Emma Sakellaris

The member-owned financial services group Foresters Financial has expanded the reach of its Education Bond with its launch on Tanggram, Australia’s first mobile investment platform that combines a rewards scheme with capital reliable investments.

Foresters Financial CEO Emma Sakellaris says it’s an exciting development for the recently launched Education Bond, taking it to a younger investor cohort dominated by women.

“The Tanggram investment app – was launched in 2020 and has about 70,000 subscribers – has a user profile that was very enticing for us. The average age of users is 32 of which 90 per cent fall between the ages of 20 and 40. In addition, with 80 per cent being female investors, it’s obviously a demographic that we believe will be attracted to the Education Bond. 

“Foresters current target market for the Education Bond are high-net-wealth investors who tend to be older. With the Tangram investment app, we believe we have a complementary strategy to tap into a new consumer market of younger, tech-savvy investors.

“Certainly, we are convinced that Tanggram, fintech pioneers in this space, is the correct investment avenue to reach this audience.”

The Education Bond offers a tax-effective avenue for families to save for and fund their children’s education, whether it be tuition fees, accommodation, travel, or equipment. It also offers flexibility via tax benefits, estate planning and generational wealth transfer.

The tax-effective benefit is made possible through the bond working as a “scholarship plan” that allows the bond administrator to obtain a tax deduction, which is passed on to the investor when they withdraw earnings to pay for educational costs. 

Sakellaris says: “An education bond allows for a long-term savings plan for families to plan and invest in their future generations educational outcomes, capabilities and reduce financial stress.”

Tanggram Founder and CEO Nick Tang says:  I’m absolutely delighted to participate in this ground-breaking partnership between Foresters Financial and Tanggram.

“Tanggram is an award-winning smart wealth creating app designed to provide users with reliable returns and monthly income, while Foresters is steadfastly committed to delivering secure and sustainable fund management solutions for individuals across all stages of life.

“Among their outstanding offerings, the Education Bond stands out as a brilliant avenue for funding education costs. I truly believe that our shared commitment to gain, grow and secure wealth will pave the way for a new era in wealth building.”

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Emma Sakellaris

Foresters Financial, a member-owned financial services company providing investment bond solutions for investors seeking better ways to grow, protect and transition family wealth has expanded its offering with the launch of a new Education Bond.

The Education Bond, available from today offers a tax-effective avenue for families of all situations to save for and fund their children’s education. The Education Bond helps to reduce the stress on the family budget, and provides convenient access to savings when you need it.

Foresters Financial CEO Emma Sakellaris said: “Financial pressures are felt immensely at the moment, and we have identified education as a key issue for parents and grandparents wanting to provide a viable long-term solution.

“A key additional aspect of education bonds is the variety of ways it can be used and the flexibility it provides, including tax benefits, estate planning and generational transfer of wealth capabilities. Families can access funds at any time and can use it to claim anything associated with education. Whether that be anything from tuition fees, accommodation, travel, and equipment.”

The tax-effective benefit is made possible through the bond working as a ‘scholarship plan’ that allows the bond administrator to obtain a tax deduction, which is passed onto the investor when they withdraw earnings to pay for the education costs. 

The new Foresters Financial Education Bond provides flexibility to investors such as the ability to appoint alternative beneficiaries, and for others to contribute, providing inclusion to blended families, grandparents, relatives and/or friends.

Sakellaris concluded with, “The rising cost of living and education fees has subsequently had a flow on effect, impacting the ability for families to finance their children’s education which then impacts their abilities entering the ever-competitive job market.

“An education bond allows for a long-term savings plan for families to plan and invest in their future generations educational outcomes, capabilities and reduce financial stress.”

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Michael McQueen

Foresters Financial, a member-owned financial services company providing investment bond solutions for investors seeking better ways to grow, protect and transition family wealth, and to protect intergenerational legacies, has expanded its executive team with the appointment of Michael McQueen as Chief Investment Officer.

McQueen brings 15 years’ experience in financial services to Foresters, most recently in the role of CIO at Media Super where he was deeply involved in successfully delivering the merger with Cbus and overseeing the transfer of members’ retirement savings.

Prior to this, McQueen held positions as Head of Investment Strategy at LUCRF Super (now a part of AustralianSuper) and acting CIO at Kinetic Super during its merger with Sunsuper (now known as Australian Retirement Trust).

Foresters Financial CEO Emma Sakellaris said: “We are simply delighted that Michael has joined our business as we continue to deepen and strengthen our relationships with our referral partners, investors and their families, over multiple generations.

“As a firm we are heading into a period of substantial growth, with several exciting announcements in the coming months, so the addition of Michael comes at a pivotal and opportune time.”

McQueen said: “Foresters Financial has an incredible story and legacy as one of the oldest and purest investment bond managers in the market, so the decision to join and play a role in its future success was easy to make.

“I am excited by what the next stage holds for Foresters Financial as the market and regulatory changes allow for further growth and expansion.”

Alongside his extensive experience as an investment executive across superannuation, wealth management and funds management, McQueen was an equities dealer and analyst working for several large well-known companies such as Goldman Sachs, ANZ Banking and ANZ Trustees.

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Maryanne Mullahy

Member-owned financial services specialist, Foresters Financial (Foresters), has appointed Maryanne Mullahy to the newly created role of technical and training manager. Mullahy will be based in Melbourne and will support partners Australia-wide.

Mullahy has more than 14 years’ experience in the superannuation and wealth management, covering consultancy and client services at senior levels.

She joins Foresters from Praemium where she was the manager of separately managed accounts (SMA) administration. In this role she was responsible for leading and managing the SMA team to deliver high quality wealth and superannuation administration. Prior to Praemium, Mullahy held a senior customer service representative role with Netwealth Investments.

She also has experience as a superannuation consultant at Vision Super and a member education consultant and paraplanner at ESSSuper.

Emma Sakellaris, Foresters CEO, says Mullahy’s appointment comes at a time of significant national growth for Foresters, and the new role will be key to growing its already strong referral partner engagement program.

“Maryanne’s experience in consultancy and client service, along with her expertise in providing education and training to a variety of stakeholders, will stand her in good stead as she provides a high level of systems training for our referral partners.

“With her ability to break down complex information in a clear and easy to understand manner, she will provide our partners the right support and tools they need to articulate product offerings and value propositions with accuracy and clarity.

“Maryanne’s skill set will be a great asset to the team, and will prove invaluable as she works with, and strengthens, Forester’s referral partner engagement,” Sakellaris says.

Mullahy has a Bachelor of Science from Monash University, and a Regulatory Guide qualification from the Association of Superannuation Funds of Australia (ASFA). She also holds an accreditation in Post Retirement Course from ASFA.

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Mr Hanigan has 20 years’ experience in financial services and risk related roles. He most recently worked in risk and compliance at IOOF and NAB as a senior risk partner. Prior to this he spent 12 years at Tasplan Super in various compliance and company secretarial roles, and was appointed chief risk officer in 2019.

He has also worked as a financial planner with Tasmania Perpetual Trustees, and as an area manager with Hostplus.

He has been a non executive director of the Governance Institute of Australia since June 2021.

Ms Sakellaris said Mr Hanigan’s breadth of experience in financial services and risk related positions make him a good fit for the Foresters business.

“Greg is a proven performer with a solid track record. His experience spans leading the governance, risk and compliance functions, as well as overseeing an in-house administration and call centre operation, a financial advice business, and a commercial lending business.

“The chief risk officer position is a pivotal one that plays a critical role in guiding and influencing business decisions. Greg’s experience in senior risk roles with some of Australia’s leading organisations means he is well placed to take on this responsibility.

“In particular, his experience at Tasplan Super in providing leadership through periods of significant change and complexity through three fund mergers to enable the evolution of a highly engaged and productive team is an impressive achievement.”

Mr Hanigan has a Bachelor of Commerce, University of New England, is a Fellow of the Governance Institute of Australia, and a Graduate of the Australian Institute of Company Directors. He also has an Advanced Diploma of Financial Services (Financial Planning) and a Certificate in Governance Practice from the Governance Institute of Australia.

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Emma Sakellaris

The end of financial year contains a tax sting for many and – combined with a desire to give to causes that make a difference to our communities – can be a trigger for philanthropy and charitable giving.

Recent ATO statistics confirm that Australia continues to be a charitable nation – with Australians donating $3.5 billion in total, with an average donation amount of $770^* – it is an issue close to the hearts – and wallets – of taxpayers.

But it is important to do it right, including ensuring that your donation is received by the charity by June 30, says Emma Sakellaris, executive general manager of Australian Unity Trustees.

“With June 30 falling on a Sunday this year it is very important that donations, for which the individual is seeking a tax deduction, are made well in advance of the end of the financial year.

“It is also critical to ensure that the charity has a deductible gift recipient (DGR) status, if you are seeking a tax deduction for the donation.

“While it depends on each individual’s tax position, generally speaking it is possible to receive a tax benefit for a donation of greater than $2 made to a DGR recipient. Individuals who donate by June 30 lock in a tax deduction for their tax return, while also contributing to the work and contribution of the charity of their choice.”

Whilst tax considerations are often a ‘giving trigger’ and the reason why many people make one off donations, milestones such as the sale of a business; receipt of an inheritance; or even a lottery win or similar, also often inspire individuals to consider establishing an ongoing, structured philanthropy legacy, Ms Sakellaris says.

“The intergenerational wealth shift has well and truly commenced in Australia, as the population ages, individuals sell their family homes to transition to independent living, often meaning there is significant funds to establish a family legacy and to ‘give back’ to their communities.

“Individuals selling sizeable family businesses are also keen to establish a family legacy, utilise available tax deductions and also, as they transition to retirement, establish an ongoing purpose and connection to their communities.

“As a result of this wealth we have an increase in the number of charitable foundations being established.

“A sub-fund in a charitable trust can be established with an initial donation of $20,000, and the tax deduction from the initial donation can be spread over five years, while all subsequent donations made to the trust are tax deductible. 

“For those who have a more substantial amount to invest – perhaps from a windfall or from the sale of a business – a private ancillary fund (PAF) is an option. As this structure is a stand-alone charitable trust, an initial donation of at least $300,000 is required in order to generate the income required for granting and overall management costs.

“This structure has the advantage of providing individuals with greater involvement with regard to investment decisions and other governance requirements.  Again, donations are tax deductible and income generated is tax exempt.

“PAFs can bring significant charitable value into perpetuity and provide a sense of purpose and family connection across multiple generations, into the future,” Ms Sakellaris says.

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In the role Ms Fenemor will be responsible for managing Australian Unity Trustees’ relationships with key business partners nationally, and continuing to increase the awareness of the value the business can provide to advisers and their clients, across multiple generations.

Sally has over 15 years of experience across financial services, healthcare and trustee industries.  Most recently Sally held the role of national business development manager at Equity Trustees.  In this senior role she managed a national team of Business Development Managers, partnering with solicitors, financial advisers, private bankers and their clients to assist with the preservation, protection, growth and inter-generational management of their wealth.

Ms Fenemor has a degree in business (marketing) from Monash University.

She is based in Melbourne and will report to Emma Sakellaris, executive general manager of Australian Unity Trustees.

Ms Sakellaris said Ms Fenemor brings considerable and diverse experience that will be invaluable as Australian Unity Trustees further builds on its relationship with key business partners. 

“Two key areas of strategic growth for Australian Unity Trustees are philanthropy and estate planning and Sally will focus on both, as she builds and maintains relationships with lawyers, financial advisers, private bankers, HNW clients and associated organisations and family offices.

“Sally will work closely with staff in the Trustees business – as well as across the Australian Unity group – as she further elevates the business profile.”

Ms Fenemor says she is looking forward to working in a role where she can make a real difference in the lives of Australian Unity Trustees’ clients, in partnership with the business’s national referral network.

“I am joining the business at an exciting time in its development, and will be part of a team that already has a wealth of experience and expertise in trustee services and solutions.

“The trustee space is my passion, and Australian Unity Trustees has a number of points of differentiation, including being part of a mutual organisation. This allows it to be absolutely and genuinely client and member focused,” she said

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Emma Sakellaris

International Women’s Day is a timely reminder of the importance of women making choices at all stages of their life to plan for security, with statistics from the Council on the Ageing showing that for many women, homelessness, fear and poverty are what awaits them in their older age, says Emma Sakellaris, executive general manager of Australian Unity Trustees Limited.

“While the commentary around International Women’s Day is focused on the “Balance for Better” theme, a key objective for women is not seeking balance as a standalone goal.  Instead women should focus on making choices to support them living their most secure, fulfilling life possible, however long they live.

“Achieving balance is still extremely difficult for women.  Years spent out of the workforce to raise a family or care for other family members has contributed to lower superannuation fund balances, lower incidence of home ownership, and lower personal wealth overall to draw on in retirement.  Combined, this essentially equates to less choice for older women.

“In many ways it is no surprise that older women are sadly the fastest growing demographic among the homeless population in Australia,” Ms Sakellaris said.

She says that “choice” isn’t limited to the decisions of the moment.

“Rather, the choices made that put in place plans, protections and solutions for a future time or event, are so very critical to the empowerment and dignity of women as they age and become frailer and more vulnerable.

“Unfortunately, if people do not make choices while they have the capacity, others will make choices for them when they are no longer able to do so.

“Such decisions can impact where you live; the funds available to you for living expenses and the services you are able to access, whether at home or within a supported living facility.

“Many women do not have the opportunity to make choices, often thinking that they can depend on their family to ensure they are protected and cared for.

“However, again sadly, the dynamics of family relationships often mean women can be left isolated and highly vulnerable.

“Regardless of one’s family or friendship structure and perceived strength, it is important to appoint someone to manage financial affairs when you are no longer able to do so. This provides women with choice and fundamentally, the ability to achieve balance.

“The appointment can be a trusted friend or family member, or it could be a private trustee company.

“Both have advantages, although a trustee company, unlike an individual, will exist into perpetuity, and can help ensure you are able to live according to your wishes and preferences, whilst receiving support, care and protection.”

Ms Sakellaris says making choices about the future and who will protect and make decisions on one’s behalf if capacity is lost is not limited to any socioeconomic group.

“All women should be documenting their choices and ensuring they appoint someone, or an organisation such as a private trustee company, to ensure they are protected and cared for, and can then also achieve balance and security throughout their lives.”

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Emma Sakellaris

The growing number of Australians taking part in philanthropic activities has been highlighted by the findings of the latest CAF World Giving Index*, and are part of a trend towards individuals seeking to connect with charitable projects and initiatives, says Emma Sakellaris, executive general manager of Australian Unity Trustees Limited.

According to the CAF World Giving Index, Australia ranks second out of 146 countries when it comes to giving.

“We are seeing a clear shift from individuals preferring to contribute funds to a project or an organisation, to people wanting to genuinely emotionally connect into communities and initiatives,” Ms Sakellaris says.

“As part of this, the Index noted a global trend towards volunteering, with more people giving their time and expertise to causes while there has been a corresponding drop in the number of individuals donating money.

“In particular, there is a significant increase in the number of women seeking a greater emotional connection to projects and initiatives with charitable organisations and activities.”

Ms Sakellaris said there is a global shift regarding the impact women have through activities such as volunteering – not just time volunteering but also expertise volunteering.

“Often we see women who wish to start supporting particular causes, however they may not have the same capacity to significant grant funds during their lifetime.  In addition, we find that women are often not as influenced by incentives such as tax deductibility. 

“Instead, they are choosing to donate their time, expertise and energy to the causes that they feel most passionate about.

“It is evident that women seek a significantly greater emotional connection with charities and projects, so volunteering is often a logical commencement to establishing their philanthropic legacy.  Such women may then leave a significant charitable gift within their estate plan, in line with their areas of philanthropic focus during their lifetime. 

“We have also seen a gradual shift to ‘need based granting’ (assisting people who need to receive essentially the ‘basics’ – regular meals, accommodation, professional support services etc), which often includes human care, support and kindness and is not limited to the donation of funds.”

Ms Sakellaris said she is not surprised that Australia ranks highly in the Index, despite the common view that Australia doesn’t have a big philanthropic culture.

“A big part of the Australian culture is to help others – this is particularly evident through our increased willingness to support those in need of our support and kindness.

“I suggest our view of Australian philanthropy is somewhat impacted by the fact that we have significantly less ultra high net worth individuals making substantial grants and contributions in a highly visible manner, such as named buildings and scholarship programs, compared with, say, the US. 

“In Australia, philanthropy is not restricted to the domain of the ultra-wealthy, however as a result the individual contribution made by Australian philanthropists can be less visible.

“This doesn’t mean their contribution is less valuable, on the contrary, and the findings of the CAF report support this,” Ms Sakellaris says.

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Emma Sakellaris

Discussing a client’s philanthropic objectives should be a key component of a financial planning conversation with all clients, not just clients considered to be wealthy or with the perceived greatest capacity to give, says Emma Sakellaris, executive general manager of Australian Unity Trustees Limited.

“Raising the idea of philanthropy with your clients regardless of their circumstances, as a matter of course, can result in stronger client relationships and provide a deeper understanding of client objectives – with the added bonus of providing better outcomes for the charities to which they wish to grant funds,” Ms Sakellaris says.

“Many advisers find that when they ask their clients questions around their charitable giving intentions – as well as explain the idea of structured giving and its associated benefits, it is a concept that is well received.

“Clients like the idea that unlike ad hoc donations, the underlying investment strategy of a perpetual charitable trust means they can grow the capital over time, whilst also generating a sustainable income for annual granting distributions.

“The easiest way to give is through a charitable account or ‘sub-fund’ – which is an individual account established under the umbrella of a public ancillary fund (PuAF). This structure is a great option for clients who want to start relatively small – but who still wish to develop a granting strategy in line with their areas of interest and passion, without the responsibility and obligation of managing the investment, governance and administration components of the fund.

“Considering that such a sub-fund can be established with an initial donation of $20,000 and the tax deduction from this initial donation can be spread over five years, it becomes an affordable and attractive option for many clients.

“Clients also have the option to continue to donate to the sub-fund, which will assist to further grow the capital and therefore increase the income generated for distribution to eligible charities over time. Clients can also contribute further by providing for a bequest or distribution to the fund in their Will. 

“Importantly, the donation made to initially establish the sub-fund attracts the same tax deduction and consideration as making a donation directly to a charity.”

For clients with larger amounts to donate to establish their fund – and who are seeking greater control with regard to the investment strategy implemented – a private ancillary fund (PAF) could be considered.

“A larger initial donation is required to establish a PAF, typically a minimum of a few hundred thousand dollars but it is often an attractive option for clients who inherit assets or who perhaps sell a business, and are seeking to incorporate structured giving into their retirement and estate planning.

“The initial donation to establish a PAF is tax deductible and the income generated by the investment of the donation is also tax free.”

Ms Sakellaris says, Australians are reasonably good at donating to charitable causes.

“According to the World Giving Index – a global index of donations, volunteering and generosity – Australia ranks third behind Myanmar and the United States.

“But despite the impressive world ranking, on average, Australians give just 0.4 per cent of their taxable income as donations.

“Australia is a wealthy country however not all Australians are wealthy.  A key component of structured giving is the ability to connect those with capacity to give and those with the need to receive.

“Whilst we need philanthropists with passion and capacity for medical research, the arts and similar substantial granting contributions, our communities also need philanthropists to assist those less fortunate with day-to-day services and support.

“From this point of view, structured giving simply makes good sense. It means a large number of Australians can allocate some portion of their budget to giving – even a small contribution can make a significant difference to the individual and to the broader community.

“The critical thing for charitable organisations is a donor’s commitment to consistent, longer-term granting.  This provides greater certainty for projects and initiatives, which ultimately means an improved outcome for those in need.

“Financial planners have an important role to play in helping to make philanthropy accessible for all Australians.”

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