfolio – or managed account – structure has completely transformed how we operate as a business.

It’s allowed us to deliver on our personal promise to clients that we’ll aim for the best possible investment outcomes. And over the past 12 months I'm pleased to say each of our managed portfolios have outperformed the index. 

What's been your best client outcome with North?

Two of my clients, who have more sophisticated needs, made a significant capital gain in terms of private unlisted stock when their engineering company was sold.

When markets were down I was able to sell down their portfolio by 28 June and capture all capital losses in that tax year to offset against the capital gain. In the new financial year I then reinvested them straight back into the market in the managed portfolio structure, which was perfect for them.

Their accountants both rang me and said that was amazing – the amount we saved the clients through strategic advice using North was incredible.

What's North’s biggest timesaver?

Our investment board can change portfolios very quickly if we see there’s an opportunity or risk on the markets, whether here in Australia or around the world.

With MyNorth Managed Portfolios I can tell clients hand on heart their money is being actively managed.

It’s a big contrast with set-and-forget portfolios where weightings don’t change, other than a rebalance which can be quite ineffective in markets like the one we’re in today.

How do North’s support team help you get things done?

At all levels, the North team delivers on what they say. They’ve been very quick to understand and recognise any small teething issues we’ve had.

Our BDM is Dave Harris, who I’ve known for a long time. If we have an issue, we can call Dave and rest assured it’s going to be solved. And if there’s anything he’s not 100% sure of, he’ll always find out and get back to us.

State Manager Russ Hanlon also makes himself very available and goes above and beyond to solve issues.

And then you have Edwina Maloney, who’s a fantastic leader and very approachable.

What would you like to see from North in the future?

The next step for our business is using MyNorth Lifetime accounts, which I think are a game changer.

Put simply, with the income streams, the tax-effectiveness and the Centrelink benefits, they solve a lot of the issues that super was originally set up to deal with.

What advice would you give to newly qualified advisers using North?

Understand the nuances of how North works and the benefits for clients. And remember, North isn’t just for AMP advisers…it’s for all advisers and their clients.