#138 Dave Andrews – When values are clear, decisions are easy.

Explore the intersection of wealth, happiness and purpose with Dave Andrews, CEO and Founder of Capital Partners Private Wealth Advisers.

Dave talks through how he built Capital Partners upon clear fiduciary principles with a key focus on the juncture between the whole of the clients life and finances rather than a singular narrow and immediate financial focus.

Dave draws on the 1000s of conversations he’s had with clients to put forward how financial planning is much deeper than merely a money focus but being very clear about your purpose and how want to live your life in a meaningful and fulfilling way and that this only comes about by being clear on your individual values.

Without this clarity we quickly fall prone to reacting and comparing ourselves to the outside world, which leads only to discontentment.

David is a wonderfully grounded and deep-thinking man who is able to share his huge wealth of knowledge and reflections in an engaging and articulate manner.

For the listener there is the valuable opportunity to tap into some very solid and deep wisdom and truths that goes far beyond money and financial planning.

Read Full Transcript

Bryn 

This week, I had the absolute privilege of talking with Dave Andrew, CEO and founder of Capital Partners private wealth advisory firm. Now, I wanted to speak today, because I wanted to explore the intersection of wealth, happiness and purpose with one of Perth leading financial planning companies. But what I quickly found was that in this current world where we’re being confronted by changing and challenging times, was that I was actually tapping into some very deep truths about life. Truth, which I believe we’ve moved away from, but I’ve been sitting quietly impatiently in the corner awaiting our return. Dave has built Capital Partners upon clear fiduciary principles, with a key focus on how finances can support the whole of a client’s life rather than a singular narrow, immediate financial focus. over the span of his career, David has had thousands of conversations With his clients in order to deliver this level of service, and it is from this foundation that the wealth of knowledge and wisdom comes forwards in this podcast conversation. Among many topics we go deep on is the importance of exploring and understanding your values. So the decisions and boundaries can become easier and clearer and how without this clarity around your values, we can quickly fall prone to reacting and comparing ourselves to the outside world, which leads only to a deep sense of discontentment in our life. There is a wonderfully grounded and deep thinking man who is able to share his huge wealth of knowledge and reflections in an engaging and articulate manner. For the listener, there is a valuable opportunity to tap into some very solid and deep wisdom and truth that go far beyond money and financial planning, and will hold us in good stead in the current world that is emerging in front

So enjoy, Dave.

 

Bryn 

Hello and welcome back to wi real. I’m your host, Bryn Edwards, how to wealth, happiness and purpose come together. Well, that’s what we’re going to investigate today with CEO and founder of Capital Partners, Dave, Andrew. Dave, welcome to the show.

 

Dave Andrew 

Thanks, Bryn. pleasure to be with you.

 

Bryn 

And thank you for giving me some time. You know, it’s one of the questions I like to ask my guests right at the start is, it’s because it’s called wi rail. It’s their relationship with Western Australia. Now, despite interviewing nearly 140 odd people, you’re probably one of the first people whose third generation West Australian that I’ve come across. So what does it mean to you to be a third generation West Australian?

 

Dave Andrew 

I was pondering this yesterday in the light of this Corona virus crisis that we’re in the midst of right now. Sitting at the beach, just looking out over the Indian Ocean thinking you know, this is just one of the most extraordinary places you could end up and to have been lucky enough to have been born here is really quite a privilege. So, I’m quite a parochial West Australian. I look at the ratings that come out about the most livable cities in the world and they constantly come up with Melbourne being the most livable city. And I just think you’ve got to be kidding. Me, Perth. It’s gotta be Perth. So yeah, I was born here in 1965. And I’ve spent most of my life here I’ve lived away on a couple of occasions. And we chose to be here because we wanted our children now young adults to grow up with their grandparents around all of whom remarkably, it’s still alive. So you know in the mid 80s, all for parents or grandparents as to A lot. And the nature of Perth is such that it’s it’s small enough that we still all see each other and the kids interact with their grandparents regularly. And so I consider it a rich life bring, I really do. Excellent. I hope that answers the question

 

 

Bryn 

being somebody who has such deep rich history in Western Australia, how have you viewed it with such an influx of people like myself who only arrived here 10 years ago, particularly with the the boom,

 

Dave Andrew 

I celebrate new arrivals, ah, you know, the richness of our lives is is is largely because of the diverse nature of you know, I love the Fringe Festival every summer. And I go in there and there’s every shape and colour and this is true from where I come from, which is really quite a conservative place in the world. You know, some real hippie types and I just love it. And I just chuckle to myself and I just think that that diversity is wonderful. I you know, I think more and more we we need to share this world with God and yeah, okay, we we have finite resources in this country. So we’ve got to be careful about the numbers of people, we’ve got to be careful about how we grow and, and but I’m not one to propose that we should be closing borders to particular types of migrants. You know, I just think, you know, I don’t know that I believe in the more the merrier because of the limits to our growth, but I think diversity in our culture is is really important. Harmony is really important. Living with with each other with tolerance and understanding is important. And I just think again, I think it makes a richer place.

 

Bryn 

So you founded Capital Partners in 1999. And now has 32 employees about that. Yeah. Managing over a billion dollars of assets. Well, it was

 

 

last week.

 

Bryn 

That’s okay. We might come to that. It’s a long term glory. Yeah. And why Finance? Because I understand that you started off in sports science.

 

Dave Andrew 

Yeah, I did. Yeah, I started off in sports science, and I probably never should have done that. Funny, I have no recollection of this. But as a young boy, we lived in Sydney. And my dad, mom and dad transferred over there and we lived in a suburb called French’s forest. Which beautiful place on the edge of the green guy chase National Park, but was really out in the burbs back in the day back in the 60s. And the stories are told where I’d get a bit bored on a particular day and I’d go door to door, you know, selling raffle tickets and the story goes, you know, would I ever be I’m happy to buy a raffle ticket off you but but what’s the prize is? My respondent witnesses is a four year old, five year old I have no idea what the price is going to be. I’m going to work out how many tickets I sell before actually what the price is. So there was a streak of entrepreneurs that entrepreneurship very early. Another one was I’d go door to door selling selling old newspapers, you know, what date does it have on it here? I don’t know where but do you want a newspaper? And people would care very kindly hand over five cents and reward my initiative, I guess. So. So yes, I did sports science. I went to Applecross High School, which was a really good experience. And I think I was a 17 year old that had no idea what he wanted to do. And I say this today with our own my own kids and their friends. So having done six years worth of that, you know, through undergraduate postgraduate studies, I then just decided I didn’t want to be in that public. type of system. And back in the days that was probably 8687, you could still apply for a graduate programme, you know, and at the time Yeah, I sort of isolated IBM as where I really wanted to work. And then and then another company, now defunct national mutual. And for a whole lot of reasons that the IBM opportunity didn’t come through, but national mutual did. And that’s what got me on the course of finance and and it has been an incredibly rewarding journey for me.

 

 

And,

 

Dave Andrew 

look, I think we all as we get into our 50s gain, gain a bit more wisdom, I think in our 30s, we’re pretty gung ho in our 40s, we’re just exhausted because we’ve all got young children and we’re trying to just hold our lives together in our 50s we do gain a little bit of wisdom. And I think the thing that happens in the transition is that in the 30s, it’s all about The money. Yeah, in the 40s. You’re just, again, trying to hold it all together. And in your 50s, you’re starting to ask a few more questions around, what’s this really all about? And I’ve come to a very firm place philosophically, where all the money in the world might make you happy. Yep. But wealth with purpose can. Right. And the challenge we have around money is having the best possible life with the resources we’ve got, yes, if that makes sense. So mine has been a journey yet is

 

Bryn 

less conditional on when I get this.

 

Dave Andrew 

Yeah. Then this will happen.

 

Bryn 

Yeah, absolutely. It’s the other way around. Well, always be more present with you.

 

Dave Andrew 

Absolutely. And still have goals and still be aspiring. I think I think accomplishment and aspiration is very important. Aristotle said, Man is a goal seeking animal and I don’t think This any less truth in that today as there was then. But it is very much more a case of making choices that make us happy, as opposed to making choices that necessarily make us wealthier. And yet, you know, I’m also the first to admit that, you know, having enough money gives you options, which gives you options around having, you know, a richer, fuller life. Yes, I’m not. I’m not saying I’m not proposing for a minute that it’s all about becoming a Buddhist monk and living on nothing, not at all. But But I do know, you know, we’ve we’ve taught where I’ve had bring, I wish I’d had a counter on this. I’ve had thousands of conversations over the last 30 years about money and where it fits and happiness and all the rest of them. And and this whole concept of, you know, some of some of our wealthiest Some of the wealthiest people I’ve ever known, have the most complicated lives, the most complicated families. And we all can relate to the, you know, the Balinese kids that grow up with nothing. And there, they appear, at least to be very, very happy. There’s there’s something, there’s this real joy to be found somewhere in the middle

 

Bryn 

is almost like the proverbial, you know, the bell curve where, yeah, it’s almost a peak where they all come together,

 

Dave Andrew 

they’re probably probably, I think, I think one of the challenges we face I don’t know if we’re getting off track, but one of the challenges that we face as a community is that there’s too much comparing, you know, particularly in the 30s you know, people striving and comparing and, and, you know, I have a saying comparison with others is around money is at the heart of all this content. Hmm. You know, you gotta you got to really start to think about what is What is a purposeful life? For me? What matters to me doesn’t matter if I’m driving a Porsche or not doesn’t really matter. You know, I’m a Toyota drama. Can I afford to drive other stuff? Yep, probably. But I love driving Toyotas. I just I’ve always have, that’s what I do. And that’s a conscious choice.

 

Bryn 

Yeah. Tell me about some of some of the clients that you have in your mission. I’m gonna tell me that details but who are the sort of people who come to you as clients

 

Dave Andrew 

just they really just they really, really just good, good people. You know, we have we have a bit of a policy where it’s no, you can’t allow Yeah, am I allowed to say that? Yeah, so so we we really do if you if you saw our client, ideal client profile, and I guess we do have one. It’s about people who do have goals, they have aspirations. You know, they are at they have ambitious lives. ambitious around something. And, and I care about their families so so I would describe just about all of our clients as very, very strong family students, they care far more about what’s going on for their kids and their grandkids and their their families and their extended families than they do about the money. Personally, the money, the money matters. But the money for our clients tends to be an enabler. Yes. So we can tell very quickly, if we’re talking to a person who keeps score around how valuable their life is by how much money they’ve got, or a person who will, conversely a person who keeps score about how rich their life is by how rich their relationships are. Yes, so we’re our clients tend to be the latter. That’s not to say they’re passive. It’s not to say they delegate completely. We have some very, very robust conversations. But we you asked me earlier about my journey with finance. I think the best way describe that would be our business has become, has become if you imagine a Venn diagram of two circles coming together, you’ve got the heart finance. And then you’ve got behavioural finance. So psychology, human psychology. So we talk about our bot business operating where life and money intersect. Right.

 

Bryn 

And I think that’s where so it’s not just money for money. So

 

Dave Andrew 

that’s right. Yeah, but the money does have to be looked after. Oh, you know, and the conversations we’re having right here right now, in this business, what is it in the 19th of March? Really, really important conversations for people because they’ve trusted us to look after them. And we’ve built a strategy that said, This strategy is robust enough to see you through good times and bad. Now it’s one of those times now, I’m Obviously, I’m anxious because I’ve got young, young adult children. And I’m thinking, wow, you know, this is a tough time for all of us. And I’m also anxious about what our clients are feeling. I’m not anxious for them in terms of the outcome they’re going to get because they’re going to be okay.

 

Bryn 

Yes.

 

Bryn 

That’s a pretty

 

 

good place to be.

 

Dave Andrew 

Yeah. Yeah. And it’s not not not from a place of complacency. But it’s from a place of having thought very, very deeply about these things. And now our investment committee is meeting daily and monitoring events and monitoring situations and looking at what different asset classes are doing and trying to understand why and thinking about what implications that have clients and

 

Dave Andrew 

so yeah,

 

Bryn 

it’s interesting you use use the phrase Think very deeply strikes me at times. And it might be over generalising. But finding somebody or enlisting the services or somebody who does think very deeply is almost like a very precious commodity at the moment. And there seems to me so much. I can help you be rich quick, or I can help you get fit quick or have the best relationship in six weeks or something like that, but

 

Dave Andrew 

life’s not that straightforward. Okay, so let me let me share with you a simple truth.

 

Dave Andrew 

The news is actually not about news.

 

Dave Andrew 

The news is about generating revenue. So there are magazines and online publications that every week, publish new fabulous diet, you know, eat No, no eucalyptus leaves for a week and you’ll lose weight and you say, oh, okay, that’s a great fad diet and then the following week, it is, you know, Kim Kardashian amazing new diet or Jennifer Aniston amazing new diet. And then the following week, it’s, you know, whoever whomever So, you know, Megan Markel, you know, loses 50 million kilogrammes, because she’s, you know, eating air. It’s wonderful. Now, what that magazine really should be saying is, get lots of sleep, drink lots of water, exercise every day. Really good fresh fruit and vegetables, and limit the amount of calorie intake to how much you actually need and Don’t drink too much alcohol. Yep. And that’s one one addition, and then that could shut the newspaper down. Yeah. But that’s not what happens. do that every day and do it just do it. Do that every day. Just just limit your alcohol. Eat good fresh fruit and vegetables limit the processed food exercise. Ideally, you know, interact with people in a really positive way. So you have good mental health and that’s one addition. That doesn’t support what they’re actually doing. They’re trying to generate revenue now money is the same you know, top five stocks to make you wealthy this year, no following week, it’s, you know, Armageddon, the world’s going away. And then the following week, it’s, you know, gold, gold gold buy gold, you know, yeah. And it’s about getting people’s attention in such a way that they’ll continue to buy the news stream, when in fact what they should just there’s one addition and it says, Well, you know, if you want to be successful, you should actually save more than you spend. Be sensible about your your non discretionary spending. Go on holidays you can actually afford, send your kids to schools that you can actually afford And save regularly and put it into a diversified portfolio of stocks and bonds. And if you do that for long enough, guess what, you’re going to be really actually quite well off.

 

 

But it’s one addition.

 

Bryn 

Yeah.

 

Dave Andrew 

And then you shot the news channel down because no one needs any more information. That’s all the information you’re ever going to need. So I’m on a consumer of news, but I’m very very aware of what their agenda conscious consumer conscious consumer fear sells panic sells, and no more. And now is absolutely and I’m not under estimating this health crisis. I’m You and I are well, social distance right now.

 

Bryn 

Yes. Yes. You know, normally, which is just just for the listeners. Normally, I would sit a lot closer to my guests.

 

Dave Andrew 

Yeah, because I do. Yeah, sure. But you know, no handshakes, no social distancing, you know, this this table, these chairs will get wiped down with you know, all that stuff. You know, you observe But, but yes, I’m a very respectful

 

 

but just you know,

 

Dave Andrew 

sensible consumer of the news.

 

Bryn 

So how does Capital Partners compete in the marketplace when that’s going on? You’re you, you strike me as the single edition? Yes model as opposed to the

 

Dave Andrew  

I think it’s painful. I think it’s been a really tough 20 years. So, first of July 1999, I backed out our driveway in a little white Camry with a computer, not rented an office offer mate of mine in St. George’s terrace, so I could have $225 and, you know, people were very, very generous. trust, trust is a funny thing. Trust is a really rare commodity these days and I don’t think it’s something that you can create Trust is something you have to be, you have to be consistent. You have to be ethical, you have to be decent, you have to be truthful, you have to rely, you have to be reliable. And I think for the first 15 or so years of our business, we suffered from the fact that we weren’t trying to sell snake oil and that we weren’t, you know, making the headlines about, you know, doing spooky, clever stuff with money. But the last five years has been extraordinary. In terms of, I think we’ve started to build brand equity, and because of the consistence, consistency and reliable so I have a conversation with our younger people. You know, brand. Trust is not something you can create. Trust is something that you all you can do is create a space that someone else can Step into and choose to trust you. And they will not judge you by what you say. They will judge you by what you do over a very long period of time. And that’s what great brands are built on. That’s, that’s, you know why great brands exist? And I think there is a, and I really think this crisis is going to be interesting because I think after this, people will really start to think far more deeply about what they value. And I do think there will be a reversion back to brands that matter. I think it was happening prior. But I do think this will put make people think so that to

 

Bryn 

take people back to values that matter.

 

Dave Andrew 

I think I think that was happening anyway. I think people are really starting to look at the world we’re in and saying, well, is this sustainable? Am I living sustainably? And am I willing just to keep filling the ocean with plastic bags? So I think That’s been starting to happen anyway. Yes. But I bet it’s gone from out I suspect that will accelerate more. You know, I think, you know, the United States is in a bit of a pickle right now. I think their, their capitalist system is a bit bereft of values, their political system is bereft of values. So I hope, I hope over the next five years or so, we see a shift there. You know, people, you know, your listeners might be listening to this thinking, Oh, this guy’s a fruitcake, but, you know, I do think we know the kind of world you follow listeners will actually be resonating. Yeah. So I’m on the public record with all the changes that are happening in the financial industry around saying, you know, education standards, Code of Conduct ethical standards. I spoke to a room full of about 80 financial advisors and I said to them, you know, what the problem here is that there’s a half the room in here is thinking that all of these education standards and, and ethical standards are really unfair and they’re gonna really upset the way we’ve always done business. And I said, let me tell you the conversations I’m having with Joe publica when they read the ethical standards, and when they read the ethical the education standards, they read, like common sense. Like that’s what a financial advisor should be doing. The concept of a fiduciary goes back to the 1600s where you acted on someone else’s behalf in a position of trust. And by law, you know, this is this was law, a court made law in the Chancery court. You had to put your client’s interests ahead of your own. And the only conflict conflict you could have was that you actually do need to be paid for your services, which means you have to have a very open, honest and transparent conversation. With the person who say, Look, I’m willing to do this for you. This is what the cost is going to be no sleight of hand. No magic, no trickery. And that’s where we’re going. But so So why was I telling you that story? Sorry. I’ve been getting hate mail type out in the public saying stuff. I’m getting hate mail. And what’s really interesting is that the stuff that people who send you feedback that say, David, thanks for having a view on this. Thanks for, you know, I think it’s really important that our profession moves forward in a profession. That feedback comes directly to your inbox, they find your email address, and they say, look, you know, really appreciate the leadership you’re showing here. The hate mail is only anonymous stuff. It’s at the bottom of the trials, the trolls, you know, of all the articles that are in the financial press the, you know, the comment section is the best. Yeah, it’s fascinating. So, all The trolls aren’t willing to actually put their hand up and, and be accountable. And I think that’s a bit of a, you know, that’s where I think a kind of world would be a good thing. Mm hmm. Am I rambling? Are we going? Oh, no.

 

Bryn 

No, yeah, I mean, I came. It’s interesting cuz I came in here to talk about, you know, investigate wealth, happiness and purpose and how they intersect. And I’m gonna ask you that in a minute. But more and more, as I journey through, as I refer to journey through the human experience, via the medium of this podcast. The more I become more in touch with patterns that are much deeper than run through

 

Dave Andrew 

the Zeitgeist.

 

Bryn 

Yeah, they’re more they’re like the very deep. I have this. I spent some time in the Alps. I used to go and swim in Lake Geneva quite a bit, and there’s actually three currents there. And there’s water That only moves, you know, like almost a couple of metres glycine a year. And it’s almost like sometimes I touch into that. But today we’re actually and I touch it through patterns through. You know, I’ll see the same thing through 15 conversations. But today, we’re just getting straight to nose deeper, deeper currents. And so, yeah, you’re not rambling. This is a

 

Dave Andrew 

one of the things that I pitch myself

 

Dave Andrew 

regularly is how fortunate I am to have the types of conversations were able to have with people. Because these are conversations. I think most people I laugh about this with clients, particularly new clients, I say, Do you ever feel as though you and your partner start lots of conversations? You know, you’re sitting at the kitchen bench might have glass of wine, and it’s Hey, honey, what do you think about the recent data? And then Mary comes in Mom, where’s my sports mission is In the conversation, yeah, we have the we have the luxury of actually finishing conversations. Correct. And their conversations that matter. Yes. And we get to be part of them. Yes. But not as participants as facilitated for just asking questions exactly what I do here Yeah, it’s it’s a really lovely thing.

 

Bryn 

Because the the other one, which a lot of people will a lot of people associate with, this is what I call the parable, the dinner party conversation, which is you start to tell something of value. And then in the middle of it, someone will go Oh, yeah, cuz that’s like the time when?

 

Dave Andrew 

Yeah, or can you pass the salad?

 

Bryn 

Yeah. And then it’s been hijacked. And there is I probably am very sensitive to it because of what I do here in the podcast, what to do with the legacy interviews. But I just wonder where the world would be if we listened more deeply and allowed people to finish their conversation, and then reflected on what somebody had to say Rather than, as my mum puts it, sorry, did the end of my sentence get in the way of start of yours?

 

 

The

 

Bryn 

role so busy, and we’re so keen to get out. And it’s an interesting way. It’s the same as what we’re talking about here in terms of what you’re doing with Capital Partners compared to what’s out there in the, you know, the multi magazine, financial world, so to speak. Yeah. And I think there’s huge value. I mean, in amongst this, this, this, this time that we’re living right at this point in time, I actually sat and thought about it the other day and spoke openly on Facebook that if we all had to sit at home for two or three weeks, and not go out and consider him be forced to consider who we are and what we’re doing and stuff, and if everyone was forced to do that. I think that would be a bad thing. So it would be such a crisis,

 

Dave Andrew 

some people are going to really be stretched by that.

 

Dave Andrew 

We’re again, very, very fortunate. Our business needs to continue. It’s not a cafe, it doesn’t get shut down. And we can do everything that we need to do via zoom or WebEx or whatever. So we can continue to have meetings, we can continue to do just about everything we need to do. But I was thinking of my walk this morning. You know, if I was isolated for a period of time, what would I do? And I think this is a really interesting time. I think about this for my mom and dad who are in their 80s and they’re going to be quarantined. This might be the time to do something that you’ve always thought you could, couldn’t should do write your memoir, write some childhood stories. Now, if you’ve ever thought, you know, gee, I really like to write a children’s story. I know it’s in me somewhere I’ve just never had time to do This might be the time to do that. You know, I think I’ve told you about my project that I’m passionate about. It’s called the new retirement. And it is contemplating what retirement is actually going to look like for people born on or after about 1960. So the real generate Generation X and later, the, as the baby boomers will have all retired. And because we’re going to live, what depending on what happens in the next little while, but, you know, the stats are that we’re going to live a long time and we retire at 65. We potentially got another 40 years. That’s a long time.

 

Bryn 

You know, that’s the same again as your working life based on the fact that you’d leave,

 

Dave Andrew 

say at 20 Absolutely. So is retirement 65 a thing? Is it really realistic or, or does it look different to that? So that’s, if I had that time if I had two weeks of lockdown Where I just had a blank piece? That’s what I’d be working on, it’d be really starting to think through how how does longevity play into social and community engagement play into the sense of meaning that we get from our work plane to how much money do I need? You know, what flexibility do I need? So one of the challenges with work as we know, it is, we’ll know you have to be here five days a week. So if you want to go on holidays for, you know, eight weeks a year, because you’re sort of in that protect what I call pre retirement, yes, you know, in that transition zone, that’s not gonna work for us. Well, we need to have a workplace that allows that, again, we’re going to need the wisdom in the workplace. We cannot afford all the people who were born from 1960 through 1970 or retire at once that that that’s going to be really important wisdom. So anyway, that’s what I’d be doing with my my two weeks blocked down. Excellent.

 

Bryn 

But again, you’re going back to this deeper thinking. And how the interesting question this came up in my head is, how do you, you know, look out the door and some of your staff are younger

 

Dave Andrew 

knowledge workers,

 

Bryn 

yeah. How do you how to train them up for these bigger, deeper, more concentrated conversations with the clients? Because for me sitting here listening to the what you do and how you interact with clients now, that’s hugely appealing, given what I like to do. But how how do you coach? Mm hmm. Good question.

 

Dave Andrew 

So we do a few things.

 

Dave Andrew 

businesses will focus on one of three things primarily. So some businesses will say, shareholders come first. Every decision we make has to align with the shareholders best interest. Yeah. Others will say no, no, no. The customer always comes first, you know, you’ve got to go to look after the customer. First, I have a slightly different view on that. In the middle it not the team who are delivering this have to come first. Yeah. So we invest very, very heavily in our team on the basis that for those of listeners who are saying, well hang on a minute, I want to I’m a customer and I want to be, I want to think that I’m put first, the philosophy goes something like this. If you have an extraordinary team of talent, and they’re all doing work that they love, and they’re engaged in and I really enjoy it. Then, in our case, clients have to get a good outcome. If they’re the right people in the right business, if they’re if they’re the right clients. For us, that’s gonna get a good outcome. Yes, because they’re going to be served by these people who are really passionate. If clients get a really good outcome, and the team are sticky, and they love being here and they love doing the work, then the shareholders are automatically going to get looked after. Yes, so everyone wins. So how do we do it? It’s very rare that we fly solo. So young people get to sit in on meetings with clients. And they’re just taking the notes. Yes. Now all I might say in the meeting might be, you know, Mr. Mrs. Jones, would you like some water? Now, I get to work, but they are taking the notes. They’re adding value, and that’s our investment. But by osmosis, they get to hear these conversations, and I get to hear the threads and the themes as you talk about. And then there’s a lot of formal training. There’s a lot of development training, and we have implemented a thing in our business called heart styles, which is quite new, but it’s very cool. And it’s about having conversations that are above the line. So above the line conversations are coming from a place of humility, and love. Yep, below the line conversations. come from a place of fear and pride. Yes. So we’re trying to help people understand when they’re in a place of fear and pride. So they’re being defensive. Or you know, they’re being aggressive,

 

Bryn 

closed to new opportunities. Exactly.

 

Dave Andrew 

They’re not being as effective as they possibly could be. So it’s it. Look, it’s a huge investment that’s been going on for 20 years, it’ll continue to go on. From a very, very early stage, I’ve always made a commitment to people, you will be a better person, even if it doesn’t work out. I my commitment is that I want you to be a better person for having worked with Capital Partners than if you had not worked with a capital partner. We want you to grow before you go. But the reality is, people join this firm, they find out very, very quickly whether they’re a fish or not. And if they feel as though they’re a fit, they stay Yep, I got a guy here who’s, you know, nearly 40. And this is one of the back the only job he’s ever had. He’s now principal of the firm. You know, he’s gonna be one of the senior leaders that takes over from me. So yeah, 15 years. 10 years, we’ve got a couple of people. 20 years. Yeah, it’s amazing.

 

Bryn 

It’s very cool. turnover in the first three months or don’t.

 

Dave Andrew 

Yeah, pretty much. Yep. The really good people, the really good people whom, who have left us have, by and large left, because they’ve moved into state. Yep. And to this day, they’re working with the firms that we introduced them to over there.

 

Bryn 

It was still level Connect. So they were still connected something Yeah. So how, how does wealth happiness and purpose come together?

 

Dave Andrew 

Everything stems from values. Right. So one of the most conversation one of the most important conversations anyone can have is an exploratory conversation around what are their values?

 

Dave Andrew 

Mine forthwith we have a process by which we do this and that’s actually documented in my book wealth with purpose, but mine

 

Dave Andrew 

are authenticity, love, leadership and adventure.

 

Dave Andrew 

So for me being authentic is this is what you see is what you get. I’m not trying to not try to, you know, no smoke and mirrors, sometimes a bit direct, but it’s coming from a place of love, and but, uh, but I’m gonna stand for something. Yes, that’s authenticity. That’s my authenticity, value. Love,

 

Dave Andrew 

love and friendship.

 

Dave Andrew 

I think there’s just an uncondition ality around that

 

Dave Andrew 

around showing up in a way that you genuinely care about people, and you genuinely, genuinely care about everyone, and everything, but but you, you try to be present and you try to make a difference in the lives of the people you’re closest to. You know, the love I have for my kids is different than the love I have for my wife. My love for my kids is pretty much unconditional, because they’re my kids, you know that they are, I bought them into the world, they my responsibility, the love I have with Robin is a choice, have made a choice to be with her, and then make that choice every day while I died because I made the choice back 28 to november two, and I said I do. But you know, I take that choice very, very seriously. And so your work, you have to really, really work at it. And you do have to work at the relationship with your kids. But it’s not negotiable for me that there’s a breakdown That then leadership so so leadership value is I really want the world to be a better place, you know, my, I am an infinitesimal speck of dust in the context of the universe. And I’d like to think that through a life well lived, I can touch people and leave the world a slightly better place. And then the final value is adventure. And that’s just about having an exciting life. So, so being in we have a little tiny little orchard that we muck around in and veggie garden Now, every single day that I spin down in that orchard is an adventure. Sometimes you get slapped, because something you really like I’ve got these personal traits and you can get persimmon trees to grow and then the most beautiful fruit and should be easy to grow. And it’s really really frustrating but it’s still an adventure going out on the map. Back is an adventure going cycling with my mates is an adventure going walking with my wife is an adventure. So I just look at the life in a quite an expensive way. So why am I telling you all of this because once you’re clear on what your values are Roy Disney, Walt Disney’s brother once said, when your values are clear, your decisions are easy. And that’s the intersection between purpose and money. So once you really, really clear around what your values are what matters most in life, you don’t get caught up in a whole bunch of frankly, shot Yeah, that we carry on with the Western world. And be very, very clear about what you’re going to focus on. So my own financial plan is very, very simple. I work hard, I am a good income. I save quite a lot. I leave well within my means. You know, lash outs are things you know holiday, but see a holiday that we love. is hiring a four wheel drive and going and driving around Alice Springs for a couple of weeks and camping and camping. But that’s a lot to value that it’s value. It’s a, that’s an authentic authenticity value. And there’s something deeply authentic about lying under the stars. So if you can really get your head around what your values are, and you can get on the same mom and dad can get on the same page around what their family’s values are, you can simplify life enormously, which means you can simplify your decision making around money enormously,

 

Dave Andrew  

hugely.

 

Dave Andrew 

In the absence of that, you know, you reacting to all these other stimuli that are out there thinking, Oh, God, we’ve got to have the bigger house and we’ve got a

 

 

right back

 

Dave Andrew 

into comparison. comparison is at the heart of all this content. There you go. So what comes next? What comes next is setting goals that are really sensible goals. You know what, what What is what is actually going to shift the dial? If you if you had to draw a picture of your best possible life, your best life? What would be? What would security look like? Well, we’d need to live in a house and we’d want to own that house. Okay, what sort of house? Would that be? Does that have to be the biggest best house? Or can it be a house that creates that harmonious family that you’ve talked about in your values? Like, do you want a house that’s so big that no one ever talks to each other? Or do you have a house that’s small enough that people actually have to interact with each other? You see, this is very interconnected stuff. Yeah. Once you start setting sensible goals that aren’t just done on a whim, you can then build a financial plan around that. Once you’ve got a financial plan, you can work out how much you actually need to save over what period of time and then you can start doing some really cool stuff, like building in

 

 

building in

 

Dave Andrew 

sensitivities and scenarios to say well If the world goes to shot, and if the stock market dropped by 50%,

 

Dave Andrew 

what position would I be in?

 

Dave Andrew 

And if then it recovered data so so you just, you just go from being out of control, to being in control. And that’s what I think wealth with purposes.

 

Dave Andrew 

being in control, there’s so much you can’t control in the world. You can’t control financial markets, you can’t control the weather, you can’t control natural disasters.

 

Dave Andrew 

But you can prepare for them psychologically, and you can prepare for them financially. And that’s not to say every now and then there’ll be a real doozy. Like I really feel deeply for the farmers, and thank goodness you’re getting some rain. But the pastoralists in the eastern states that have had, you know, really extended drought, yes. And you feel deeply for those poor people who have been subject to the bushfires, you know, because you can’t really planned for that none other than being well insured and stuff. But so life does throw some really awful curveballs for people. But I think they’re the five the day that they’re right at the margin, the other 5% events? Yes. For most things that happen in the, in the course of most people’s lives.

 

Dave Andrew 

You can plan for that quite well.

 

Dave Andrew 

I don’t think you know, there are a lot of people who don’t have the resources and they don’t have the education and and there’s a whole lot of reasons why life is going to be tough for them. But for the vast majority of Australians who really are in world terms very, very affluent, yes, there is no excuse for them not to be successful financially. The levels of the levels of financial distress, the levels of discontent, the levels of unhappiness

 

Dave Andrew 

are way off the scale compared to what they ought to be. Yeah.

 

Dave Andrew 

Given how affluent we are,

 

Bryn 

do you think a large part is going back to this comparison?

 

Dave Andrew 

I don’t think we have any sense of connection without us. What really matters to us? For it is meandering through life making decisions that, you know, from one minute to another. Yeah. How often have you been in a situation? We’ve had a thought bubble? You know, that’s a good idea. That’s a good idea. That’s a good idea. And if you’d done it, it actually wouldn’t have turned out that well, but it doesn’t stop you having the Thought Bubble. So the trick is having something in your life that stops you just acting on thought bubbles? Yeah.

 

Bryn 

How does?

 

Bryn 

Do you see a difference in the relationship with money that you see from probably across your clients to what you perceive across the general public?

 

Dave Andrew 

Yeah, I do. I do. Look, our clients come to us for a reason. And

 

Dave Andrew 

I can I can put this in context for me. So So we went through a process of getting our wheels down and it was an OK process. And I’ve worked out, I was going off to go bike riding with some mates and I realised that owning a business and this is something that is a little unique to business owners, you do create a bit of complexity in your life. Yeah. So as I was preparing to go off on this bike riding trip with a few mates, I wrote a letter to say, look, if anything happens to me, this is how things work. This is I want you to go and see this person at my office, I want you to do this, this, this this. And I just said to my son, casually, Look, man, if anything happens to me, in my cupboard in the study, there’s a letter and you just need to take that to Chris at the office. Anyway, nothing happened, thankfully. But it was in that moment that made me realise that you know what, if something did happen to me Robin would actually be in a bit of a pickle she worked out because she’s really capable lady. But you know, it would be a bit of a pickle, we need to have a relationship with a financial advisor properly even though I am one. Her first reaction was, that’s ridiculous. You are one. Why would we need one? You are one, like, surely you can do all this stuff. But I said, Yeah, I can. But I don’t want to do all that all day, Monday to Friday, and then on Saturday morning have to do it for us. So we’re gonna get one like so we engaged formally with someone and it’s been fantastic, and I think she loves it. So, I think the difference between our clients and a lot of the public is that they never make that choice. They never say look, you know, maybe it’s a luxury purchase. Sure. But I think a lot of people people fall into three categories for categories. They’re the people who are very self directed, and there’s lots of information out there and they’re going to go and get the information, they’re just not going to take much advice at all. They’re going to do their own thing. And I respect their capability to do that I’m not there’s no judgement in that description, then there are people that I call validators, who will do their own research, get lots of different points of view, then they’ll make their own decisions. And then there are people who are delegates who say, look, you know what, I know I’m smart enough to do all this money stuff. But I really don’t want to Yeah, really have something likes I can afford to and I’d like to have someone else looking out for the question. Who rather than how, who not how exactly, and then the fourth group of the do nothings. Now, I don’t know why that is. That’s the way that education and I think our I’m going to call it a profession because I think it’s going to move in that direction very quickly. But the financial advice sector, whether it’s financial planners, stockbrokers, I think we’ve done and banks, hugely the wealth management divisions of the banks with all the scandals we’ve had and the like, have done this done the community a huge disservice. And I’m hoping that over the next 20 years, it’ll change a lot that people will come to rely on financial advisors and financial planners, as trusted members of the community who they can rely on. I can tell you, there’s still still a long way to go before we get to that.

 

Bryn 

Doo. doo do you encounter? Possibly not with the clients having heard what you said, but do you encounter clients who have almost come to the Epiphany in life that I’ve been chasing money and now that’s what I’m all the manner in which I do it is now becoming congruent with who I am, am I Value Set.

 

Dave Andrew 

I don’t see that.

 

 

What I do see not given the

 

Bryn 

qualifying process that you seem to take clients.

 

Dave Andrew 

No, no, no, not not so much that I don’t I haven’t come across many people in my life who chase money for the sake of chasing money. I really genuinely have not seen that so much. Yeah, but what I do see a lot of people who work incredibly hard, they build these really successful businesses. They make a huge amount of sacrifice along the way, only to end up with a lot of money. And I mean, shed loads of money. And then it’s when it’s actually not. Once you did something was fine, but it’s not really that great. Yeah, like it’s because ultimately what’s going to happen? Yeah, so so it’s almost on the way I just got, it’s almost like being poor is really shot. being really, really wealthy from Really, really complicated and being somewhere in the middle? Kind of cool, right? Simple enough. Yes. You know, there’s a guy jack Bogle, who was the founder of Vanguard, the biggest, biggest fund manager in the world biggest index manager in the world, wrote this beautiful little book called enough. Just stop and think and ponder how much is enough that, you know, is that house upgrade Really? Like if you’re living with three kids or four kids in a two bedroom house with one bathroom then yeah, sure. You know, house upgrade might be a really smart idea. Yeah, if you’re already in a really beautiful home and it’s in a nice suburb and it’s and it’s, it’s fine. Do you really need the bigger house? badass with better views? Just I’m not I’m not judging anyone. But it’s just asking the court Think about that. Think about that. Is it God of MIT fellow by the name of Dr. Martin Siegelman. Yes and I’m a massive fan of Martin Siegelman, founder of positive psychology. Exactly.

 

Bryn 

And the key book about learned optimism,

 

Dave Andrew 

absolutely a glass half full ism. Yep, learned optimism.

 

Dave Andrew 

And he came up with this theory of happiness called perma. And it’s about being positive. And I forget that he’s so you know a bit about this you might have to help me but positive. It’s about engagement. Yeah. Really relationships, having a sense of meaning, and a sense of accomplishment.

 

Dave Andrew 

And if people if

 

Dave Andrew 

and last thing I want to be is a backyard psychologist, but it seems to me that if people were more conscious of those things, you know, conscious being consciously positive being engaged, getting involved. really working hard on your relationships, you know, trying and being being above the line. Yeah, managing your relationships from a place of love and humility, being willing to be wrong, rather than from a place of fear and pride as having a finding a sense of meaning in the things you do. That’s what I say. The simple things I do, I consider an adventure where where am I on this journey? Where what why why is it? Am I just going to give up growing persimmon trees? Am I going to persist at this? What is it? Is that have I got a bug in my soil? Have I got ball poor rootstock? What am I going to do? How am I going to deal with this? Well, I can’t keep I can’t. I’m really not going to afford whether I can or can’t. It’s not that I’m not going to afford to keep going because they’re expensive trays like they’re 120 bucks each. Yeah, personal tray. Yeah. So In July when they come into season, I’m going to be buying persimmons. And I’m going to be learning how to propagate the seeds because I need to approach this differently but I’m not going to get the let the challenge beat me. Yeah. All right. And then of course, if I get that right, I get a sense of accomplishment. I had a v two that I’ve never thought Martin Seligman has permission to do this but the V stands for vitality. Right and that was a friend of mine, Paul from the surf club suggested that that was a really really good addition to the perma formula and I think it is what you mean by

 

Bryn 

vitality.

 

 

Oh, that’s a good question.

 

Dave Andrew 

Approaching life I guess it’s all it gives it all pause the perma formula together.

 

 

You know

 

Dave Andrew 

I didn’t go for a bike ride this morning because mama manana my mates wanted to ride been one of them’s a pharmacist he runs a pharmacy at a public health hospital at June lab and you know with the crisis that’s going on now I got a text light saying David, I’ve just finished work I’m exhausted I’m going to sleep in tomorrow morning I need a Zed. So I this morning I woke up my wife went for a walk with some mates and I just thought what am what am I What do nothing I have to go for a walk? I have to go and do this. And, and that’s what I mean by by vitality is getting out there filling your lungs with fresh air, giving you give yourself the best possible opportunity to set yourself up for a fantastic day. That’s how I would describe vitality. Hmm, excellent.

 

Bryn 

And what have you learned about yourself in this whole journey?

 

Dave Andrew 

The journey of life, the journey of business business.

 

Dave Andrew 

The journey of life is

 

Bryn 

where I get the I get the impression that business and life have been very

 

Dave Andrew 

interesting. There they are. I find it very hard to to separate them I as a West Australian, a nod to your podcast. I feel incredibly fortunate to have been born here. Because if my genetic stock had been different, I’d been born in Africa or the Middle East or anywhere where there’s where there’s strife and tension, life would be very different. So I think every single West Australian needs to not take themselves quite so seriously and just have a nod to how lucky we are just to be here in Perth, or West Australia generally. I think as I gain wisdom, I’m learning just to enjoy beautiful simple things. I love the southwest of Western Australia alaba Outback I love just nature in general, and nature is such a beautiful thing learning to learn to really enjoy that and celebrate what it is and look after it. humility, I think is a really important leadership quality in that you need to go into every, just about every city, there are times when you have to lead because that’s your job, you have to make a call. But there are also times when you need to go into conversations fully aware that you could be wrong and that there are other people with really good opinions who and you should be open to letting them sway you. Yes. And I think just generally as you know, that whole thing of continuity theory people we advise we see this you know, we’ve we’ve I’ve dealt with some pretty hard people in business and the like, but I see as they get older, they become kinda they don’t sweat so much around. You know, the detail I just said that’s okay. I’ve learned to let that stuff go. So I think that’s probably my big learning brain is just I’m really working hard at this is behind listen. Consider other people’s opinions. I would not want your listeners for one moment to think I’m any good at any of those things. It’s It’s It’s

 

Bryn 

working. It’s working

 

 

but I’m working I’m working really hard at it. hmm yeah. What

 

Bryn 

What do you do as you sort of mentioned earlier on about cycling the things that you do as a daily routine to keep yourself grounded vital.

 

Dave Andrew 

Look, I don’t have a daily routine so much but I do cycle with friends. We don’t clog up traffic. So for those cycle haters in your audience, I you know, we’re very, very conscious. We obey the Road Rules. We really do. Try hard To be responsible, but I get enormous value out of that. Not just this physical exercise but the camaraderie and a love the solitude of going for a walk by myself.

 

 

I love the

 

Dave Andrew 

going for a walk with my wife and just talking about the business of the family and and what’s going on there.

 

 

I love yoga.

 

Dave Andrew 

And I don’t get to do that enough but when I do when you’re in that when you’re on the mat and you’re in that spice jets, gee, that’s a luxury.

 

Dave Andrew 

present this funny experience. We’re in New Zealand recently. And we went to this little, little yoga studio in

 

Dave Andrew 

have locked North which is in Hawke’s Bay, beautiful place to cut part of the world Hawke’s Bay wine country, and it was the centenary of the death. thought of a man, her or her I had never heard of who’s who was credited with the idea of bringing yoga to the Western world and sort of popularising yoga. Anyway, what you had to do was this one movement. It’s, it’s called a vinyasa. And you had to do this one movement, either 54 times or 100 times. And the whole idea was that Yoga is quite a selfish practice. And you generally do yoga for yourself. And this was whole practice was dedicated to this guy who had died, who had bought real good to the world. And it was actually really, really interesting experience just shifting the focus of not doing this for myself. I’m actually doing this in gratitude for someone who gave me something who not whom I’ve never met. Yeah. And just that was a fascinating experience. What and another adventure? Yes. Really, really interesting. So yeah, I’m learning trying to learn to meditate. Not very good at that. But I try to still mind very easy to get caught on the colour and get to sort of reactive about things and just time calm down. Just put you put your meditation app on, listen to it eight minutes. And it’s actually pretty cool. You come out of it feeling a bit different. Yeah, yeah. more awake, more alive, more aware more above the line.

 

Bryn 

Yes,

 

Dave Andrew 

yes. willing to be in a place of humility, willing to be in a place of love, rather than being in a place of judgement.

 

Bryn 

The last question I asked, I can’t imagine this is going to be interesting. Now you’re getting that little voice turn up for that. Sometimes there’s that with guests just before I click record. I don’t know.

 

 

And then everybody says to me afterwards.

 

Bryn 

And the last question I ask all my guests is a very simple hypothetical question, which is, if you could take a little nugget of information and upload it into the collective consciousness, everyone just gets it.

 

Dave Andrew 

What would that be? When your values are clear decisions are easy.

 

Dave Andrew 

No question.

 

Bryn 

No question. When your values are clear,

 

Dave Andrew 

decisions are easy.

 

Dave Andrew 

Yeah, I think that’s true. Whether it whether the way you’re thinking about politics when you think about climate change when you’re thinking about the business model. You know, that the other way to think about that, you know, you said it was one nugget, so but I can’t help myself. The other the other thing to think about is, we have to stand for something. Yes. Now, how do you decide what you’re going to stand for? You’re not in touch with your family. Exactly.

 

Bryn 

Because one of the things that comes out to me is, is when your values are clear, your boundaries are clear. Absolutely. And then there is room to say to someone, I’m afraid not. Or I can’t go with that, you know, politely shove off.

 

Dave Andrew 

Yeah, but how many how many businesses have customers they really don’t like dealing with. Imagine if you were so clear on your values. So now one of my values is that I’m only going to deal with people I like. And you say to that customer, Look, I’m sorry, we’re not going to work with you anymore. And people are fearful of doing that. Because I think I’ll lose business and I’ll be terrible. But actually, the reverse happens, you actually make space to attract more people who share your values. And I think that’s where we’ve got to as a business is that we’re our businesses full of people who have shared Shed undercurrent of values. We don’t have shared values because everyone’s so different. But there’s a shared notion of who we are and what we stand for and why. And I think that’s what it starts to perpetuate itself. So those boundaries are really important. You know, that same with the kids, if you clear on your values in so know, that behaviour is not okay. Yep, we need to have and let’s have, let’s not beat you up about that. But let’s have a conversation about why. Let’s let’s actually have a conversation around why that’s important. And why. Yep, so that would be my thing. When your values are clear, your decisions are easy.

 

 

boundaries and boundaries. Absolutely. There has been absolutely fantastic talking to you today. I can’t believe that’s an hour.

 

Bryn 

Time flies when you’re having fun. I did tell you at the start. And if people want to find you, where can they find because you’ve written a book. Yes. The name of which is,

 

Dave Andrew 

if you google Capital Partners, you’ll find us anywhere in Australia. It’ll will pop up or if you google me, David, Andrew, you’ll, you’ll find me. Excellent. If people would like a copy of the book, they’re more than welcome to contact us and we’ll, we’ll work something out.

 

 

Excellent. Thanks so much for your time. Thank you. It’s been a pleasure.

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