Produced By: Ensombl
In a rapidly changing financial landscape, mid-tier advisory practices often find themselves in a unique position. They are neither so large as to be impersonal nor so small as to lack resources. Instead, these practices sit at a sweet spot: big enough to offer the full range of professional support services but small enough to foster individual client relationships. One such practice is Jacaranda Financial Planning—featured in a recent conversation between host Andrew “Roxy” Rocks, advisor Joel Harty, and operations leader Paulina Roncevic.
In the transcript, which is now reshaped into this article, the trio discusses their backgrounds, the culture and structure of Jacaranda Financial Planning, and the importance of strong ethical standards in client-centric advice. They also delve into how the firm manages to combine personalized service with operational efficiency, particularly during a time when financial services regulations continue to demand the highest standards of compliance and professionalism. What follows is an exploration of those key themes, with particular attention to the ethical and professional aspects that underpin a trustworthy financial advisory practice.
Financial planning has undergone a dramatic transformation over the past decade. Heightened regulatory scrutiny, especially in Australia, has resulted in increased demands on advisors to demonstrate not only their competence but also their integrity. The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry sparked a wave of reforms intended to lift the ethical standards of the profession. Advisors now must meet stringent educational requirements, comply with rigorous documentation standards, and place the client’s best interests at the core of every recommendation.
While large institutions can struggle with conflicts of interest and smaller firms may be limited by resources, mid-tier practices such as Jacaranda Financial Planning occupy an advantageous middle ground. They are able to offer a full suite of advisory services while retaining the personal touch that encourages lasting client relationships. As the hosts note, these relationships must be underpinned by rock-solid ethics if advisors are to maintain the confidence of the families and individuals they serve.
Jacaranda illustrates this commitment by featuring a model that pairs thorough compliance processes with direct client engagement. Through detailed pre-meeting research, comprehensive review processes, transparent fees, and a culture of internal checks and balances, the practice is able to demonstrate professionalism at every step. As Harty emphasizes, “If you don’t have robust processes, you risk failing to deliver the service promised. Reliability, consistency, and honesty are all non-negotiable in this business.”
One of the distinguishing features of the conversation is the complementary paths that advisor Joel and operations leader Paulina have followed. Their journeys reinforce that people from diverse backgrounds can become effective contributors in financial advice—provided they are willing to embrace continuing education, structured development, and a keen understanding of ethical imperatives.
Joel began with an unconventional background: he once dreamed of becoming a pilot. After completing flight training and earning his private pilot license, he realized the career path for a young pilot was uncertain at the time—especially amid the aftermath of the Global Financial Crisis. Encouraged by his parents, who noticed his passion for reading the financial press and discussing investments, Joel switched gears and enrolled in a Commerce program at the University of Wollongong.
He credits this traditional degree in business and economics for giving him the academic foundation he needed. Upon graduating, Joel interned with an industry super fund, took on advisory support roles, and later joined smaller practices. The intangible aspects that set him apart were his ability to connect with older family members at gatherings—listening to their concerns around investments and markets. This inclination toward genuine, empathetic communication would become vital to his development as an advisor.
In time, Joel was tapped to appear as a spokesperson on national radio, particularly on stations such as 2GB in Sydney and 3AW in Melbourne. While many might find public speaking intimidating, Joel relished the chance to reach a broad audience, guiding listeners on retirement, tax strategies, and investments. This unique experience as a radio commentator brought additional credibility to his role within Jacaranda Financial Planning.
Paulina’s trajectory underscores the versatile skill set required in financial services. She spent much of her early career in optical retail, working for major chains such as OPSM and managing interstate travel, brand selection, and technology for optometric equipment. She then took a break to raise her children, only to rediscover her intellectual curiosity through bookkeeping for her father’s business and eventually diving into an accounting program through TAFE (Technical and Further Education).
Her interest in personal finance was piqued when she encountered financial planning subjects. As Paulina notes, “It’s like optics: you diagnose a need, and you provide a solution.” In opting for a double major in accounting and financial planning, Paulina equipped herself not just with hard, technical skills, but also with an understanding of the personal dimension. Armed with these tools, she joined Jacaranda in an operations capacity, seeing an opportunity to apply her systematic mindset to the complexities of servicing a mid-size advisory firm.
For many up-and-coming professionals, Paulina’s example highlights that resilience, curiosity, and a willingness to learn can open up doors in financial planning—even if one does not begin in the sector. Her emphasis on listening to people’s needs and aligning resources behind them reflects an ethic of care that is essential to modern advice delivery.
Jacaranda Financial Planning is not just a typical “three-to-five person” shop. With around 35 staff—including nine authorized representatives (financial advisors)—it possesses the operational heft to service a growing book. According to Joel, the firm serves over 1,300 individual clients (roughly 850 family groups). Adding around 120 new client relationships each year, the business demonstrates that mass-affluent and pre-retiree Australians demand top-notch service at accessible prices.
A significant differentiator is the firm’s reliance on educational seminars and radio outreach. With a weekly presence on 2GB, 3AW, and 4BC, Jacaranda reaches a vast audience of listeners, many of whom fit the pre- or post-retirement demographic. A monthly schedule of in-person seminars in major cities—Sydney, Melbourne, and Brisbane—introduces around 100 prospective clients per month to the fundamentals of superannuation, tax strategies, and investment structuring.
This approach aligns well with a mission of broad-based financial literacy. Ethics in financial advice begins with transparency and an effort to ensure clients understand the strategies being suggested. Offering free seminars is a demonstration of this principle: prospective clients can gain an initial grasp of key retirement considerations without any pressure to sign up for a personal consultation. When individuals do opt for a personal meeting, they tend to be more engaged, informed, and ready to discuss deeper topics. This elevates the client experience and reduces the possibility of misunderstandings later.
Once a client joins, they are integrated into one of Jacaranda’s “pods,” each composed of advisors, associates, and client service managers. A separate “review team” ensures that every existing client’s file is updated and accurate prior to annual or semi-annual meetings. This structure promotes a culture of accountability—each team member knows exactly their role in the client journey, and if any piece is missing, it is quickly identified.
Paulina oversees these operational workflows, ensuring that tasks such as the pre-meeting checks, third-party authority forms, and statement retrieval run smoothly. This methodical approach lets advisors focus on strategy and client communication. Importantly, the process is not just about internal efficiency; it embodies the ethical obligation to maintain accurate records, follow compliance protocols, and meet strict turnaround times. When the team can promise that every new recommendation or update is executed within 48 hours, it underscores the firm’s reliability and professionalism.
Ethics does not exist in a vacuum. The entire financial services industry in Australia is under the watchful eye of regulatory bodies such as ASIC (Australian Securities and Investments Commission). Jacaranda operates under Perpetual’s license—a major player that brings significant compliance infrastructure to bear. While some might fear that alignment with a larger institution would hamper independence, Joel and Paulina explain that the firm retains its unique brand, culture, and processes, with Perpetual primarily handling back-office support.
One ethical advantage of this arrangement is the mitigation of conflicts of interest. The advisors are free to recommend a variety of platforms, though Macquarie Wrap is a common default. They also utilize IDPS (Investor Directed Portfolio Service) platforms and, in some cases, self-managed super funds (SMSFs). Each strategy is based on client suitability rather than an institutional push.
It is worth noting that Jacaranda’s demographic predominantly comprises pre- and post-retirees, meaning there is less emphasis on life insurance products. However, when such needs arise, the firm partners with an insurance specialist (Priority Life) to ensure policy recommendations are not overshadowed by product-based conflicts. This arrangement aligns with the best-interest duty: if you cannot deliver the service in-house at the highest standard, bring in trusted experts who can.
Joel and the senior leadership are intentional about fostering continuous learning. A “Lunch and Learn” program helps associates and review-team members upskill, discussing everything from market movements to best practices in client communications. This environment cultivates an ethical culture by reinforcing the principle that no client file should be processed on “auto-pilot.” Instead, everyone is taught to stay up-to-date, question assumptions, and engage in robust compliance checks.
This structure helps staff at all levels interpret the law in practical ways. Whether it is collecting signatures in an ethically transparent manner (e.g., via e-signature platforms), or ensuring a retirement strategy aligns with both regulatory guidelines and client objectives, the daily actions of each team member cumulatively bolster the firm’s reputation for professionalism.
An interesting takeaway from the conversation is that although Jacaranda devotes extensive resources to seminars and radio advertisements, it has yet to see equally robust referrals from its existing clientele. Typically, a high Net Promoter Score (NPS) implies active referrals from satisfied clients; indeed, Jacaranda does measure NPS, but Paulina and Joel acknowledge that turning that metric into tangible referrals requires a more proactive approach.
In many businesses, asking for referrals might be done aggressively or with implied pressure—potentially conflicting with the client’s sense of trust. A more ethically sound method is simply to remind satisfied clients that the firm welcomes introductions if they know someone in need of financial guidance. Any rewards or incentives for referrals must also comply with legal and regulatory norms. Transparency is key; if a practice were to provide gifts or fees for client referrals, it would need to disclose that clearly.
The conversation hints at the importance of not resting on one’s laurels. If Jacaranda can convert even a fraction of its large, loyal client base into a steady flow of referrals, the practice may more than double its new business. However, the focus remains on maintaining the client’s best interest at all times—a crucial distinction that sets truly ethical firms apart from those that might inadvertently adopt more transactional mindsets.
With the pipeline of new clients growing, the conversation moves to an evergreen challenge: attracting and retaining talented advisors. Australia has seen a decline in the number of licensed advisors following the Royal Commission, mainly due to higher education requirements and stricter rules on fees and commissions. Yet mid-tier firms like Jacaranda see an opportunity to bring in passionate professionals who want to carve out a meaningful career path.
Jacaranda’s “review team” and “associate” structure creates a clear talent pipeline. Entry-level hires (often recent graduates) can start with data gathering and basic compliance checks, move on to shadowing advisors, and eventually qualify to become fully authorized representatives under Perpetual’s license. This structured progression not only ensures that future advisors have robust training, but it also instills ethical behaviors early on.
Working in the review team, for instance, teaches new hires the consequences of errors in statements of advice (SOAs). They learn the importance of accurate asset valuations, correct superannuation thresholds, and strategic compliance notes. Such attention to detail ultimately feeds into their future client interactions, helping them deliver thorough, client-focused advice with minimal compliance risk.
Joel mentions the importance of mentors like Nick Patterson—someone who offered a sense of calm and methodical thinking during intense early career stages. By witnessing how senior advisors handle complex client needs, new associates pick up not just the “how” of financial planning but also the “why”—the ethical and relational motivations behind each recommendation. Paulina’s presence in operations offers a different form of mentorship, demonstrating the interplay between technical detail and empathetic communication. If junior staff see that the leadership is consistent, client-centric, and transparent, they are more likely to adopt the same traits in their professional development.
One of the key aspects of delivering holistic advice is recognizing that no single advisor can master every facet of a client’s financial life. Lawyers, mortgage brokers, estate planners, and accountants each have expertise that can prevent legal oversights or suboptimal financial decisions. The conversation highlights Jacaranda’s occasional partnerships with external firms: a mortgage brokerage (Lydian) and a specialized insurer (Priority Life).
Clients, especially those nearing retirement, face a kaleidoscope of needs—from estate planning to aged care advice. By building a network of vetted professionals, Jacaranda can refer clients with confidence. Yet an ethical question arises whenever an advisory firm forms referral relationships: How do you ensure that these external parties maintain high professional standards and do not engage in unethical sales tactics?
The solution is robust due diligence. Before forging referral ties, the practice must investigate the partner’s licensing, regulatory history, and approach to client care. An ideal partner shares Jacaranda’s mission and values—ensuring that, once referred, the client remains in good hands. Advisors can further solidify this alignment by periodically checking in on the referred clients’ experiences and outcomes.
Modern financial services rely heavily on technology for everything from compliance records to client communication. Jacaranda primarily uses Xplan for its CRM and workflow management, supplemented by Microsoft 365 tools (SharePoint, Teams) for document sharing and collaboration. As the firm grows, they are also considering transitioning to solutions like Salesforce for certain client-facing or lead-management functionalities.
Although automation can reduce the administrative burden and minimize errors, it should never replace human judgment. The conversation reveals that behind every document or process is a staff member verifying that it aligns with the client’s best interests. This synergy between tech and human diligence underpins ethical operations: technology ensures efficiency and consistency, while the human element ensures empathy, adaptability, and moral consideration in day-to-day decision-making.
In any professional environment, culture is the cornerstone that holds everyone accountable to ethical and performance standards. Paulina describes a flexible but coordinated approach to on-site and remote work: at least one person from each pod is in the office on any given day, ensuring immediate client-facing support. Meanwhile, weekly meetings keep all pods connected, and monthly or quarterly check-ins measure key metrics like turnaround times and Net Promoter Scores.
To motivate the team ethically, Jacaranda employs a balanced scorecard system. For the back-office support staff (client service managers and associates), the primary measures include compliance-driven timelines—for instance, implementing advice within 48 hours once the client has approved it. Advisors are measured on new-business growth, retention of existing clients, compliance audits, and NPS. This approach discourages reckless sales tactics by spreading performance across multiple dimensions, ensuring that advisors do not fixate on selling but rather on holistic and ethical outcomes for clients.
Toward the end of the conversation, Joel reflects on the industry’s direction. With an aging population, the demand for clear, competent, and trustworthy financial guidance is rising. Firms that flourish in this environment are those that stay true to the fundamentals of listening to clients, adhering to compliance, and constantly educating themselves. By doing so, they remain prepared to adapt to any policy shifts—like the upcoming evolution of the Quality of Advice Review—that may affect how they structure advice.
Paulina’s and Joel’s discussion also raises the possibility of deeper partnerships. Whether it is establishing estate-planning initiatives, forging stronger lines of communication with accountants, or creating formal alliances with aged-care advisors, Jacaranda sees collaboration as the next frontier. This expansion must be done carefully, ensuring that each new connection aligns with the ethical and professional standards the firm has built over time.
Ultimately, the conversation reiterates what is often forgotten amid technical details and compliance checklists: financial advice is about people. Clients frequently come with anxieties around retirement, property debt, educational expenses for their children or grandchildren, and myriad other life concerns. Advising ethically means acknowledging these emotions, listening intently to life goals, and then carefully crafting strategies to match.
In this respect, Paulina’s metaphor of “optics”—the ability to diagnose a need and fulfill it responsibly—captures the essence of the advisory profession. While legal structures and compliance form the skeleton of the industry, the caring, empathetic approach of advisors is what brings that skeleton to life. The role of ethics is to ensure that compassion, honesty, and transparency guide these interactions.
Jacaranda Financial Planning demonstrates that a mid-tier practice can compete successfully and ethically in a crowded sector. By combining robust operational structures (pods, review teams, and associates) with strong compliance support from a larger institutional licensee, the firm provides a dynamic environment where professionalism thrives. Advisors like Joel, who began by studying markets and honing communication skills, can shine. Meanwhile, operations leaders like Paulina exemplify how a career path rooted in genuine human interest and continuous learning can reinforce a firm’s ethical foundation.
Through meticulous attention to compliance, consistent training, and a balanced approach to performance metrics, Jacaranda illustrates how to maintain and grow a loyal client base. Their model also highlights that the heart of professionalism and ethics is not about red tape for its own sake, but about guaranteeing that each client’s best interest is respected. The trust that arises from these ethical foundations ultimately fuels both client satisfaction and business prosperity.
Whether it is delivering a free seminar to a prospective retiree or methodically checking every detail in a Statement of Advice, Jacaranda aligns its practices with a core ethic of service. This ethic begins at the leadership level and filters down to every new recruit and future advisor in training. As the entire industry continues to evolve post-Royal Commission, the lessons gleaned from their story—commitment to thorough processes, unwavering client focus, and sincere mentorship—offer a roadmap for other mid-tier practices aiming to uphold the highest standards of professionalism and ethics in financial advice.
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