It’s funny, David Jennings notes, the way we unconsciously ape our parents’ paths.
Even when we don’t set out to follow in their footsteps, we often find ourselves down the same career track, espousing the same values and goals.
Such is the case for Jennings, who left school without a firm idea of what he wanted to do with his life, but knew it involved running his own business, like his father.
“I liked the idea of being in control of my own destiny, rather than someone else controlling it for me,” he says. “Dad sold typewriters and the early computers for money while he studied to become an accountant at night.
“Once he graduated, he toyed with the idea of setting up his own Hills Hoist sales business, but in the end, he set up his own accounting practice.”
The younger Jennings, however, did not enjoy his accounting studies, which he found “too dry”.
“So Dad advised me to try something that involved talking to people because I enjoyed that and have always been a very outgoing person,” he says.
He tried his hand in sales roles for AMP and NAB, but it was during the recession years and he struggled to earn a decent wage. He ended up working for Coca Cola Amatil as a sales manager, overseeing a team of 30 sales reps.
“But I didn’t want to do that for the rest of my life, so I started to look into planning,” he notes.
His father, Brian, had recently added a financial planning arm to his accounting business and Jennings was convinced to join the team.
“I didn’t want to be an employee though, so I bought into the business.”
In 2011, after his father retired, Jennings and his dad’s business partner, Scott Brouwer, set up Prosperum Wealth.
About 40 per cent of their client base is in self-managed super funds, which has meant the recent legislative changes around super have had a big impact on their clients.
“We obviously spend a lot of time helping clients navigate the new superannuation rules, especially those getting up towards the $1.6 million cap,” he says. “But regulations are also an opportunity. Now that accountants cannot advise within the SMSF space without training in planning – now that the accountants’ exemption has been repealed – it gives us more of an opportunity to help.
“In the past, we have just been assisting SMSF clients through compliance and investment advice on the sidelines.”
Brian Jennings may have retired from the industry, but his presence is still keenly felt.
“From time to time, Scott and I will drop around and present Dad with some papers and ask him to do a bit of research,” David Jennings says. “We might be looking at improving an efficiency in a particular area and I will often ask Dad to help out and do some background reading.
“He really enjoys it and he still gets all the industry magazines and newsletters because he still really loves the industry.”
Jennings’ father has also given him some great business advice that has served him well over the years.
“He told me not to judge a book by its cover,” he says. “If someone wants to have a coffee with you, and you can’t see how it’s related to your business at that point, go and have a coffee anyway; you may be able to help them in the short term or it could lead to business down the track.
“And he’s been right. A few years after some of those meetings, we have been given great opportunities.”
| David Jennings
Name of firm: Prosperum Wealth Name of licensee: Banyan Securities Time in the industry/previous jobs: 18 years as financial planner, previously worked in management at Coca Cola Amatil, NAB, Compass Airlines Academic qualifications: Diploma in financial planning; completed two years of accounting degree Professional association memberships: FPA, AFA Other memberships: Most Trusted Adviser Network |
