When Thabojan Rasiah graduated from university, he had his heart set on joining an investment bank.
A confessed nerd at school and university, Rasiah had worked long and hard to ensure he was well-placed to score a coveted graduate position with one of the top Melbourne companies.
But then 9/11 happened, and the investment banks put a temporary stay on graduate hires.
Rasiah graduated with a double degree in commerce with honours, but his dreams were, essentially, on hold.
“It all fell through, which wasn’t a great feeling,” he says. “But I had undertaken some planning part-time while I was at university, so I joined a Melbourne practice as an associate, which was a great learning curve and very challenging.”
Since then, Rasiah’s rise has been nothing short of meteoric. He went on to join Shadforth Financial Group, spending 13 years at the practice, and is a regular fixture on best adviser listings.
Last year, he was recognised as one of the 50 Most Influential Financial Advisers in Australia by Financial Standard, and has started off this year by jumping ship to start his own practice, Rasiah Private Wealth Management.
“Looking back now, I don’t regret not going down the investment banking path,” Rasiah says. “The thing I love most about planning is that you’re making such a tangible and positive impact on people’s lives. In a big investment bank you have a degree of satisfaction about a job well done, but it’s more about making money for a corporate. Working at an investment bank has the prestige and brings the accolades, but I wouldn’t change a thing.”
Rasiah says his time at Shadforth, and in particular working with highly regarded planner Kevin Bailey, has been pivotal to his success.
“We were moving to a fee-based model and away from commissions as early as the ’90s,” Rasiah says. “Ethics are so important for the industry and that’s why I’m so supportive of the recent moves to raise standards.”
Rasiah isn’t a fan of excessive compliance, however, noting the hoops that planners need to jump through can be onerous at times. But he thinks some of this could be off-set by the rise in professional standards.
“In the past, the industry was very much built around sales,” Rasiah says. “Then, over the last 20 years, greater regulations have been introduced, to the point where it’s too regulated and there is too much compliance. But when you raise standards and entry requirements, then the burden of compliance ideally lifts.”
Rasiah’s approach to successful planning is underpinned by two key skills – the technical know-how and the connection with clients.
Having a good balance of both has been a large component of his success, he says.
“Having a strong educational background has enabled me to have the confidence that whatever strategy I implement with the client will be in their best interests,” he notes. “Helping people is more than just making them feel good; it has to be underpinned by the technical know-how, which is the basics, almost like hygiene for a doctor.
“But working well with clients is also important. I don’t see my job as making them money, it’s about understanding what they want from life and how they want to spend their money, so they can look back after 30 years having enjoyed the journey.”
Rasiah says he is particularly passionate about focusing on the role of the planner in society.
“I think sometimes we forget that planning is a profession that should be about serving the community,” he says. “I am happy to give someone 30 minutes of my time, even if I don’t think they will become a long-term client; especially if it helps them decide what kind of advice they need or puts them on the right path.”
So does Rasiah believe there is only room for one kind of adviser? The planner who isn’t aligned with any products?
Not necessarily.
“I don’t think that kind of advice is always a bad thing, as long as the client is aware of the loyalties,” he says. “I think there is room for different kinds of advice, but maybe we don’t call those aligned with products ‘financial advisers’.
“It’s what they do in the UK, so maybe that will happen here.”
Name of firm: Rasiah Private Wealth Management
Name of licensee (if not self-licensed): FYG Planners
Time in the industry (previous jobs?): Started first part-time financial planning job in March 1999; prior to starting Rasiah Private Wealth Management, spent 13 years at Shadforth Financial Group
Academic qualifications: bachelor of commerce (honours), bachelor of science
graduate diploma of financial planning; studying master’s degree in applied finance and investment
Accreditations: CFP
Professional association memberships: Financial Planning Association (FPA)
Self-Managed Superannuation Fund Association (SMSFA),
Financial Services Institute of Australasia (FINSIA)
Other memberships: FPA professional designations committee; Listed on Top 10 Financial Planners Website; 2017 Financial Standard Power 50 (Most Influential Financial Advisers); 2012 Wealth Professional Top 50 Advisers; 2011 Australian Financial Review Top 50 Advisers Masterclass
