Produced By: Ensombl
Financial planning is an ever-evolving profession. It’s marked by regulatory changes, shifts in global markets, and changing client demographics. Yet through all these changes, one foundational element remains constant: the need for a steadfast commitment to professionalism and ethics. In this article—based on a podcast conversation with David Gibson, a Director and long-standing figure at Priority Advisory Group—we explore how one advisory business has navigated succession planning, corporate partnerships, and the changing face of financial advice to deliver enduring value for clients.
David Gibson’s journey exemplifies a blend of strategic thinking and client-focused ethics. His trajectory spans corporate banking, international markets, and ultimately, the creation of a financial planning firm that focuses on ethical service delivery, specialized advice, and sustainable business practices. This article presents the highlights of his story, the organizational culture of Priority Advisory Group, and the importance of aligning business success with clients’ best interests.
Before David Gibson ever considered financial planning as a profession, he spent over two decades working for National Australia Bank (NAB) in its financial markets division. During this period, he lived and worked in several countries—including Singapore, Japan, and New Zealand—absorbing global perspectives on currency trading, interest rate risk management, and broader financial services.
In reflecting on his global banking career, David often cites the transformation of the Australian dollar from a fixed currency to a floating one as a key turning point. That era, starting in the early 1980s, also paralleled his growing awareness that success in finance required agile thinking, responsiveness to regulatory changes, and above all, a methodical approach to risk management.
David’s time in places like Tokyo and Singapore taught him that robust systems, strong corporate governance, and healthy skepticism—particularly concerning currency valuations and financial instruments—were vital. These early experiences seeded his belief in the importance of combining technical expertise with a client-centric outlook, a hallmark of professional ethics.
Moreover, working overseas underlined how cultural and legal differences shape financial strategies. Observing varying degrees of consumer protection laws in different countries, David developed an appreciation for the ethical standards that govern the advice profession in Australia. He saw that while rules can differ across borders, the fundamental principle of acting in a client’s best interest should remain constant.
By 2003, David had returned to Australia, equipped with two decades of experience in corporate banking and a strong desire to become a business owner rather than remain within large corporate hierarchies. He recognized that compulsory superannuation had turned financial advice into a growth industry. At the same time, he saw a succession crisis looming in smaller planning firms: many founders had yet to plan their own exits.
Armed with a financial cushion from his NAB redundancy, David set out to find a practice open to a new owner and successor. His method was direct: call practice owners, offer them coffee, and ask about their business. He quickly discovered that while many planning firms recognized the succession problem, few had a structured plan for solving it.
Some firms proposed unrealistic arrangements—such as having David rent space, build up clients, and then buy those same clients back from the owners. However, he eventually discovered Priority Advisory Group (originally Priority Planners), a firm that had already taken steps to structure itself as a company by shares, enabling a clearer path for ownership transition.
This emphasis on structured transitions was key to David’s decision. Beyond financial metrics, he wanted to join a group that valued mentoring, recognized the ethical ramifications of advice, and had a plan to sustain its services long into the future. That approach, he believed, would protect clients’ best interests—arguably the single most important professional and ethical commitment an advisory firm can make.
Priority Advisory Group, founded in 1987, was originally built around life insurance advice. Over time, it grew to encompass broader financial planning services. By the time David joined in 2003, it was led by two founding partners who each owned 50% of the business. Wanting to retire eventually, these founders were open to bringing in new owner-advisors.
David’s initial role involved paraplanning and client relationship support. He took the opportunity to deepen his technical knowledge of personal finance, superannuation, and insurance. After about two-and-a-half years, he purchased shares in the firm, becoming a director and starting the path to becoming a full-fledged successor for one of the original owners.
David’s first share purchase included funding the acquisition of another small business whose owner was seeking to exit. This transaction showcased both the rewards and challenges of advisory firm transitions. When that new owner tragically passed away soon after the acquisition, David found himself stepping in to provide urgent continuity for clients.
In ethical terms, this underscores the importance of thorough contingency planning. Clients must be assured that their advisors have robust frameworks for unexpected events. David’s swift action—meeting with every client and ensuring uninterrupted service—demonstrated Priority Advisory Group’s fundamental commitment to client welfare over profit or convenience.
From its inception, Priority Advisory Group had established itself as a Proprietary Limited Company. That structure allowed for more flexible succession arrangements than a simple partnership. David highlights this as a lesson in professionalism: when a business formalizes governance, shareholding, and board operations, it can more effectively protect clients’ interests. A strong corporate structure also creates a system of checks and balances—helping the firm minimize conflicts of interest.
When it comes to ethics, the firm’s approach to remuneration is equally critical. From the beginning, Priority Advisory Group practiced a hybrid model, blending fee-for-service arrangements with product-based income. Over the years, it continued shifting toward fee-for-service, emphasizing that clients should pay explicitly for quality advice, not just product placement.
Having built a solid foundation, Priority Advisory Group strategically pursued mergers and acquisitions to broaden its client base, offer more specialized services, and achieve economies of scale. David explains how these transactions were never just about expanding revenue; they were about enhancing the firm’s ability to serve clients ethically and comprehensively.
One major turning point came eight-and-a-half years ago, when Priority Advisory Group partnered with AZ NGA. This capital partnership offered financial resources that helped shareholders monetize a portion of their equity while retaining operational control. However, it also introduced a new layer of governance.
Many planning firms worry that a corporate partner might reduce independence or press for short-term gains over client welfare. David and his colleagues vetted AZ NGA carefully, concluding that it shared their ethic of long-term client service. The arrangement came with quarterly reporting, board oversight, and performance metrics, but also allowed Priority Advisory Group to retain its client-centric processes.
In ethical and professional terms, this underscores the value of transparent governance. By engaging in robust reporting, the firm ensures that it can identify and address potential conflicts before they become problematic. This is a keystone of maintaining trust—both with the corporate partner and, more crucially, with clients whose wealth depends on the firm’s guidance.
In the firm’s most recent major merger—just under a year ago—it consolidated with another similarly sized practice in Chatswood, also under the same licensee. The goal was twofold: first, to gain operational efficiencies (particularly around office space and shared resources), and second, to blend skill sets.
From an ethical standpoint, merging teams requires alignment of culture and professional standards. David cites “cohabitation” as a major step: before finalizing the merger, the two firms shared office space, effectively operating alongside one another. This gave each team the chance to observe daily behaviors, client interactions, and organizational values.
This approach underscores a deep commitment to professionalism. Mergers and acquisitions can be fraught with conflicts—especially when distinct cultures clash. By living and working together first, the teams ensured that any gaps in service philosophies or ethical standards would surface. The final result was a merged entity with consistent values, reinforcing the idea that professional ethics should be integrated into every level of a firm’s operations.
Over its 37-year history, Priority Advisory Group has developed four main pillars of service:
Each pillar meets a different demographic need. From an ethics perspective, this specialization means advisors can focus on client outcomes rather than attempting to be a “jack of all trades.”
The firm’s private wealth service covers comprehensive financial advice, including investment strategies and retirement planning. In recent years, they have adopted managed accounts and model portfolios to create efficient, transparent, and consistent investment solutions for clients.
From day one, life insurance was central to Priority Advisory Group’s DNA. While some advisors focus exclusively on broader wealth strategies, there remains a specialized contingent that handles complex insurance solutions.
The corporate superannuation model of decades past often involved cursory seminars and minimal employee engagement. Priority Advisory Group evolved beyond that framework, adopting a fee-for-service arrangement with employers. Advisors now deliver more structured educational sessions, personalized conversations, and follow-up services that can lead to full private-client relationships if the employee wishes.
One of the fastest-growing specializations in financial advice revolves around aged care. David explains that many people need guidance on how to finance appropriate care for elderly parents or partners, especially amidst complex government regulations and the personal stress that family members face during these transitions.
A firm’s ethical standards are only as strong as the systems and people who uphold them. With around 30 total staff—15 advisors and 15 support members—Priority Advisory Group maintains a one-to-one ratio of advisors to support personnel. This structure underscores the firm’s emphasis on diligent, detail-oriented processes.
The practice splits its operational and administrative management between an Office Manager (human resources focus) and an Operations Manager (workflow and process focus). Both roles ensure that day-to-day tasks run smoothly, while also managing staff scheduling, leave tracking, and regulatory compliance.
The firm outsources paraplanning and certain routine administrative tasks on a pay-per-plan basis. This allows for specialized expertise without carrying the overhead of full-time, in-house paraplanners.
Technology plays a pivotal role in maintaining consistent, high-quality service. While many firms still rely on Xplan for client relationship management (CRM) and workflows, Priority Advisory Group has also adopted Salesforce through an implementation partner. This has allowed them to create standardized workflows that track every client interaction—from the initial data-gathering meeting to ongoing reviews.
A strong internal culture often directly translates to ethical client interactions. At Priority Advisory Group, three cultural pillars stand out:
When hiring, the firm looks for individuals with an “owner’s mindset,” whether or not they plan to buy equity. That mindset entails accountability, proactivity, and a willingness to contribute beyond one’s job description. New team members learn quickly that priority is given to client welfare, open communication, and collaborative problem-solving.
David himself was mentored into the advisory role, moving from technical paraplanning work to client-facing meetings. Today, the firm continues to promote internal career development, though paraplanning is now often outsourced. Advisors looking to refine niche skills—like aged care or advanced life insurance—are paired with senior colleagues who have that expertise.
Priority Advisory Group maintains a flexible approach to employee shareholding. While advisors who drive significant revenue may naturally gravitate toward ownership, operations managers and other team members contributing meaningfully to the firm’s success are also welcome to invest.
A core element of professional ethics is a commitment to serving the broader community. Priority Advisory Group exemplifies this through organized charitable activities. Each year, the firm dedicates days for the entire team to engage in volunteer work—often preparing food for the homeless or providing pro bono support to certain charitable organizations.
Additionally, each staff member can use an extra day annually to pursue charitable work of their own choosing. This blended approach ensures a balance between collective team-building activities and personal passions.
Skeptics might label charitable days as token gestures. However, David describes this practice as “walking the talk.” By dedicating time and resources consistently, employees see firsthand the impact of community service, while also forging deeper camaraderie with each other.
As regulatory frameworks continue to evolve, the demand for high-quality, ethical financial advice grows. Yet the pool of qualified advisors has shrunk in recent years due to stringent educational requirements and a wave of retirements. Despite these headwinds, David Gibson remains optimistic.
One challenge is the professional year (PY) requirement for new entrants. Smaller and medium-sized firms must balance training responsibilities with immediate client demands. Priority Advisory Group addresses this by building robust support teams, leveraging technology, and encouraging a structured handover of smaller client relationships to aspiring advisors.
The firm also grapples with the challenge of pricing advice services so they remain profitable for the business but still accessible to a broad client base. David notes that an ethical fee model should reflect the skill, experience, and time required to deliver quality advice.
Further mergers or acquisitions could appear on the horizon, as Priority Advisory Group continues to look for ways to scale effectively. David points out that synergy is the real goal: combining with like-minded practices can free up resources for deeper investment in specialty advice, technology, and client service.
David Gibson’s story, and by extension the growth of Priority Advisory Group, illustrates a blueprint for ethical and professional success in financial advice. Far from a narrow focus on products or commissions, the firm continuously prioritizes clear client communication, transparent fee structures, and specialized knowledge.
From merging with like-minded practices to creating robust governance frameworks with external capital partners, every strategic move circles back to a singular mission: making a positive difference in clients’ lives. This mission is upheld through deliberate attention to compliance, nurturing an ownership mindset within the team, and delivering advice services that genuinely meet client needs at every life stage—from securing one’s first insurance policy to navigating aged care complexities.
In an industry frequently tested by market turmoil, regulatory changes, and unforeseen personal crises, a commitment to professionalism and ethics is what ultimately steadies the ship. By forming genuine client-advisor partnerships, continuously refining operational processes, and championing a culture that values both technical expertise and heartfelt service, firms like Priority Advisory Group not only endure—they thrive.
The profession of financial advice has evolved drastically over the past few decades, but as David’s experience shows, the basics still matter. Treat clients with empathy. Embrace structured, specialized advice. Cultivate strong governance and a supportive internal culture. Maintain unwavering ethical standards. It is this formula—simple in theory yet requiring consistent effort in practice—that truly defines the best of the advice profession today.
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