PennyWise | Client Stories

Des and Lois
- Deputy Principal/Teacher and Education Assistant

"We have been with Pennywise Investments since they first began. Our previous experiences with Jeff Glossop had shown a person of the absolute highest integrity and trustworthiness and we were totally confident that this company would be the one for us.

Throughout the years Pennywise have used the most up-to-date resources, along with professional wisdom, to develop and maintain our financial portfolio. Their long-range vision and advice are characteristics of their wise stewardship of our finances and we now have a portfolio that has withstood significant national and international financial fluctuations, setting us up in a very healthy financial position as we move toward retirement. We have always felt secure in the knowledge that the people of this company put their own investments into the same portfolios as us, along with the rest of their client base.

We have complete confidence in the ongoing management and advice from Pennywise. Their record for us has been exemplary and we strongly recommend them to any others who are seeking to have financial planning that is based on a thorough understanding of each client’s needs, with portfolios being managed with professionalism, flexibility and integrity."

An accountant by profession and with help from friends in associated professions, I looked after my own and my family’s financial affairs for many years. Things were simple in the 70’s and 80’s but gradually became complicated with the plethora of changes in taxation legislation and the many ‘get rich quick’ and ‘investment’ schemes being touted by private interests. I admit to being somewhat sceptical of actuarial forecasts for future wealth from savings, insurance, superannuation and the like.

Other than the family residence, our savings were limited to investments in bank deposits and a residential block. Like many others, we viewed the old age pension as an income supplement to our investments. Superannuation was something that had been negotiated through various industrial awards or was paid into employee superannuation funds by Governments, Federal, State and Local. Some of Australia’s biggest companies had also established superannuation funds for their employees.

Luckily for us, the Federal government introduced a compulsory "Superannuation Guarantee" system as part of a major reform package addressing Australia's retirement income policies in 1992. In addition, the Government proposed a "three pillars" approach to retirement income:

• A safety net consisting of a means-tested Government age pension system

• Private savings generated through compulsory contributions to superannuation

• Voluntary savings through superannuation and other investments

Our retirement nest egg became our existing savings supplemented by the employer’s compulsory contributions to our newly established superannuation fund.

When we sold our residential block, profits were not as expected; in fact we incurred a loss. Proceeds were placed on deposit. Contributions to our superannuation fund continued from various employers but without any additional financial input from ourselves. The fund was generating good profits until the global financial crisis in 2007/2008; this resulted in a serious reduction in retirement funds. As I was planning for retirement in 2013, the loss made for a very stressful couple of years and a realisation that I would likely have to continue working past 2013.

A good friend suggested that my wife and I visit a financial advisor. We procrastinated for some months before deciding to seek assistance. We then sought recommendations for a local advisor in Bunbury and finally decided to make an appointment with Pennywise Investments and were introduced to Jeff Glossop.

Well, what a difference a two hour meeting made to our finances and our lives. Such a shame that we waited until April 2010. Jeff gave details of his background and philosophies as a financial advisor. We were then asked our expectations for our futures, our intentions pre and post retirement age and finally for details of current savings and investment. He explained the strategies available to us based on existing available funds and made recommendation on further investments, including salary sacrificing, etc. The meeting was followed two weeks later by a comprehensive written proposal and associated information.

Jeff gave us confidence to change and to adopt the recommendations and strategies outlined in his Statement of Advice. In June 2010, Jeff officially became our financial advisor. This was a leap of faith for my wife and I as we had continually read of losses incurred by seniors who had invested in various schemes promoted throughout Australia by financial planners and advisors. Jeff took the time to really get to know us. This gave us every confidence that not just our financial goals were well understood but also our comfort levels. His integrity and knowledge are invaluable and we now feel a sense of security that we did not have before transferring our financial assets to his control. His strategies were so successful that I actually retired in December 2012, with my wife also taking the decision to retire in July 2013.

Jeff has a proactive approach to his work, regularly provides updates and has always been available to answer any questions or to explain options within our portfolio. We appreciate the guidance that Jeff has provided in helping us make sound financial decisions based on our investment objectives as well as our personal needs.

Peter and Lyn
- Bunbury Residents

When we were due to retire we knew we did not have the expertise to manage our own superannuation but we wanted the security of knowing we would get the best returns on our investments.
Jeff and his team at Pennywise were recommended to us and from the very first meeting we knew we were in safe hands.

During early discussions, Jeff established whether we were risk takers or not and what our financial needs and wants for the future were. He then designed an investment portfolio to suit us. Now, we are continually kept up to date with how the markets are going, given reassurances during the ‘not so good’ times and we have complete confidence knowing that the Pennywise Team is always working to get the best possible returns for us.

Another aspect that we think makes Pennywise Investments stand out from other financial advisors is Jeff’s advice on the physical needs of retirement. Having been with Jeff and his team for over fifteen years now, we appreciate his ideas regarding the need to plan for when we may no longer be able to live in our family home. The informative seminars which Jeff organises on a regular basis give us a feeling of knowing ‘what lies around the corner’ and what we need to do in the longer term to give ourselves and our children peace of mind.

Jeff and his team treat us as friends rather than clients. Our questions and concerns, no matter how small are always resolved. Jeff once said, “Do not lie awake at night worrying about something financial. That’s my job!”

We feel we are very fortunate to have chosen Pennywise Investments to look after our finances.

Information published on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in this document is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs. Kingsace Pty Ltd ABN 82 083 163 697 t/a Pennywise Investments is a Corporate Authorised Representative of Infocus Securities Australia Pty Ltd ABN 47 097 797 049, who holds an AFSL and Australian Credit Licence No. 236523.

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