Produced By: Ensombl
In the world of financial advice, small-town advisors can sometimes be overlooked in favor of larger city-based firms. However, the story of Rob Goudie, Managing Director and Adviser at Consortium Private Wealth in Horsham, Victoria, illustrates how an ethical, client-centered, and innovative approach can help a regionally based practice thrive—no matter where its people or clients are located. In a recent conversation with podcast host James Wrigley, Goudie offered insights into his journey from a 25-year-old newcomer to a seasoned advisor running a five-advisor practice with global reach. Below is an in-depth exploration of the key themes from their discussion—especially the critical roles that professionalism and ethics play in financial advice.
Rob Goudie’s career in financial advice began in 1998 in a way that might not have been possible in a large city. An opportunity arose to purchase a small book of business—originally a Colonial Mutual book—at a time when major institutions were divesting or reorganizing their advisory arms. At just 25 years old, Goudie found himself owning his own financial planning practice in the Wimmera region of Victoria.
In a metropolitan area, a similar book of clients would have been snapped up by established players. Yet in Horsham—some four hours north-west of Melbourne—Goudie was in the right place at the right time. This early chance to own a business, combined with his personal passion for saving, investing, and ensuring financial security, sowed the seeds of what would become Consortium Private Wealth.
From these humble beginnings, Goudie navigated his practice through various licensees and corporate structures—Colonial, Financial Wisdom, and then Meritum (later acquired by MLC). The crux of the issue was that larger licensees often demanded uniformity in product offerings or overshadowed practices with corporate red tape. Over time, these arrangements no longer aligned with Goudie’s client-centric ethos or local market realities.
Eventually, in 2017, Consortium Private Wealth became self-licensed. This move was a major milestone, aligning with Goudie’s focus on direct ownership of shares, long-term wealth-building, and an aversion to excessive fees. By charting its own course, Consortium could practice according to the standards of professionalism and ethics that Goudie and his team regarded as paramount.
What started as a single-advisor operation has today evolved into a team of five advisors, all of whom hold equity in the business. Over time, Goudie recognized that achieving scale while maintaining service quality required careful thought about staffing. There are now around five staff members locally, supplemented by around five offshore team members in the Philippines, addressing everything from administrative tasks to paraplanning and compliance support.
A notable aspect of Consortium’s culture is that younger advisors who show the right attitude and capabilities are often offered equity sooner rather than later. Goudie learned that simply tying someone down with an ownership stake is not necessarily a guaranteed retention strategy. Culture, professional development, and the shared sense of purpose often matter more than a nominal share of the business.
Nevertheless, providing partnership opportunities for new advisors can facilitate commitment and a long-term perspective. By giving ownership to people who truly believe in the firm’s mission, Consortium has built a team with both technical acumen and deep investment in client outcomes.
Central to building a stable team has been fostering an ethically minded culture. From the earliest days, Goudie insisted on transparency with clients—disclosing fees early, obtaining formal sign-offs, and keeping open lines of communication. Beyond compliance requirements, such practices help ensure that both staff and clients believe in the moral compass of the organization.
Operating in a rural region means that Goudie and his team naturally serve many farmers. They also cater to a broader swath of clients, including small business owners, retirees, and younger professionals. The common thread is an emphasis on transparency and control.
For instance, in agricultural communities, farmland might have been in a family for generations. Clients want to ensure its legacy endures. Coupled with small business owners’ desire for autonomy, the demands of these client segments align well with Goudie’s preference for direct investing—where people know precisely what they own, as opposed to funds of funds or large unit trusts that distribute complex, often unexpected capital gains or extra fees.
Goudie acknowledges the duty to uphold ethical standards, particularly where large transitions of wealth are at stake. In many rural communities, farmland represents both a business and a family’s heritage. Selling or leveraging it for retirement demands sensitivity and a solid ethical framework.
Moreover, for small-business owners, navigating the intricacies of structuring their wealth—be it within trusts, self-managed super funds, or direct holdings—requires honesty about risks, fees, and likely outcomes. The emphasis is on ensuring that any recommendation is genuinely in the best interest of the client, a principle embedded in the best-interest duty that all Australian financial advisors are obliged to uphold.
Goudie’s inclination toward direct ownership of shares (both domestic and international) was spurred by a personal, somewhat negative experience. Early in his career, after making a well-timed investment in a major managed fund, he found himself saddled with unforeseen capital gains distributions. Though he had only recently joined the fund, he effectively inherited years of gains that were realized and then distributed that particular year.
Additionally, Goudie’s experiences with brokerage calls—some of which seemed more like churn-driven advice rather than truly client-focused—further solidified his resolve to control the investment process. He now sees direct ownership as a means to avoid layered fees and unpredictable distributions. Clients can decide whether to participate in share purchase plans, assess dividend reinvestments on a case-by-case basis, and hold or sell shares with complete transparency.
Implementing a direct share model, however, can be complex. Consortium Private Wealth serves as a “mail house” for clients, managing tasks such as share registries, share purchase plan entitlements, and corporate actions. With each event requiring a compliance check—including a Record of Advice (ROA) and documented client consent—the back-office workload is substantial.
Yet Goudie has consistently made choices to preserve client control:
By nature, direct share investing requires robust research. Consortium leans on an array of third-party research providers, such as Morningstar, Lonsec, and other specialist resources. They also use discovery tools like Simply Wall St to sift through corporate fundamentals, especially for mid-cap and smaller companies. The emphasis is on deep fundamental analysis and a preference for long-term quality holdings rather than short-term speculation.
Early on, Goudie realized the futility of local newspaper ads that merely listed standard services: “superannuation,” “life insurance,” “direct shares,” etc. These bullet points did little to build trust or educate potential clients.
Instead, Consortium pivoted to educational pieces: weekly editorials in local newspapers, detailed written content on its website, and, more recently, videos and podcasts that demystify topics like self-managed super funds, how to retire on a modest sum, or how share purchase plans work.
One hallmark of Consortium’s marketing is consistency. They have published weekly YouTube videos since around 2012—a testament to their commitment to client education. For nearly a decade, this produced minimal immediate results. However, in the long run, the firm’s library of 700+ videos established credibility. It also aided prospective clients who might discover Consortium through a single video, and then quickly binge on another half-dozen to understand the practice’s approach.
A turning point came when a video on retirement lifestyles—particularly how one could feasibly retire on around AUD 650,000 plus the Age Pension—suddenly took off on YouTube after three months of moderate performance. This single video garnered a spike in subscribers and, for the first time, started generating a consistent flow of inquiries.
Meanwhile, Goudie also uses Instagram and TikTok to distribute short, engaging content. On TikTok, he often highlights individual stocks, explains market events, or shares simple but insightful takes on the reasons behind direct investing. The audience might not always be the typical retiree, but those younger viewers who do engage often refer friends or older relatives looking for a competent advisor.
It is easy for financial advisors to toe the line between educating and “selling.” Consortium Private Wealth navigates that line by focusing on imparting genuine knowledge and disclaiming each recommendation clearly. They do not promise unrealistic returns; they also stress that any examples given are for demonstration purposes and not personal financial advice. This approach:
Going self-licensed has freed Consortium from certain conflicts of interest inherent in large-institution affiliation. With no pressure to meet institutional sales quotas or push proprietary products, the firm can genuinely claim to act in its clients’ best interests. Of course, self-licensing also entails more rigorous compliance measures and the need to stay current with regulatory changes. By investing in internal compliance processes and external legal guidance, the practice navigates these hurdles ethically and effectively.
One of the biggest ethical considerations in financial planning involves fee structures. Historically, conflicted remuneration—such as trailing commissions from product providers—created potential misalignments between advisors and clients. In an era when Australian regulations have increasingly banned or limited such commissions, Consortium’s model is a clear demonstration of best practice:
Self-licensing also demands heightened vigilance in addressing questions about risk, conflicts of interest, or transparency. For instance:
For a direct share model to function smoothly across multiple client portfolios, powerful administrative software is critical. Goudie mentions the importance of Praemium for compiling tax statements and tracking cost bases. This saves considerable time for clients and accountants alike, ensuring all dividends, franking credits, and capital gains are captured accurately.
Meanwhile, the adoption of online forms and digital signatures speeds up the typically time-consuming processes around corporate actions and share purchase plans. The ability to quickly distribute a video explanation and a link to an online consent form shows how technology can facilitate ethical and professional practice. Advisors still obtain documented client agreement—fulfilling legal requirements—without burdening them with cumbersome paperwork.
By employing a team in the Philippines, Consortium maintains a cost-effective, robust back-office. However, ethical and professional considerations must be carefully managed:
This balance—remote administrative efficiency with local, ethical accountability—allows the firm to expand capacity while retaining the personal touch crucial for maintaining client trust.
Rob Goudie’s experience demonstrates that small-town advisors can remain highly relevant in an industry frequently undergoing transformation. Whether it’s dealing with bank takeovers, new compliance rules, or the tech-driven rise of robo-advice, Goudie sees these as opportunities to refine service offerings.
He has strategically embraced modern tools and marketing platforms—like video conferencing, YouTube, and TikTok—without abandoning the face-to-face sincerity and personal rapport that define rural community relationships. That synergy is something larger city firms may try to replicate, but often cannot match with the same level of authenticity.
An especially important takeaway is that focusing on client best interests can become a competitive edge. Rather than chasing short-term profits or volume-driven strategies, Goudie has built an advice model around thorough research, no conflicts of interest, and high-quality ongoing service. This fosters long-standing relationships that transcend market turbulence, generational wealth transitions, and the emotional roller coasters common to investing.
With a new generation of advisors taking equity stakes in Consortium Private Wealth, Goudie ensures that the spirit of ethical practice endures. When younger professionals see that the firm truly lives its values—through transparent fees, client-centered decision-making, and putting education first—they more readily uphold and innovate on that philosophy themselves.
Throughout the conversation with James Wrigley, a number of consistent ethical and professional themes emerged:
Rob Goudie’s journey, as shared with host James Wrigley, highlights the power of professional integrity, transparency, and community-minded ethics in forging a successful financial advisory practice—regardless of location. From his early days as a 25-year-old proprietor learning about the complexities of managed funds, to running a five-advisor firm with robust systems for direct share investing, Goudie has remained steadfast in placing clients’ best interests at the forefront.
Consortium Private Wealth’s story also underscores a vital lesson for the entire financial services industry: sound ethics is not a burden, but rather a cornerstone for sustainable growth. By prioritizing clarity in fees, committing to ongoing education, and using technology as a tool for meaningful engagement—rather than a substitute for personal service—small regional practices can serve clients with the highest levels of professionalism.
In an era where trust in financial institutions can waver, advisors like Rob Goudie prove that credibility is earned over years of consistent, honest effort. Clients take note of the difference between a sales pitch and genuine education, especially when life savings, legacies, and deeply held family assets are at stake. Ultimately, the conversation between James Wrigley and Rob Goudie serves as an inspiring reminder of what it means to build and lead a principled, client-focused firm—one that thrives on ethical practice, embraces continuous learning, and remains humble enough to adapt in a rapidly changing industry.
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