5 Financial was founded by Matthew Farrell back in November 1988, when the company was known as M Farrell & Associates. (Yes, there was little in the way of creative branding in those times!)
In its early years, the business specialised in superannuation, life insurance and other types of personal insurance and investments.
Over the years the business grew and by the late 1990s, we began offering financial planning as part of our services. In 1996, the company was renamed ‘Farrell Partners’ (we admit, not the biggest leap in naming!)
What the ‘5’ in our name originally stood for
In 2001, the financial planners in the practice developed a philosophical framework to explain key principles to clients. These principles became known as the ‘Five Pillars of Financial Independence’™.
The ‘pillars’ as they were known, were trademarked, and consisted of the following:
1. Live within your means
2. Establish a cash reserve
3. Manage risks
4. Reduce non-deductible debt
5. Invest for retirement
Here is the graphic that was used to talk through the pillars with clients:
Our clients took to the concept of the pillars, and appreciated having a logical and straightforward approach to wealth building.
In recognition of the importance of the pillars, in 2005 the company changed its name to Five Pillars Financial Planning Pty Ltd. In 2006, the company relocated from Epping to Rhodes, where it continues to trade from today.
Moving on from the ‘pillars’
As time travelled on, we found that while the original ‘pillars’ remained true, we were increasingly providing our clients with advice and support that covered more complex and sophisticated territory.
In short, just like our clients, we’d grown too. By expanding our services to include tax and accounting, finance and estate planning, we offered much more than just what the ‘pillars’ had come to signify.
We’d also made a significant effort to stand apart in the industry, including acquiring our own Australian Financial Services Licence.
For these reasons, once more we changed our name to ‘5 Financial’ – a move we made in 2012.
Today the ‘5’ in our name symbolises what makes us different in the market place. We call this our TRIBE approach which stands for Transparency, Relationships, Integration, Bespoke and Expertise.
By this we mean:
We are TRANSPARENT[5 Financial is owned by people who work in our practice (not a bank or financial institution), and we and have our own Australian Financial Services Licence (314889). Our people are paid salaries, not commissions. We are a fee-based practice so clients know what their fees will be upfront.]
RELATIONSHIPS matter[We care about creating long term relationships with our clients. We’re as pleased as they are when they reach their goals.]
We’re a fully INTEGRATED practice[By offering a range of services under one roof, we make it efficient, effective and easy for our clients. They no longer have to run around sourcing information from multiple providers or worrying whether or not everything’s in sync.]
We create BESPOKE strategies for our clients[There is no ‘one size fits all’ with us. The specific needs and goals of each client sit at the heart of all we do. Everything is tailored to this.]
We’re recognised EXPERTS in our area of speciality[Our advisers are highly regarded for their knowledge, experience and insights, including being featured in the media and in training resources for others in the industry.]
And our TRIBE is all about helping our clients feel clear and confident financially.
If this is something you’d like to achieve for yourself, talk to us. We’d be delighted to have an informal chat about where you are and where you’d like to be (and most importantly, how you can get there!)
Contact us today for a free, no obligation initial consultation with one of our experienced advisers.
Please note that past performance is not a reliable indicator of future performance. The information contained in this website is of a general nature only. We strongly recommend you seek advice specific to your goals and circumstances before taking any action.