Summary - 471 Matt Coman

The financial advice landscape in Australia has experienced significant evolution over the last several decades. Increasing regulation, heightened compliance obligations, and a greater emphasis on education and credentials have raised the bar for delivering high-quality advice. At the same time, sweeping technological changes have brought sophisticated tools and best-practice processes within reach of advice firms large and small.

For Toomeys—a regional accounting and financial planning firm with roots dating back more than seventy-five years—this changing environment offers both opportunity and responsibility. Adapting to modern client expectations, preserving legacy relationships in rural communities, and ensuring the highest professional and ethical standards have become central to Toomeys’ strategic focus.

In a recent conversation, James Wrigley sat down with Matt Coman of Toomeys to explore how the firm has evolved, what professionalism and ethics mean to them, and how their recent experiences—including participation in a growth-oriented advisory initiative—have helped them merge multiple practices under one common vision. This article recounts that discussion and offers broader insights into how professional obligations, technological innovation, and a commitment to ethical conduct can guide a modern financial services firm.

1. A Legacy in Regional Accounting

Toomeys’ beginnings can be traced back roughly seventy-five years to Cootamundra, a regional town located southwest of Sydney and near Canberra. When the firm was established, it primarily served local farmers and small businesses in the area—clients whose success often depended on the fortunes of canola, wheat, and dairy production. Over time, Toomeys expanded into nearby towns such as Young—known for its cherry orchards—and Harden, forming a triangle of offices that have become a cornerstone of local professional services.

Accounting services were always the bedrock of Toomeys. As Australian agriculture and local enterprise matured, so too did the firm’s service offering. The partners recognized that accounting alone was insufficient to meet broader financial needs. Through an affiliation with Count Financial, they ultimately offered financial advice as part of an integrated model. Yet even with these expansions, the firm remained deeply tied to its rural identity—an identity built on reputation, trust, and long-standing relationships spanning multiple generations of farming families.

2. Professionalization of Financial Advice

While Toomeys’ accounting heritage is notable, the evolution of its financial planning division highlights the professionalization of the advice industry itself. The 2010s witnessed Australia’s financial services sector undergo sweeping reforms—in part prompted by high-profile inquiries and a general call for better consumer protection. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry added further impetus to heighten the professional and ethical standards for financial advisers.

Matt Coman’s own career path exemplifies these shifts. Beginning his journey at a Canberra-based firm that also operated under the Count Financial license, he was initially a “jack of all trades,” juggling tasks from administrative work to paraplanning. However, his personal interest in advice soon led him to pursue formal education: a Graduate Diploma, a Master’s in Applied Finance, and eventually the CFP® designation. Alongside that academic progression, he gained exposure to regulatory changes and heightened compliance frameworks.

Toomeys’ leadership recognized early that financial planning was becoming a specialized discipline requiring a deep commitment to ongoing education and the integration of ethical best practices. Many accountants once dabbled in providing “one-stop” services, but the increasingly complex world of best interest duties, compliance obligations, and new professional standards demanded dedicated financial planners.

3. Merging Businesses for Greater Scale and Consistency

A key moment in Toomeys’ modern trajectory came in 2022, when the firm merged with the business where Matt had been advising. At the time, Toomeys had approximately 95% of its revenue in accounting and a modest financial planning footprint. By contrast, Matt’s Canberra-based firm brought an almost opposite composition: a robust financial planning department and a smaller accounting arm.

This merger was facilitated by a unifying element: both organizations held a shared license under Count Financial. Due diligence became more efficient, and the underlying compliance frameworks were largely aligned. Through the merger, Toomeys expanded from its original offices—Cootamundra, Young, Harden, and Fishwick (in Canberra)—to include a second Canberra hub in Gungahlin. The overall headcount rose to nearly 40 professionals, including accountants, administrative staff, offshore support, and a dedicated financial planning team of multiple advisers.

However, integrating three distinct financial planning “streams” was not without its challenges. From client review processes, to technology choices, to staff training, each practice had developed its own preferred approaches. Reconciling them under a single roof called for deliberate planning. The firm needed to standardize workflows, unify documentation protocols, and establish consistent levels of service quality. Above all, Toomeys aimed to ensure every client—no matter where they lived or which adviser they saw—experienced the same professional, thorough, and ethically sound service.

4. Ethics as the Cornerstone of Good Advice

In any firm providing financial advice, ethics is not an optional layer atop a profitable business model—it is the foundation upon which trust is built and maintained. Toomeys, with its deep regional heritage, understands this need intimately. Rural clients have traditionally relied on word-of-mouth and long-standing relationships. Any breach of trust or questionable practice would risk irreparable damage to the firm’s hard-won reputation.

Beyond reputational risk, Australia’s rigorous regulatory environment demands a deep-seated adherence to ethical guidelines. Financial advisers must abide by the Code of Ethics as laid out by the Financial Adviser Standards and Ethics Authority (FASEA). Among many obligations, these include acting in the best interests of clients, providing advice suited to their objectives, and avoiding conflicts of interest.

For Matt and his colleagues, an unwavering focus on ethics translates into:

1. Transparency with Clients – Ensuring that fees, services, and advice are communicated in plain, direct language. Clients should understand exactly what they are paying for and why.
2. Regular Training and Education – Staying updated on legislative changes, regulatory guidance, and new ethical benchmarks through continuing professional development.
3. Robust Compliance Frameworks – Creating standard processes for delivering advice, maintaining records, and overseeing client engagements. This helps reduce the likelihood of errors and fosters consistent service quality.
4. Client-Centered Culture – Encouraging team members to see each client’s unique background, goals, and concerns. For farming families in regional communities, for instance, the livelihood implications of financial decisions can be immense.

5. Growth and Process Improvement: The Iris Growth Master Series

While merging three financial planning groups under one corporate structure, Toomeys concurrently engaged with the Iris Growth Master Series—an initiative designed to help advice practices refine their processes, improve efficiency, and scale ethically and responsibly. Participation came about somewhat serendipitously: one of the Toomeys advisers, Darren Stevens, dropped his business card into a fishbowl at a financial conference; that simple act led to the firm being selected for a detailed practice review.

The Growth Master Series was organized around sessions with experts in different fields: operations, technology, HR, cybersecurity, and financial metrics. Each specialist brought fresh perspectives, guiding the Toomeys team to reconsider how they handled everyday tasks, how they integrated technology, and how they managed potential risks—particularly in the realm of cybersecurity.

5.1 Standardizing the Review Process

One of the most pressing goals was to unify the review process for all financial planning clients across the newly merged practice. Prior to that, different advisers had used variations of spreadsheets, ad-hoc reminders, or personal diaries to keep track of review timelines. This inconsistent approach posed the risk of missed review deadlines, possible lapses in best interest duties, and inefficient use of staff time.

Under expert guidance, Toomeys mapped its end-to-end review workflow in a structured, visual format. They then implemented these processes inside XPLAN, one of the financial advice industry’s most widespread practice management platforms. This allowed for automated reminders, standardized tasks (e.g., a prompt to phone the client 90 days before the review date), and consistent documentation (e.g., template file notes, records of advice).

5.2 Leveraging Technology for Ethical Efficiency

A core theme was building efficiency without sacrificing compliance or client care. By embedding the entire review workflow into XPLAN, the firm reduced the human error inherent in manual tracking. Every step—from booking appointments to generating review packs—became auditable, ensuring that tasks were completed systematically and ethically.

Another leap forward was the adoption of a secure client portal via MyProsperity. Rather than emailing documents with sensitive financial data, advisers can now upload them to the portal for digital signing. The system automatically feeds signed documents back into XPLAN, eliminating a host of risks around data entry, version control, and privacy breaches. Such measures align not only with best practice but also with the heightened focus on cybersecurity and client confidentiality.

5.3 Cybersecurity and Professional Responsibility

The Growth Master Series placed significant emphasis on cybersecurity, an area where ethical responsibilities are paramount. In an age of increasingly sophisticated cyber threats, professional financial advisers carry a duty of care to safeguard client data. The steps taken by Toomeys to enhance their security posture included:

• Deploying robust encryption protocols for digital documents.
• Introducing staff training on phishing attempts, suspicious links, and broader cyber hygiene.
• Centralizing information flow through secure portals to minimize the risk of interception or accidental disclosure.

Such measures do more than protect the firm; they protect vulnerable client information—a principle deeply rooted in any definition of professional ethics.

6. Cultivating an Ethical Culture Through People

High-tech systems and standardized workflows can help ensure compliance and consistency, but the human element remains essential. A truly ethical firm invests in its people, recognizing that each adviser, paraplanner, and administrator carries a responsibility to uphold professional values.

Toomeys exemplifies this mindset by:

1. Mentoring Next-Generation Advisers – Several paraplanners and administrative staff at Toomeys are working toward formal advice credentials, from completing a financial planning degree to starting their Provisional Year (PY). They receive hands-on mentorship, practical exposure, and a workplace culture that reinforces the values of integrity and client-first service.
2. Encouraging Ongoing Education – Regular training sessions, workshops, and in-house discussions keep staff alert to regulatory changes and new ethical frameworks. This includes aligning with the FASEA Code of Ethics, which requires advisers to place client interests at the forefront of every decision.
3. Fostering a Sense of Purpose – Many team members live in or near the regional communities they serve. They see their neighbors, extended family, or local business owners as their clients. That personal investment in local well-being creates a powerful sense of responsibility that further bolsters ethical conduct.

7. Balancing Growth and Personalization

From a strategic standpoint, Toomeys seeks to grow while preserving the personalized, client-focused ethos that has always characterized regional accounting and advice firms. Growth must not come at the expense of client relationships or result in purely transactional encounters. The firm’s approach revolves around:

• Holistic, Goals-Based Advice – Especially for clients in their 30s and 40s who are planning for families or major life milestones, Toomeys focuses on identifying lifestyle goals, not just investment returns. An ethically grounded adviser asks, “Where do you want to be in ten years, and how can we guide you there?”
• Life-Cycle Engagement – For older or retired clients—some of whom have been with Toomeys for decades—advisers offer consistent check-ins, ensuring that pension strategies, estate planning needs, and any unexpected life changes are continuously managed.
• Multi-Disciplinary Collaboration – Accountants and financial planners often work hand-in-hand, referring clients to one another. This “one-firm” ethos enables a holistic view of personal or business finances, reducing the risk that critical issues slip through the cracks. Moreover, it minimizes potential conflicts of interest or duplication of advice, thus adhering to ethical best practice.

8. The Road Ahead: Evolving Regulations and New Possibilities

Australian financial advice is once again at an inflection point. Proposed legislative changes have signaled a possible easing of some compliance burdens—particularly those that have become administrative bottlenecks without necessarily enhancing consumer protection. For the first time in many years, advisers may find new opportunities to deliver cost-effective, accessible advice without drowning in paperwork.

Yet, these shifts do not mean a relaxation of ethical standards. On the contrary, the emphasis on professional responsibility remains higher than ever. Whether it is to address concerns about rising advice costs or to encourage innovative service models that reach younger or rural clients, the core principle is that an adviser’s fiduciary duty to act in the client’s best interest cannot be compromised.

For Matt Coman, the heightened possibilities reflect not only an industry-wide evolution but also personal optimism. Leading a growing financial planning division within Toomeys, he relishes the chance to continue developing staff, refining processes, and exploring new service offerings. The convergence of technology, regulatory changes, and a multi-office business structure presents an exciting horizon—one that the firm looks forward to navigating responsibly and ethically.

9. Professionalism and Ethics: Pillars of a Sustainable Practice

Toomeys’ journey underscores essential truths about professionalism and ethics in a rapidly changing field:

1. Education and Credentials – Professional standards demand ongoing education. Whether it is a graduate diploma or the CFP® certification, such credentials foster a deeper knowledge base and commitment to ethical practices.
2. Regulatory Compliance – A robust compliance framework is not a burden; it is the backbone of trustworthy advice. Standardized workflows, consistent documentation, and centralized technology ensure that ethical obligations are upheld, rather than left to chance.
3. Transparent Client Communication – From fee disclosures to life-stage goal setting, an ethical adviser communicates plainly and frequently, instilling confidence in clients.
4. Fair and Responsible Fee Structures – Part of professional conduct includes ensuring fees are commensurate with the value delivered. A firm merging multiple practices must take special care to maintain consistency and fairness in pricing.
5. Client-Centered Mindset – Professionalism demands advisers place client needs first. Whether advising a multi-generational farming family or a young couple charting their financial future, advisers should tailor strategies to unique goals and circumstances.
6. Community Engagement – Particularly in regional areas, an adviser’s reputation extends beyond quarterly reports or compliance audits; it is woven into the fabric of the local community. Ethical missteps can lead to lasting reputational harm, but conscientious practice fosters trust across generations.

10. Looking to the Future

For Matt Coman and his colleagues, the future is bright, but not without challenges. As Toomeys finalizes a five-year strategic plan, the firm balances a desire for expansion and innovation with the duty to remain faithful to the clients and communities it has served for decades. That duty manifests in many ways: from ongoing staff mentorship to embracing cybersecurity best practices, from exploring new legislative freedoms to maintaining rigorous internal checks.

What makes Toomeys’ story noteworthy is the blend of legacy and forward thinking. Rather than discarding its regional roots, the firm incorporates them into a modern framework that supports broad client bases—from retirees to farmers, from young professionals to high-net-worth families. At every stage, professionalism and ethics serve as the guiding lights, ensuring that short-term commercial pressures do not overshadow a long-term commitment to do right by clients.

The focus on people—staff, advisers, and clients—cannot be overstated. A well-trained, ethically anchored team is the greatest asset any firm can have in an era where both trust and transparency are non-negotiable. When a client entrusts an adviser with their life savings, retirement hopes, or generational farming land, that relationship transcends mere business; it becomes a matter of personal and professional integrity.

11. Conclusion

The conversation between James Wrigley and Matt Coman reflects the transformative journey that Toomeys has undertaken: from its modest accounting origins in Cootamundra to an integrated, regionally prominent firm offering holistic financial planning and accounting services. The firm has navigated a complex regulatory environment, participated in strategic acquisitions and mergers, and embraced advanced technology to improve efficiency, compliance, and client care.

Fundamentally, though, Toomeys’ success rests on a deeply rooted ethical culture. The values that guided the founding partners—thoroughness, diligence, client-first thinking—remain relevant in today’s environment of digital portals and multi-office expansion. By harmonizing technology with a human touch, and by merging modern processes with a storied local heritage, Toomeys demonstrates that professionalism and ethics are not merely boxes to be checked. Instead, they are living principles that inform every client interaction, every staff development program, and every strategic decision.

As Australian financial services continue to evolve, the lessons from Toomeys’ experience resonate broadly:

• Invest in technology, but never lose sight of the relationships that form the bedrock of good advice.
• Champion professional standards, recognizing that continuous education and compliance frameworks protect both clients and advisers.
• Embrace a genuine ethical commitment, making transparent communication and client well-being the center of every recommendation.

Whether guiding a canola farmer through succession planning or helping a thirty-something couple buy their first home, these guiding principles ensure that a modern advice firm remains a trusted partner. In that sense, Toomeys stands as an exemplary model of how to merge legacy, innovation, professionalism, and ethics for the benefit of all.

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