Farewell to AFRM founder Phil Young
We have a quick chat with AFRM founder Phil Young as he prepares to say goodbye to the company after 20 years of service.
Why did you and Nick form AFRM?
I came home to Newcastle after working for many years for an English Multi National Firm called Delta Corporation, to work in the family General Insurance Broker business in 1989 and I set up the Life Insurance side in 1990 trading as Young Business & Financial Group P/L as a multi agent. My business grew because I’d set up business agreements with a number of accounting, financial planning and stock broking firms and in 1995 I decided that I needed another adviser but one who could also become my business partner and if he was the right person then I would offer equity in YBFG. I met with Nick and we discussed my business. At this stage Nick was working in Commercial Real Estate. He decided to join me on 1 April 1996 with the aim of growing a specialist insurance risk practice and we decided on a name change that would give emphasis/impression to our future growth model deciding on Australian Financial Risk Management P/L (AFRM).
What do you think makes AFRM different?
We have always focused on advice, first obtaining all client information, their assets/liabilities, their aspirations, special needs and then and only then, when we have a clear picture of their circumstances, (it’s now known as our Discovery Doc) do we commence to formulate a risk management advice plan specifically designed to meet their needs. Our advice process has always been ranked as of utmost importance, not the sale of Insurance. AND then at claim time, when the client needs us the most we manage the claim better than any other business.
What has been the most rewarding part of being an adviser?
When a client accepts your advice recommendations, retains the insurance cover, makes a claim on the cover and you are there to manage the claim and provide the financial assistance for the client or their family.
What are your thoughts on recent industry change and debate?
Change is part of our Industry, so many changes since I’ve started in the Industry, too many to list and the old ones have now lost their importance as new ones emerge, so accept change for what it brings and concentrate on the future and how you can improve in your advice process, in your business! The old adage that if it’s not broken don’t fix it is old school! If you want to be ahead of the pack, if you want to run a successful business then make changes so that you are ahead of others and think outside of the box and use technology.
What will you miss most about your career?
My family that I spend time with Monday to Friday.
How do you plan on spending your retirement?
Well, I’m retiring from AFRM not work in general. I’ve many interests so retirement is not on the cards. I’m going to be helping with giving advice to parents of sons/daughters who are disabled and need assistance with accessing the National Disability Insurance Scheme (NDIS) and I’m also providing consulting advice to Companies working in Disability who are the providers of services to the NDIS. Then I’ve briefly discussed with Paul Clitheroe potentially working to help in the education process relating to life insurance with the Financial Literacy Council of Australia. Then, I’ve been approached by some Licensees to help mentor their advisers in Australia. Finally, there’s endless riding on my bike and holidays to enjoy and I don’t have to ask Wathana how much holiday leave I have to be able to do it!Please note, this information has been prepared by Australian Financial Risk Management Pty Ltd (AFRM) ABN 21 001 696 868. AFRM hold an Australian Financial Services License (AFSL) 237186. The information is for general purposes only and has been prepared without taking account of your objectives, financial situation or needs. AFRM recommends that you seek professional advice before acting on any information contained herein.