Produced By: Ensombl
In the dynamic landscape of financial services, trust is paramount. The evolution of regulations, technology, and client expectations all converge to make professionalism and ethics the cornerstone of any successful advisory practice. This article delves into one such model of success: The Grimsey Group. Drawing from a candid conversation between host Andrew (“Roxy”) Rocks and Daniel Harris, Associate Director and Head of Advice in Victoria at the Grimsey Group, this piece explores the firm’s journey, ethos, and the importance of a principled approach in serving clients—particularly those in the medical profession.
Daniel Harris’s professional life did not begin in the world of spreadsheets and portfolio allocations. In fact, his journey started somewhere very different—on the fashion runway. After completing high school and dabbling in a commerce and property economics degree, Harris took a gap year and worked at a major bank. From there, he pivoted into a world of fashion modeling, traveling between Brisbane, Melbourne, and Sydney. Alongside modeling, he leveraged an international connection to launch a textiles import and manufacturing venture, serving Australian fashion labels.
While this path may seem a world away from financial advice, Harris identifies two key learnings that would later prove invaluable. The first was learning to handle rejection—a reality faced by any performer or entrepreneur. Navigating a competitive industry and having doors closed is excellent training for the broader world of business, in which every proposal or idea may not always be received with open arms. The second lesson was building entrepreneurial acumen. Sourcing materials and managing supply chains for local and global brands taught Harris how to network, articulate value, and negotiate—skills that readily translate into the realm of financial advisory.
Eventually, Harris recognized that although modeling satisfied creative and social appetites, he craved a more intellectually stimulating career. He returned to complete a commerce and finance degree, which led him to National Australia Bank (NAB) in a back-office credit role. This experience unveiled the workings of a large institution, but also underscored the reality that big organizations undergo frequent structural changes. When Harris’s division wound down, he sought new opportunities—ultimately landing in a financial planning associate position in Geelong, Victoria, under a firm that served a retail “mums and dads” clientele.
Like many, Harris’s foray into financial planning was unplanned, yet it quickly sparked a deeper interest in the broader financial services sector. He enrolled in additional qualifications, absorbed the day-to-day learning of an associate advisor, and later moved to that same firm’s Melbourne office. His desire to challenge himself led him to Macquarie Bank, where he encountered more sophisticated client needs—high-net-worth individuals, executives of ASX-listed companies, and entrepreneurs who had accumulated significant wealth. The crucial difference? These clients were often less focused on outsized returns and more concerned with capital preservation, legacy-building, and refining the tax efficiency of complex portfolios.
Working at Macquarie Bank for five years gave Harris a front-row seat to investment strategies such as strategic asset allocation and tactical tilts, all delivered with institutional rigor. At the same time, the post-Royal Commission environment placed new demands on transparency, ethical practices, and the demonstration of clear value for fees charged. Advisors increasingly needed to show they had their clients’ best interests at heart, both from a regulatory standpoint and an ethical vantage point.
Harris took note of macro trends—both in Australia and overseas. The US had begun a wide adoption of model portfolios, providing scale, consistency, and cost-effectiveness in portfolio management. Some Australian firms were replicating that approach. The synergy between building sophisticated, systematized investment frameworks and delivering personalized strategic advice opened avenues for new business models. Additionally, as many advisors left the industry post-Royal Commission, private firms were purchasing underpriced books of business. This confluence of trends convinced Harris to seek a more entrepreneurial setting—one where he could help build a modern and integrated financial advice practice.
Founded over 40 years ago, the Grimsey Group started as an accounting practice but gradually broadened to include financial advice, lending, and insurance. Today, it has evolved into a comprehensive advisory firm, primarily focused on serving medical and dental professionals at all stages of their careers. Their model is almost a cradle-to-grave approach: from supporting medical students and recent graduates, all the way through to established specialists and practice owners with complex estate and succession planning needs.
When Harris considered leaving Macquarie Bank, he quickly recognized Grimsey’s uniqueness. They had a robust flow of organic growth, thanks to a strong reputation built over decades. The practice services around 4,000 client households overall, yet only a fraction (roughly 500) currently use the wealth division. That statistic alone reveals the massive, untapped potential of cross-referrals within the Grimsey ecosystem.
Moreover, Grimsey was already known for entrepreneurial leadership. The firm’s directors had not grown complacent. They encouraged new hires to “break things” if it meant streamlining processes and setting up better systems. This genuine openness to innovation, combined with the opportunity to become a partner within a few years, solidified Harris’s decision. He joined Grimsey to run the Victorian advisory business and spearhead its future direction.
Today, the Grimsey Group’s headcount stands at around 110 staff, including offshore support. A board of directors oversees the entire enterprise, with each division—accounting, lending, insurance, and wealth—having its own leadership. For Harris, and indeed for any advisor in the wealth division, the question is how to deliver a client experience that is:
The bulk of Grimsey’s client base is composed of doctors and dentists. What sets them apart is a consistent track of high, stable earnings. Banks often grant medical professionals favorable loan-to-value ratios for mortgages, making them prime candidates for strategic debt management and property investments. However, medicos’ success in their careers can also foster significant complexity in their financial lives, as they face questions around practice ownership, buy-ins, complex partnership agreements, and legacy wealth planning.
From an ethical perspective, Grimsey’s approach sets a clear example of building long-term trust. The firm recognizes that many doctors prioritize their patients and research over financial literacy. Instead of exploiting that potential knowledge gap, Grimsey invests in client education, ensuring each individual understands their financial plan and the rationale behind every recommendation. This transparency is critical for medicos, who appreciate expertise and “specialists.” Doctors are themselves specialists in healthcare and naturally lean toward trusting specialized advisors once a credible relationship is established.
Grimsey’s ethos resembles a family office, where time-poor professionals can find accounting, lending, insurance, and financial advice under one roof. Once a junior doctor completes residency, Grimsey’s lending specialists help secure favorable mortgages and guide them through salary packaging or debt recycling. In parallel, the insurance division addresses income protection and life coverage, recognizing that a medical professional’s primary asset is their ability to earn.
As doctors enter more advanced stages of specialization, their incomes can skyrocket. This wealth often triggers an urgent need for tax structuring and strategic investment. Here, Grimsey’s financial advisors take the helm, ensuring all moving parts align with ethical best practices and regulatory standards.
In any service-based profession, ethical conduct and professionalism begin with the people who provide the service. Grimsey has cultivated a culture of openness and accountability. They focus on:
To maintain the highest professional standards, Grimsey regularly reviews its processes and value propositions. As part of this commitment, the group engaged Peloton, a consulting firm known for analyzing and refining financial advisory businesses.
Peloton effectively produced what Harris describes as an “SOA for the business”: a thorough due diligence exercise that scrutinized Grimsey’s existing workflows, fee structures, and operational bottlenecks. One of the central insights was that many existing clients were significantly undercharged relative to the value of the advisory services provided. Yet implementing fee adjustments must be done with utmost professionalism and ethical clarity:
One challenge for large, multi-division firms that have been in operation for decades is legacy technology. Grimsey aims to unify its data systems, which currently straddle:
Consolidating these platforms under a single technology ecosystem can greatly improve client service, data management, and compliance. It also raises pivotal ethical considerations around data privacy and security. By holding large amounts of sensitive financial and health-related information, Grimsey must remain ever vigilant about cybersecurity and confidentiality—a hallmark of any ethically sound financial services operation.
Despite expanding to over a hundred employees, Grimsey retains a family feel. Part of this is due to the directors’ inclusive attitudes, inviting all staff to participate in business growth initiatives. Further, weekly gatherings—such as Tuesday all-in days—cultivate a sense of unity. Staff eat together in the office lunchroom, forging professional ties that increase morale and reduce siloing. A strong culture correlates directly with reduced internal conflicts, fewer client service errors, and a more consistent client experience.
Harris highlights how both leadership and employees share common extracurricular passions, from surfing to sports. The firm sometimes organizes events where professional learning meets social or leisure activities. Such gatherings reinforce the team spirit that is vital for retaining high-caliber professionals in a highly competitive job market. It also helps align everyone’s perspectives around best-interest duty: With strong interpersonal bonds, accountability to colleagues grows, and ethical lapses are less likely.
The healthcare sector in Australia continues to expand. Government funding for hospitals and medical research is on the rise, and the regional growth of advanced medical facilities has opened opportunities for professionals who seek a balanced lifestyle outside metropolitan areas. Grimsey recognizes that many regional specialists earn the same compensation as their city-based counterparts while experiencing less commute and lower living costs. This has implications for financial advice: more doctors, in more locations, needing specialized, holistic services.
Moreover, Harris underscores that doctors do not necessarily retire in the traditional sense. Many prefer part-time roles, academic or research-based positions, or transitional phases that reduce their clinical workload yet preserve their sense of purpose. Managing these transitions ethically requires an in-depth understanding of superannuation, income streams, and estate planning. Advisors must not push products or strategies ill-suited to a client’s personal goals. Adhering to a code of ethics and focusing on the client’s genuine needs becomes central to a lasting professional relationship.
In the wake of Australia’s Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the spotlight on ethics has never been sharper. Grimsey’s model—a one-stop advisory firm with an unambiguous focus on a single professional demographic—offers a compelling case study in why specialization and ethics go hand in hand. Some guiding principles include:
The Grimsey Group’s journey illustrates a holistic, principled approach to financial advice—an approach that is especially potent in serving the complex and evolving needs of medical professionals. From its accounting roots spanning four decades to its modern expansion into lending, insurance, and investment advice, the firm emphasizes an inclusive culture, robust governance, and methodical technology integration.
For Daniel Harris, coming from a background in fashion modeling and entrepreneurial ventures might seem like a stark contrast to advising clients on income protection or retirement strategies. Yet the throughline is clear: success in any field demands resilience, adaptability, and a willingness to learn continuously. Financial advisory, more than most professions, hinges on building and preserving trust—something that requires transparent fees, ethical service models, and an unwavering commitment to client welfare. Grimsey’s alignment with these principles demonstrates how ethics and professionalism serve not only as moral obligations but also as catalysts for growth and enduring client relationships.
Looking ahead, the firm’s plan to expand geographically, invest in internal leadership, and refine technology systems signals that they are embracing change while keeping the client squarely at the center of every decision. Their collaborative structure—open-plan offices, coordinated divisions, and a family-like environment—reinforces the notion that trust is earned and validated through daily interactions, not just mission statements.
In an era where regulatory oversight is heightened and public scrutiny is intense, Grimsey’s example showcases how a modern financial services firm can thrive by emphasizing both profitability and integrity. Whether it is customizing a debt recycling strategy for a young specialist, orchestrating a practice buy-in for a seasoned surgeon, or managing a portfolio reallocation for a retiree-turned-researcher, Grimsey’s integrated model and consistent moral compass point to a sustainable future in financial advice.
Above all, the lesson from Grimsey’s story is that ethical practice is not a burden—it is a long-term asset. By building systems, teams, and client engagements around integrity and professionalism, advisory practices create genuine value. The ripple effect extends beyond the business itself, uplifting the broader industry and setting a standard for trustworthy, impactful advice. For those embarking on or rethinking their journey in the advisory realm, the Grimsey approach serves as a compelling example of how to innovate responsibly while never losing sight of the client’s best interests.
Accreditation Points Allocation:
0.10 Technical Competence
0.10 Client Care and Practice
0.10 Professionalism and Ethics
0.30 Total CPD Points