Produced By: Ensombl
In the ever-evolving world of finance, few elements remain as critical—or as fundamentally demanded by clients and peers alike—as professionalism and ethics. These form the bedrock of trust, the vital commodity any advisor or firm must secure to serve clients effectively. Recently, I (James Wrigley) had the pleasure of sitting down with Josh Pennell, Director of Prosper Advisory. Our discussion ranged from his early career path and the founding principles behind Prosper Advisory, to the day-to-day strategies used for steady, ethical growth. The interview revealed not only how Josh and his team guide clients from small-business owners to retirees, but how they place ethical considerations and professional best practices at the center of every relationship.
Below is an expanded, in-depth article synthesizing the highlights of our conversation and exploring how Prosper Advisory embodies a culture of integrity, diligence, and exceptional client care.
As we began our conversation, Josh and I reminisced about our professional crossovers many years ago when we both worked, in some capacity, for the same business—albeit under a different name and ownership structure. We commented on how quickly time has passed, noting that it was over a decade ago that we last found ourselves at the same industry events.
Despite the changes in our respective career trajectories, one thing that resonated was our mutual realization of how important a firm’s foundation can be. Often, a financial planning or accounting practice’s reputation hinges on how it upholds ethical standards—ensuring that the clients’ best interests remain front and center. From that earliest overlap in our careers, it was clear to both of us that building a sustainable business in financial services means embracing compliance, transparent advice, and ongoing professional development.
Josh is now the Director and part-owner of Prosper Advisory, a Melbourne-based firm in the Bentley area that integrates an accounting division and a financial planning arm under one umbrella. This unique structure allows the organization to serve a broad mix of clients—from small- and medium-sized enterprises (SMEs) to individuals needing personal tax guidance or self-managed super fund (SMSF) services.
“We typically work with businesses that might have between five and 100 employees,” Josh explained. “We have a dedicated team of six chartered accountants and a similar-sized group on the financial planning side, supported by some administrative staff and outsourced specialists in areas like paraplanning or bookkeeping.”
Prosper Advisory’s accounting division handles everything from general business accounting to tax compliance, business valuations, and specialized work for clients operating their own Australian Financial Services License (AFSL). Meanwhile, the financial planning arm caters primarily to pre-retirees and retirees—though they also advise younger professionals with complex financial needs. According to Josh, around 70% of their planning clients are in that retirement-focused demographic, while 20–30% are successful professionals or business owners juggling career pressures, mortgages, and families.
What is most striking about this model is how seamlessly they merge the roles of accountants and financial planners. This aligns with one of the core tenets of ethical advice: ensuring that any recommendation is informed by a full understanding of a client’s financial situation, whether that concerns tax obligations, trust structures, or superannuation contributions. The holistic approach reduces the risk of disjointed advice, where an accountant and a financial planner might otherwise operate in silos, potentially causing confusion or missed opportunities for clients.
An ongoing theme in Josh’s commentary was the commitment to nurturing the next generation of advisors and accountants. At Prosper Advisory, while Josh himself is a seasoned advisor, the firm has also been through the process of supporting new entrants via the professional year (PY) requirement. One of his team members joined initially in a client service role, then developed paraplanning skills, and has now progressed into full authorized representative status.
Throughout that journey, ethical practice and professional excellence remained at the core. Josh highlighted that the new advisor did not rush through the PY, instead taking the time to learn client communication, deeper technical strategy, and the soft skills integral to building trust. “I found it very rewarding to see her bring all these pieces together: compliance, empathy, and genuine care for clients’ outcomes,” he said.
This meticulous approach to training helps ensure that emerging advisors do not merely learn the industry’s technical complexities, but also the guiding philosophies of ethics and a client-first mentality. Part of this mentorship involves demonstrating, by example, how to handle conflicts of interest, how to prioritize transparency, and how to consistently apply professional standards like the Financial Adviser Standards and Ethics Authority (FASEA) Code of Ethics in daily practice.
Another cornerstone of Josh’s narrative was organic growth—how he built his client base and reputation from the ground up. Early in his career, networking groups played a pivotal role. Josh joined one of the larger global business networking organizations, Business Network International (BNI), and attended countless breakfasts, lunches, and events to establish relationships.
Over fourteen years in the same BNI chapter, he refined his ability to communicate complex ideas simply, developed better public speaking skills, and solidified professional connections. “People often underestimate the value of building deeper relationships over a long period,” he reflected.
It also gave him valuable exposure to other professionals—mortgage brokers, lawyers, real estate agents—and taught him the reciprocity of ethical practice. In these referral networks, trust and integrity determine whether your peers feel confident recommending your services to their own clients. A single breach can undermine years of credibility. Conversely, consistent ethical action forms a reputation for reliability that endures.
As Prosper Advisory’s client load expanded, Josh noted that the firm experimented with other strategies too—hosting webinars and seminars, collaborating with centers of influence, and capitalizing on social media where relevant. Yet, as he emphasized, each new venture was approached with the same principle: if it did not align with their core values of honesty, confidentiality, and putting clients first, they would not pursue it.
One of the most striking facets of Josh’s work is his focus on separation and divorce. As he openly shared, his own lived experience seven years ago ignited a strong desire to help clients during this challenging period of their lives. Financial planning for divorcees involves not just number-crunching, but a deep empathy for individuals who may be facing an emotional crisis, legal uncertainty, and a vast realignment of their life plans.
“Divorce can be such a major life event,” Josh said. “Many clients are navigating this for the first time. They’re dealing with lawyers, child custody, property settlements, and might be worried about whether they’ll have enough super to retire. We try to provide clarity at a time when clarity can be in short supply.”
From an ethical standpoint, working in separation and divorce requires special sensitivities:
Josh mentioned that providing “just-in-time” advice can be more effective in divorce contexts. Drafting a full financial plan might be premature if the settlement details are not yet determined. Instead, Prosper Advisory guides individuals incrementally—first establishing clarity on existing assets, potential settlement scenarios, and immediate short-term cash-flow considerations. Once the settlement is finalized, the firm helps craft a definitive strategy to align the new financial reality with the client’s long-term goals. This prevents wasted resources and ensures that each piece of advice is truly relevant.
Another facet of Prosper Advisory’s service offering is what Josh described as AFSL-related accounting work. Holding an Australian Financial Services License (AFSL) brings unique complexities: licensees have additional compliance and reporting obligations. As luck or strategy would have it, Prosper Advisory’s journey led to working with a nearby business that ran its own AFSL, and the expertise they gained made them a go-to for specific accounting tasks related to licensees’ obligations.
“It was something we could do very well because we already understood the intersection between financial planning and accounting,” Josh said. This integration highlights yet another angle of professionalism. Adhering to ASIC’s requirements is an ongoing process; it demands rigorous record-keeping, awareness of regulatory changes, and an appreciation for the ethical implications of maintaining impartial recommendations under an AFSL structure.
Prosper Advisory’s breadth of services underscores a commitment to delivering integrated, compliant support. By providing both financial planning and AFSL-compliant accounting in-house, they reduce the risk of communication gaps and help ensure consistent quality control. It also means they can quickly adapt if regulations shift, preserving the integrity of advice and focusing on the client’s best interests throughout.
Some professionals might choose to share their expertise via blog posts or short e-books. Josh took it a step further, writing a 50,000-word book, What Parents Want. Completed during Melbourne’s lockdowns, the book offers practical financial insights to young families and professionals balancing career, mortgages, and the demands of raising children. The goal is not to compete with mainstream authors or earn royalties, but rather to present meaningful, accessible knowledge.
“I found it so rewarding,” Josh said. “People reached out saying how a particular chapter helped them clarify their budgeting or super contributions, or gave them tools to have better discussions around finances with their spouse.”
Though drafting the manuscript was fulfilling, the editing and publishing stages proved more challenging. He notes how each choice, from the cover design to the final text layout, took meticulous attention to detail—arguably a parallel to how thorough financial services must be: every “i” must be dotted, and every “t” crossed to maintain trust.
From an ethics and professionalism standpoint, authoring a book is also a statement of accountability. If you publish guidance or best practices in writing, you assume responsibility for the accuracy of that information. You invite scrutiny, as readers can—and likely will—compare your stated philosophies with your actual client interactions. For any serious professional, this is part of thought leadership and genuine transparency: you place your ideas in the public eye, openly and confidently.
As our conversation wound down, it was clear that many core principles—those that we might call the intangible measures of success—unified all the varied services and projects Josh undertakes at Prosper Advisory. Some of these principles include:
Our discussion illuminated some broader truths about the financial advice profession. Regulatory changes, such as the introduction of new educational standards and heightened compliance expectations, can be daunting. Yet these changes exist to safeguard consumer interests and continually raise the bar for professionalism. Firms like Prosper Advisory have leaned into these regulations, using them as a framework rather than a hindrance.
Josh’s journey underscores how a well-rounded practice sets up structures to ensure ethical alignment:
Clients who engage a firm built on these tenets can, in turn, enjoy greater peace of mind. They know that their advisor is committed to transparency, honest communication, continual learning, and a truly fiduciary mindset—though “fiduciary” might be a term used more commonly in certain jurisdictions, the principles of prioritizing client best interests remain universal.
Throughout our conversation, it was evident how passion and practicality intersect in Josh’s career. From modest beginnings—attending networking breakfasts and forging relationships—to leading a multifaceted firm that supports everything from family law clients to SMEs, his commitment to professionalism and ethics shines through.
He shows that ethical practice is not simply about following rules; it’s about adopting a mindset. It means being proactive in anticipating client needs, vigilant about possible conflicts of interest, and humble enough to recognize when a problem lies outside one’s expertise. It also means building a culture where junior advisors can learn best practices not as optional extras, but as an integral component of their identity as financial professionals.
In the often turbulent world of financial advice—marked by market shifts, regulatory changes, and evolving client expectations—staying true to clear moral and professional guidelines can be the difference between fleeting success and long-term credibility. Prosper Advisory’s story exemplifies how integrated service offerings, strategic networking, rigorous training, and empathy for clients in critical life transitions all fit together when united by an ethical core.
As the financial industry continues to evolve, professionals can find inspiration in these approaches. Whether you are a solo practitioner exploring how best to structure your services or a larger firm reevaluating the practicalities of compliance, the Prosper Advisory model offers valuable pointers: keep learning, partner wisely, communicate openly, and put client well-being at the heart of every conversation.
In the end, the business of financial advice is, at its essence, a profession built on trust. And trust is earned—patiently, steadily, through repeated demonstrations of integrity. By prioritizing transparency, empathy, and a genuine desire to serve, advisors like Josh Pennell are able to shape a future for their clients that is not only financially secure, but rooted in ethical partnerships and professional excellence.
Accreditation Points Allocation:
0.10 Technical Competence
0.10 Client Care and Practice
0.10 Professionalism and Ethics
0.30 Total CPD Points