Produced By: Ensombl
Starting one’s own financial advice business can be both thrilling and intimidating. It requires dedication, thorough attention to regulatory details, an unwavering commitment to clients, and a willingness to uphold the highest professional and ethical standards. In today’s environment—marked by evolving regulations, rising consumer expectations, and a greater emphasis on transparency—financial advisers seeking to launch and grow their practices must strike a careful balance between serving clients’ interests and operating a viable enterprise.
Below is a consolidated, article-style discussion drawn from a conversation between two financial advisers, James Wrigley and his guest, adviser and practice owner, Deline “Deline” Jacovides. Over the course of their dialogue, they explored the journey of establishing a financial advice practice, the role of family business influence, the challenges and rewards of building a client base, and most importantly, the ethical principles that guide responsible advisers in their work. This piece distills the conversation into an approximately 2,000-word article, with a particular focus on how advisers can maintain integrity, professional conduct, and an ethical framework while growing their client base and nurturing staff.
Starting a business often involves picking a name that captures one’s vision and values. For Deline, coming from a Greek family provided a unique opportunity to integrate heritage and professional mission. When she established her firm, Mazi Wealth, she took the Greek word “mazi,” meaning “together,” to reflect the collaborative nature of her services. It was important to her to convey not just a sense of partnership with clients, but also the idea that good advice is built on mutual respect, cooperation, and alignment in goals. From an ethical standpoint, the idea of “togetherness” underscores an adviser’s responsibility: the client’s best interest must remain at the forefront, and the adviser’s success is directly tied to helping the client achieve their financial objectives.
Deline’s background included working for both small advice businesses and large industry super funds. Early in her career, she held positions in a small, one-adviser practice, providing paraplanning and administrative support. Later, she moved on to SunSuper (a major superannuation fund) where she specialized in general advice over the phone—a challenging environment in which to build rapport with clients despite often-transactional interactions. She then took on an advice role with a small private firm she had specifically sought out, looking to learn how to build deeper, more holistic client relationships. In a subsequent move to NGS Super, she offered comprehensive advice that extended beyond mere product recommendations, providing an even clearer picture of how advisers can create strategies that serve clients’ broader financial needs.
Throughout these various roles, Deline built skills in retirement planning, investment advice, insurance reviews, estate planning, and even some self-managed super fund wind-ups. She gained an appreciation for ethical practice as she encountered diverse client scenarios, from complex strategies to simpler transactional requirements. Maintaining an ethical stance meant honestly identifying when her organization’s product was not the best fit and recommending alternatives if needed. This capacity to place the client’s interest first, regardless of a product focus, is a core requirement of ethical conduct for all financial advisers.
The thought of starting a practice can be daunting. Many professionals worry about losing the security of a salaried job, while also juggling the complexities of business operations and family. Deline found that familial ties to small business ownership—her parents and grandparents had owned small businesses—gave her an appreciation for both the rewards and the challenges of working for oneself. She was familiar with the possibility of stress and long hours, but also recognized the lasting fulfillment of building a client base on her own terms.
From an ethical perspective, new advisers often weigh the benefits of complete autonomy against the potential pitfalls of being solely responsible for compliance, record-keeping, and client welfare. An adviser who runs a new practice must craft their own compliance systems, assure clarity around fees, and develop strict internal checks to maintain objectivity. The impetus here is transparency: disclosing all fees, demonstrating how recommendations are in the client’s best interest, and abiding by relevant codes of ethics are key.
Deline discussed a strategy that is both pragmatic and ethically sound—recognizing that, if the venture did not pan out, returning to a salaried adviser role elsewhere would remain an option. The ability to contemplate a “fallback” plan highlighted her willingness to experiment with entrepreneurship. Equally important, it showcased her ethical grounding: she knew she would not shortchange client interests or professional standards if things grew slowly. She could take on new clients at a measured pace rather than compromising on quality or advice thoroughness to pay immediate bills.
One of the first significant decisions Deline faced in her own practice was defining the scope and nature of her advice services. Determining whom to serve is a practical matter but also deeply ethical—advisers must ensure that they can meaningfully assist the clients they take on and that fee structures are transparent and fair. She opted to provide only comprehensive advice, recognizing that she operates most effectively when considering a client’s total financial picture. While some advisers offer scaled or transactional advice (e.g., insurance-only), Deline discovered that more holistic engagements allow her to build long-term relationships and a deeper level of trust.
An essential professional and ethical consideration is the affordability of advice. Deline learned that to justify the cost of full-service advising, her clients typically had higher incomes or had already accumulated some assets. This profile ensured that the fees they paid aligned with the complexity of the service, and she could truly help them achieve improvements in their financial life. She also acknowledges that financial advice is a service that must be sustainable for both client and adviser—if the cost is disproportionate to the client’s capacity, the value provided might not justify the expense. As ethical practitioners, advisers are responsible for ensuring clients fully understand the cost-benefit proposition.
No business can grow beyond a certain point without talented support. From day one, Deline decided to outsource paraplanning, recognizing that she is best suited to guiding strategy and building client relationships rather than creating lengthy, detailed Statements of Advice (SOAs). This outsourcing arrangement, while beneficial for efficiency, also needs careful oversight. In the world of compliance and ethics, an adviser who outsources must ensure that the final product meets regulatory requirements, is relevant to each client’s situation, and remains truly her own recommendation. Checking the work for accuracy and consistency is non-negotiable, as the principal adviser retains ultimate responsibility.
Beyond paraplanning, Deline also hired virtual assistants (VAs) to manage administrative tasks. This reduced her day-to-day burden and provided a structured workflow: clients receive timely responses, compliance filings remain organized, and adviser capacity is better allocated. Hiring and training offshore VAs can require heightened vigilance around data security and adherence to privacy regulations, key ethical considerations in modern financial advice. While new hires—particularly offsite—can be cost-effective, the adviser must ensure robust protocols are in place to protect sensitive client data and meet legal requirements for confidentiality.
After some trial and error with a first VA who did not meet performance or cultural fit expectations, Deline selected two new full-time VAs who have proved instrumental in scaling her client work. One VA, notably, is even an adviser in the Philippines, well-versed in financial concepts. This thoughtful approach to staffing highlights the importance of matching team members’ values and skill sets with the ethical priorities of the business.
The conversation turned to how Deline manages client demand. An adviser practicing ethically is, at times, an adviser who must say “no”—or “not right now.” Overpromising and underdelivering can compromise both compliance obligations and client satisfaction. Instead, by instituting a waitlist, Deline ensures she can deliver advice on schedule without sacrificing quality. She aims to give thorough, personalized attention to every client, recognizing her professional obligations to produce well-researched, high-quality advice.
Maintaining a waitlist might sound risky—some clients could be discouraged by any delay. However, Deline finds that most people are willing to wait. In fact, they appreciate the level of care and attention they will eventually receive. She is transparent about the backlog and uses the opportunity to send prospective clients resources—videos and guidelines—to familiarize them with the advice process. This approach not only filters out those who may not be the right fit but also preserves the practice’s ethical core: each client will have the necessary time for a comprehensive and well-considered advice process.
One of the hallmarks of ethical advice is total clarity on cost. Deline’s process entails a simple, staged fee structure: clients see a short introductory video and materials explaining her fee schedules before they even have the initial call. They hold a short conversation to ensure there is alignment in terms of needs, capacity, and values. Then, a more in-depth discovery meeting follows, with fees typically split into two installments—half paid up front and half upon finalization of the Statement of Advice.
Deline presents comprehensive advice in a way that encourages client comprehension. Part of that involves a two-meeting strategy session with clients: first, a thorough “discovery meeting,” then a “strategies meeting,” in which she uses a modeling tool called Voyant to demonstrate the potential outcomes of various courses of action. If a client, for instance, wants to see how a small increase in superannuation contributions might affect their retirement, the model helps visualize changes in future cash flow, tax implications, and estate outcomes. Such transparency in risk/benefit analysis is central to an ethical approach, as the client must grasp how each recommendation aligns with their goals and values.
The conversation also delved into Deline’s use of Loom videos and other digital tools to enhance client understanding. For instance, she has recorded a video that walks clients through their life insurance renewals—one of those administrative tasks that many clients may find confusing. By providing a short, personalized overview of what the renewal statement means, how to assess coverage updates, and what to do if their situation has changed, she exhibits the principle of informed consent. She is empowering clients with knowledge so they can make decisions in their best interest.
Similarly, she has created videos explaining more complex items like Division 293 tax on superannuation contributions. When a client is likely to face a certain scenario—an additional tax notice, a possible early release from super, or an investment threshold shift—she can send them a clear, jargon-free video. Time savings is obviously a benefit for both adviser and client, but from an ethical and professional standpoint, it also ensures the client does not remain in the dark about any aspect of their plan. Consistently delivering these resources demonstrates a commitment to continuous, transparent client communication.
As artificial intelligence (AI) becomes more embedded in compliance, some advisers explore automated meeting transcripts and AI-assisted note-taking. Deline expressed an interest in trialing these solutions (like Fireflies or Copilot) to improve efficiency. The real ethical crux lies in the careful adoption of technology that respects client confidentiality and does not undermine human judgment. Automated transcripts can save time, but they must be vetted for accuracy, and data must be securely stored. Advisers must stay informed on regulatory requirements for digital record-keeping and ensure any technology partner meets strict privacy standards.
Deline noted a paradox that is common among motivated employees: they often invest immense energy in the firms they join, eventually questioning whether they should be building their own business instead of someone else’s. The transition to owner/adviser can be as much about psychological readiness as it is about financial preparedness. Having witnessed her parents’ businesses, Deline was acutely aware of the challenges—long hours, potential cash-flow constraints, and an unwavering attention to regulatory detail. Yet she also acknowledged the excitement of creating a firm that reflects her personal values and professional ethics.
In many respects, building a practice from the ground up forced her to cultivate a greater respect for the cost structure behind advice. As a business owner, she grasps precisely why certain fees must be charged to ensure sustainability. Simultaneously, she can appreciate the intangible value of time spent clarifying recommendations or addressing client questions. This dual understanding—of fair compensation for the adviser’s services, balanced against delivering the best possible outcome for the client—is a cornerstone of ethical professional practice.
Throughout her journey, Deline has found that her view of professionalism and ethics profoundly shapes the way she interacts with clients, staff, and referral partners:
Despite—or perhaps because of—her 16 years in the industry, Deline remains optimistic about the trajectory of financial advice. She has weathered phases of heavy compliance, public skepticism following larger industry missteps, and the exit of many advisers who found the newly intensified standards too cumbersome. Yet she insists that responsible practice owners can thrive. By focusing on honesty, diligence, and shared responsibility with clients, advisers can build relationships that withstand market swings and regulatory changes.
She acknowledges that some compliance rules might feel burdensome, but they can also push advisers to become more rigorous, methodical, and transparent in their approach. If, over time, red tape lessens or processes become more streamlined—particularly if aided by ethical implementation of new technology—then advisers will be able to devote more effort to client-centered planning. This perspective underscores a profound truth: high standards can act as a healthy gatekeeper, keeping out those who are unwilling or unable to meet ethical obligations.
The story of Mazi Wealth and its founder, Deline, demonstrates that establishing and growing a financial advice firm can be both an intensely personal journey and a professional endeavor rooted in principles of service, transparency, and excellence. In an environment where public trust in financial services is still being rebuilt, the ethical lens through which an adviser operates has never been more critical.
A sustainable, values-driven practice:
Professionals entering or advancing within the financial advice sector can learn valuable lessons from Deline’s experience. Ethical conduct and professionalism are not static checkboxes but dynamic guides that shape daily interactions, from a social media introduction to a final Statement of Advice. A well-managed waitlist respects both the client’s desire for high-touch service and the adviser’s imperative to deliver only the highest-quality outcomes. Customized tools—like video explanations and software modeling—demonstrate how advisers can use modern approaches to educate and inform clients, always seeking to elevate the client’s comprehension and empowerment.
Ultimately, the success of a modern advisory practice lies in a willingness to uphold these values—professionalism, collaboration, transparency, and above all, client-first ethics. By weaving these threads into the fabric of every meeting, piece of technology, and staff decision, advisers not only serve their clients with excellence but also fortify the reputation of the broader profession. For advisers contemplating the next step, whether it is adding staff, exploring new technology, or starting anew, Deline’s journey is a testament to the rewards that come with steadfast commitment to an ethical, client-focused vision. Through such dedication, financial advisers can achieve sustainable growth for their practices and foster lasting, trust-based client relationships that benefit everyone involved.
Accreditation Points Allocation:
0.10 Technical Competence
0.10 Client Care and Practice
0.10 Regulatory Compliance and Consumer Protection
0.10 Professionalism and Ethics
0.40 Total CPD Points