Ray Djani

Generally speaking, boutique financial planning practices can excel and prosper in the new era of advice, however the rules have changed and standing still or staying small, is no longer an option.

Growth, whether in terms of profit, expansion or market share is an imperative if financial planning businesses are serious about the future.  It may sound harsh but the reality is if advice practices aren’t growing they’re dying!

However, the underlying need for growth is not an objective driven by ego but required to fund and resource business capacity in order to remain relevant to the changing needs of clients.  It is also reassuring and demonstrates the viability of the business to clients.

Therein is the reason for Cardena Private Wealth (Cardena) being in growth mode.

Yes, we have invested significantly in our staff, training, technology and processes (and will continue to do so) to lift efficiency, capacity, productivity and effectiveness.  This has also included the introduction of complementary service offerings – all dedicated to staying relevant and improving / enhancing the client experience.

However, it’s improving the client experience where Cardena has focussed the most and is committed to excel.

This objective is guided by connecting with our clients via many touch points, including bi-annual surveys that obtain in-depth insights and deeper understanding of their evolving needs and aspirational drivers.

Our clients are all successful people, very good at what they do, and most have little time or experience in managing their own financial affairs.  They turn to Cardena around the clock as it were, to help them make smart financial decisions and to take away the complexity, so that they can focus on doing what they do best, live their dreams and aspirations and just enjoy their lives.

Hence the importance for Cardena to keep in touch and stay ahead of changing habits and client expectations.  We learn from the surveys and the results monitored and benchmarked to ensure services and processes are keeping pace and delivering as expected.

Earlier this year, we conducted a client journey workshop to map out the Cardena client experience and identify ‘friction points’ for clients.

Often the solutions to these ‘friction points’ in the client experience can be found outside financial services as new players disrupt the old ways and conventions of the past.  Online streaming services like Netflix and Spotify that have revolutionised access to entertainment such as movies and music are excellent examples of new ways of doing business by removing ‘friction points’ for consumers.

We need to learn these lessons – especially those that relate to advances in technology and apply them in advice businesses.  Technology is the next big wave of innovation we are embedding within Cardena to free up more time to engage more deeply and effectively with our clients.

Too many advisers look at innovation and advances such as artificial intelligence, through the narrow prism of ‘robo-advice’.   The benefits for advice practitioners, planning businesses and our clients are far more wide reaching and deeper than that.

Cardena uses technology extensively and this will only increase as we replace manual, lower value-added tasks, with more-higher value and client related outcomes.

Finally, this is the era of authenticity and financial service clients / consumers want genuineness.  The world of spin and disingenuousness is over – hence the need to grow and engage more effectively and more personally with clients.

The dual outcomes that are an endorsement of Cardena’s growth strategy are measured in the increased number of alliance opportunities and satisfied clients that are passionate brand ambassadors to peers, family, friends and business associates.

By Ray Djani, Managing Director

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Commenting further, Ray Djani said Tom is an extremely well respected and highly regarded member of the Cardena advisory team.

“Since joining Cardena ten years ago Tom has distinguished himself by his dedication to continuous professional development and academic excellence. Attributes he steadfastly regards as being essential for the delivery of the highest standards of professional client advice and ongoing service”, added Ray Djani.

The appointment aligns with Cardena’s overall growth strategy that foresees an increasing demand for financial advice by HNW clients, families, business owners and senior corporate executives.

“I’m delighted that my partnership appointment coincides with my tenth service anniversary”, said Tom McDonald.

“I was initially attracted to Cardena by the opportunity to work alongside (and learn from) a highly regarded team of financial advisors with an impressive base of clients, but also a firm with a strong collaborative culture and exciting growth outlook for the future”.

“Our clients are successful people who are busy doing what they do best and I love helping them to achieve the things that are most important to them and their families I look forward to playing my part in a senior capacity utilising my expertise and experience to strengthen and expand Cardena’s client advisory business and marketplace offering.”

Tom’s appointment comes at an exciting time for Cardena as the organisation positions itself strategically for the future said Ray Djani.

“We are very fortunate that our clients are Cardena’s greatest advocates referring family, friends and business associates to our advisory business”, continued Ray Djani.

“Our objective going forward is to build on the relationships with Cardena clients – this includes sourcing alliance partners with complementary offers that will be relevant and of benefit to clients”.

“In addition, we will continue to focus on a program of managed and sustainable growth that includes increasing capacity and being a preferred advisory business for advisers seeking to join a team of advice professionals”.

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Cardena Private Wealth and its advisers are Authorised Representatives of Fortnum Private Wealth Ltd    ABN 54 139 889 535 AFSL 357306

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Ray Djani

Cardena Private Wealth (Cardena) Directors Iain Reid and Jonathan Kilborn have announced that Ray Djani has been appointed the boutique wealth management and advisory firm’s Managing Director.

Commenting further on the appointment and newly created role, Iain Reid and Jonathan Kilborn said Ray had been working with the organisation over the past three years in a consulting capacity and held a Board position, as Cardena positions itself as a dynamic client focussed advisory business of the future.

Cardena has benefited from this involvement with new business growing steadily supplemented by clients referring its services and offerings to friends, family and business associates.

It was therefore a natural progression for Ray to be formally appointed as the firm’s Managing Director.

As MD, Ray will work closely with Cardena’s financial advisers and staff to support client engagement activities, manage alliance relationships, business development and the operational efficiency of the business. In addition, he will spearhead the firm’s strategic growth plans and marketing.

Cardena was established by Jonathan Kilborn in 2004 as Arrive Wealth Management Sydney and later welcomed Iain Reid in 2007 as a shareholder and Director. After Ray was engaged as a consultant, the business was re-launched in November 2016 as Cardena Private Wealth with extended services and offerings for its high net worth clientele.

The name Cardena was derived from the Bunurong Aboriginal phrase ‘Kar Din Yarr’, and means ‘looking to the sunrise’, reflecting both the organisation’s purpose of guiding clients towards the achievement of their financial objectives, and a new era for the firm.

Reflecting on the recent Royal Commission report, Jonathan Kilborn said there will be far more ongoing scrutiny and focus on the activities of Australia’s financial service industry. “In this environment of change and introduction of new academic requirements – many mature age practitioners have announced they will retire rather than continue under the new regime”.

“The appointment of Ray as MD has been timely as it reaffirms to Cardena clients our commitment to their ongoing financial well-being and aspirations by positioning the practice for long-term sustainability with an industry and business professional in this key role”.

Ray Djani said, “I’m excited to be taking on the role of Managing Director for Cardena and continue the incredible work Iain and Jonathan have done building a very unique and professional advisory business”.

“Our goals for the future are to continue to provide the highest standards of financial advice and exemplary service to our clients. Furthermore, we will be on the lookout for selective opportunities and strategic alliances that are a cultural fit and that provide a benefit to our clients”.

Jonathan Kilborn and Iain Reid concluded, “By having an extensive senior management team with backgrounds in professional services, advice and the financial services sector, we’re confident Cardena has the people, culture, strategy and commitment to constantly evolve client services to be at the forefront of a rapidly changing landscape.”

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Iain Reid

Regrettably, for all their best intentions, a great number of marriages and relationships end in divorce or separation and the ramifications on personal finances are often immense said Cardena Private Wealth (Cardena) Director Iain Reid.

It was for this reason that the boutique wealth management and advisory firm recently released a white paper ‘Dealing with the financial challenges upon separation or divorce’ as an aid and resource for Cardena clients (and their family members and friends) seeking answers during this very difficult time in their lives.

“When a marriage or relationship ends, many people find themselves in a vulnerable position, mainly emotionally, but also dealing with the anguish of how to survive financially.  Hence listing the importance of calling the financial adviser next, after seeking legal advice, in Cardena’s white paper”, said Iain Reid.

“It’s not unusual that during the course of the marriage / relationship the finances were managed by the other spouse / partner, and now the individual has to simultaneously pick up the pieces and take the reins to manage an appropriate outcome from the divorce settlement”.

Obtaining financial advice in these circumstances is a very important start.  Unfortunately, many an individual can attest with regret their decision not to obtain the guidance of an adviser earlier in the separation process.

Iain Reid continued, “It’s imperative to have sound legal advice but it’s also crucial to decide as soon as possible what mix of assets will best secure your financial future.  Obtaining financial advice early in the asset settlement negotiations is a smart move”.

A financial adviser can help focus on setting up the newly separated individual for the future and tackling the longer-term money issues – including preservation of wealth strategies, and meeting retirement and lifestyle aspirations.

So, what happens after the financial settlement when each party has received their share of the asset pool?

This is where some careful planning and good financial advice can help enormously by providing help in many areas including:

• Budgeting and cash flow management and ensuring there is enough income to fund a desired lifestyle.
• Assessing how best to structure the financial settlement to provide for longer term needs.
• Advice on any share of a superannuation fund that may have been received on settlement.
• Investment advice with a focus on capital preservation and generating inflation adjusted returns so longer term goals can be achieved.
• Assessing whether setting up an education trust is worthwhile to fund the children’s school fees.
• Help with updating estate plans and any personal risk insurances.

It is always recommended to keep these plans updated on a regular basis with a financial adviser.

Divorce and separation can be extremely stressful for all parties involved.  The emotional and financial toll on the family can be devastating.  Furthermore, dealing with financial issues and the allocation of assets can be overwhelming and many individuals simply don’t know where to turn for assistance – hence Cardena’s motivation to produce the white paper.

“Our objective is that by assisting clients to be more informed about the road that lies ahead – including benefits of utilising the services of specialist advice providers – they will be better equipped for a new life journey and enhanced prospects for a strong financial future”, concluded Iain Reid.

Download the Dealing with the financial challenges upon separation or divorce white paper from the Knowledge Hub section of Cardena Private Wealth’s website.

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Commenting further, Jonathan Kilborn said “We help successful people make smart financial decisions and we view Cardena’s role as both a strategic partner and trusted provider of leading financial advisory services for our clients.

“To achieve this, Cardena has built a network of best-in-breed professionals and strategic partners to ensure its capability to offer market-leading technology and financial solutions to meet clients’ needs”.

“With so many lending choices, options and institutions on the market, the process of finding the best outcome can be overwhelming – hence our decision to establish the alliance and service offering with Thyme”.

Thyme and Cardena had a previous working arrangement with many synergies including the very important cultural fit that in turn provided the foundation for the formal strategic alliance outcome.

Headquartered in Sydney, Thyme Financial Group was established by co principals Nick Rainsford and Cheyne Ghoughassian and specialises in almost every aspect of lending including  home loans, finding the right loan for businesses including asset financing.

Between them, the two principals have over 45 years of experience encompassing retail, commercial, corporate, institutional and investment banking.

Jonathan Kilborn continued, “The major commercial banks are no longer the only option for finance these days.  Consumers in growing numbers are seeking more competitive products, pricing and alternatives when it comes to home loans, business finance, leases, etc to address their individual and commercial financing needs.

“Not only will the finance broker solution with Thyme provide Cardena clients with access to a broader variety of financial funding alternatives, it will also assist them to compare their existing finance / lending arrangements with the latest marketplace offerings”.

Responding on behalf of Thyme, Nick Rainsford and Cheyne Ghoughassian said the integrated broker service via the alliance with Thyme reflects Cardena’s commitment to creating real value for their clients.

“The finance and lending landscape is evolving rapidly and has become increasingly competitive – hence the need for the services of experienced finance broker practitioners to provide guidance, access and assistance to Cardena clients”.

Jonathan Kilborn concluded, “Cardena is steadfastly committed to keeping pace  with the rapidly changing needs of our clients and their families – in fact, it is an imperative!

“The finance broker facility with Thyme reflects this resolve that places our clients at the heart of what we do and reinforces our commitment to providing the highest standards of professional financial advice and exemplary service”.

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