Matthew Brannelly - How to Unleash Accountants’ Creative Streak amid Major Changes

When it comes to issues such as Lead Advisory Roles, nobody knows this better than Matthew Brannelly. He is at the forefront of this concept of ensuring that accountants revamp their style of working, which has been largely influenced by changes in how permits are issued in this sector.

Since accountants' financial advisory role to SMSF was repealed a long time ago in the year 2016, for those who are still looking forward to continuing with this role will have to do it under the watchful eye of the Australian Financial Services License, which could either be full or limited. Depending on the role taken.

Matthew Brannelly continues to say that up to recent times since the financial advisory role was revamped, not many accountants have taken up the limited side of the license. This is because ever since many accountants have been forced to reconsider their roles while others have completely refused to be dragged into this whole license issue. They have decided to sit back and watch from the periphery.

To prevent further acrimony, being one of the senior-most and respected accountants in Australia, Matthew Brannelly has taken it upon himself in seeking various ways on how this deadlock can be unlocked. This because if left unaddressed, then there will be further income losses by accountants now that one of the main sources of their revenues, the SMSF advisory role has been shut down completely. According to him, it is high time accountants got creative by creating other sources of income if they are to get out of this rut.

As for these new sources of income, according to Matthew Brannelly, the best way to go about it is by taking a proper look at the database of their clientele base and reorganizing it accordingly. This will enable them to easily identify the areas that will easily be the source of new revenue. Besides, they could be lead advisors. Through such roles, they will only take up the most important segments for their clients while delegating the rest to trusted partners but under strict supervision from them.  

Matthew Brannelly - Popular Mediocrity

Why is it that “an absence or lack of interest or concern” (apathy) is beginning to typify our culture, to the exclusion of “results brought about by resolve, persistence or endeavor” (achievement).

Australia – The Lucky Country, is now the land of the average and mediocre in terms of industrial performance.

Sporting success is great, but it has little economic value apart from increasing beer sales.

The purpose of this article is to strongly identify the fundamental problem of apathy in Australia and suggest positive corrective action. Ignorance of the severity of this problem is typical of the Australian approach of “She’ll be right”.

History could be blamed for the resource abundance provided to the early Australians. Unfortunately, this abundance reduced our competitive urge as survival was never a common problem. An over-emphasis was placed on our rural economy and, in recent times, the decline of this sector due to international forces has severely affected the performance of our economy overall. We were not prepared for this shift in emphasis from primary to secondary and tertiary industries.

The industry has responded to the challenge but has not been supported by the labor market which has become highly organized, controlled and rigid. Without input price control, particularly with the labor, the Australian industry is in a non-competitive position,

Our labor force demands full employment, but not in return for a more efficient, more cost-productive workforce. In addition, the work ethic has declined through misguided beliefs of industrial immortality, the political system, and education standards.

On a more general note, we are well renowned for the “Tall Poppy Syndrome” – anyone who rised above the rest should be attacked. In fact, conforming to the norm, i.e. being average, and maintaining the status quo is the public desire for individuals. Australians seem to welcome conformity, as witnessed by the “Life Be In It Campaign” with our “representative”, Norm. Our society automatically criticizes overachievers and non-conformists because they challenge the standards set by society, for the average, by the average.

The problem is simply this, Australia (the country) needs achievement-oriented, non-conforming leaders, but society refuses to acknowledge and support, and only criticizes. Unfortunately, there are no easy solutions especially for young Australians to whom we look for the future.

Our future depends upon the training of today’s youth. We must encourage the reversal of “popular mediocrity” and aggressively support achievement, and motivated non-conforming individuals. One area of immediate recognition of this change in emphasis will be in “Work Ethics”, which is badly needed if Australia’s declining economic capacity is to be amended before we are “taken over” by the world economy i.e. bought out. The Education system must be tuned to this requirement to ensure improved standards of performance and attitude.

The development of youth is the responsibility of many areas of society, beginning with the family unit.

Most importantly it is up to each one of us to analyze our own performance and receptiveness to “achievement and success”. We must ask ourselves, if we really want success, or alternatively if we are satisfied with our present state of being. To be content is extremely dangerous, as there is no achievement if “treading water”; eventually you may sink, due to lack of forwarding motion.

We can improve, and strive for greater success by:

• Expanding and improving our skills
• Continually improving the goals set, as previous levels are reached
• Challenging preconceived limits we place on our performance
• Never be satisfied

The battle against public apathy must be fought on personal ground. We each have to become achievement conscious and keep in mind that personal success and achievement has no bounds, only the limits we place on ourselves by expectation.

With your personal achievement, I ask you to remember that –

“There is no finish line…. only the next challenge.”