Year of Celebration

Peter McKinnon • August 20, 2015

Peter McKinnon’s speech from the BMO ‘Year of Celebration’ Event held on 19 August 2015.

As Dave has mentioned it is 25 years since BMO, as we know it, began. For me it’s been a bit longer in the accounting profession. I started writing up cash books for my father when I was about 14. I turn 57 next month so it’s been over 40 years doing journal entries!

With this in mind and with a heavy heart I today announce that as of July 1 st 2016 I will officially retire. You will notice that I am making the announcement very early as it very important to me that our team here at BMO and our clients have time to adjust to the idea over the next 10 months. It also gives my lovely wife Jenny time to adjust to the idea that she’s going to have me around a bit more by the end of next year.

So why am I retiring? I just feel the time is right. When you know, you know. From when I first formed BMM back in 1990, I have watched this business go through different phases. In the early years, there was adopting new technology – like computers, software. Today I feel as though our industry is on the cusp of the next era. With the advent of new superannuation laws and the shift towards cloud accounting, I just felt like the time was right for me to give the next generation of our business the freedom to emerge and grow into our future leaders. As Michelle pointed out earlier we have some fantastic young team members coming up through the ranks. Don’t get me wrong, I love learning and I’m sure in the next stage of my life I will continue to grow and learn.

One of the great thrills of being an Accountant has been working with clients planning your future. Whether it has been buying assets within your superfund, legally minimising your tax, or increasing your business profit, it has all been about having goals and working towards them. So the other reason why I feel it’s ok for me to retire is that I think it’s important to ‘practice what you preach’.

In the early 1990s, I attended a conference run by a guy called Paul Dunn. Paul spoke about things like the lifetime value of a client and that your team members (prior to this we call them ‘staff’) were your most important assets. He spoke about goal setting and having a vision. From that moment on, I really wanted BMO to be the best place to work for and do business with. Hence I am often asked if, when I started out, whether I ever thought BMO would be the business it is today. Of course I say NO – because it has grown bigger than I had ever imagined, but I do add that, as far as the client is treated, we have always worked hard to remain the same. Personal service, listening to your first, every step of the way. Similarly with our team members we have always strived to make BMO a great place to work. Everyone who has worked at other places and now work at BMO will tell you BMO is a wonderful place to work. Whilst congratulating one of our team on a recent milestone her words to me were ‘I just love working at BMO, it is a fabulous place to work”.

As those who know me well know I have always been an active member of the community – being a Dalby Town Councillor for seven years as well as President of the Chamber of Commerce for a similar time and various roles in rugby league and golf clubs over the years. So it was always important to me to build a business which would put back into the community. Over the years we have tried to support everything, and of course with the wages we pay, I believe we have been and will continue to be a good corporate citizen. It gives me great pride when I go out into our car park and see all the cars and think how good it is that BMO helps fund cars, homes, lifestyles and families.

The Future:

Some of you will be aware, that we have a six monthly planning meeting for the partners and sometimes wider management team. It was at the February meeting that I announced my intentions to the partners, and later to the management team, of my desire to retire. I was really touched by the support and encouragement firstly the partners gave me and later the management team. Not long after this meeting, Jenny and I went to a two-day transition planning course. Together we worked on a strategy for the future. Surprisingly we were already doing a lot of the things that we hope to continue doing in the future. But the course was an important way for us to communicate with each other and provide clarity around our direction. I’d encourage others, no matter what age you are, to have those important conversations with your spouse and loved ones. Apparently a lot of people don’t plan their retirement!

At the top of my list are health and family. For me a lot of the hours sitting at a desk will be replaced by more active pursuits. At the same time I will embark on some consultancy work.  Jenny and I do spend a lot of time with our adult sons and that will continue. Dalby will remain our base as we have so many wonderful friends here. I imagine that I’ll be keeping a close network with BMO and most probably popping in for morning tea when I can… particularly on Fridays when we have a really good smoko!

Finally:

My retirement date is 1 st July 2016 so it’s business as usual for the next 10 months. During this period I will do everything I can to ensure a smooth transition of clients to the appropriate partner. BMO has been a huge part of my life; in fact all of my children only know me as a BMO partner! I would not be comfortable retiring if I didn’t think I was leaving you in the most reliable, expert hands. I know how talented my fellow partners and team members are and I have every confidence that you will find the process will be straightforward and enjoyable.

I will not be going into a long speech of thank yous and goodbyes tonight. I will be saving that for the big party we’ll be holding next July! But I do want to acknowledge a few people. To the partners and management team, as a group of business leaders, you are inspiring and it has been so rewarding being in business with you.

To my wife Jenny, you have been my rock. We started with nothing but big dreams and a lot of those dreams have become reality, especially being the parents of four wonderful sons.

To our team, can I just say what a privilege it has been to be a leader of so many wonderful people? Nothing has given me more sense of pride then seeing you come to BMO after year 12 knowing very little and then in a couple of years’ time hearing you give sound advice to clients, seeing you work hard studying for your degree, then your CPA, seeing you become senior accountants and seeing you become my business partners.

And finally to all my valued clients it has been an honour to serve you over the years. Some of you are leaders in your industries, some are hugely respected community members, and you are all talented tradespeople, business owners and individuals. Most importantly, I can honestly say, you are all decent human beings who I have loved dealing with and I’m sure our friendship will continue beyond BMO.

It was very important to me that this announcement is not considered a sad announcement in any way. That’s why we are calling this a year of celebration. This is an exciting time for BMO. I look forward to celebrating the opportunities that lie ahead for me and my family, for BMO and for all of you.

I’d just like to finish off by telling you a little story.

About five years ago I went to a financial planning conference in Singapore. The final speaker was this guy called John Anderson. John, who was a New Zealander, told us how he went over to London with no money, ‘no nothing’, but he had a big dream.

He decided to get a little bus and take people backpacking around Europe. That was how he started out. He took that little business idea and he built it into Contiki – the massive company taking tours all over the world that is a household name today.

It’s an amazing story.

John is no longer with the business. But one thing he said stuck with me. Every time he’s walking down the street and he spots a Contiki bus drive past or a person in a Contiki uniform, he sheds a tear.

There is no doubt every time I drive past this building in the years to come, I will do the same. There is no doubt, when I see someone down the street in a BMO uniform, I will shed a little tear.

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Do you know how your super is performing?

By Nikki Ashurst • November 2, 2026
Many Australians don't know how their super fund has performed or what it invests in. Are you one of them? Here's what to check and why it matters. Do you know how your super fund performed over the last two years? Many Australians don’t and are working towards their financial future without fully understanding one of their most important assets and without a clear plan for how their super may support them in retirement. That's not surprising, as many people view super as something that should run quietly in the background while they're busy with careers, families and everything else that life throws at them. But when you’re not sure what’s happening behind your balance, it’s harder to know whether you’re on track, whether your current approach reflects your goals or what opportunities might be available to help you make the most of what you’ve built so far. Your super isn't sitting in an account, it's invested Super is invested by a fund on your behalf across a mix of assets, with those investments working to grow your balance over time. Those include: Shares Ownership in Australian and international publicly listed companies. Their value can rise and fall, sometimes substantially over short periods but shares can provide capital growth over the long term. Property and infrastructure Real assets like office buildings, shopping centres, airports and energy networks. They can produce income and don't always behave in the same way as share markets, helping diversify investment holdings. Fixed interest and bonds Lending to governments and companies in return for interest. They can provide regular income and be steadier than shares, although returns and risk vary depending on the investment. Cash Generally, the most stable and lowest risk investment type. It can provide stability and faster access to money but typically offers lower longer term return potential. The investment option you choose determines the mix of assets held in your super based on your risk appetite. Most super funds offer options from conservative to high growth. If you’re young, a growth option with a higher exposure to growth assets like shares could offer higher returns over time – but it also comes with higher risk. As retirement nears, you might want to consider a more conservative approach with more defensive assets, like bonds for example to protect your savings. If you've never made a choice, you're probably in your fund's default option, which is designed to suit a broad membership. It’s worth knowing whether the mix you're in matches your circumstances and goals, including how far you are from retirement. Why performance alone is not a true comparison If you're thinking about how your super compares, returns are often where people start. The trouble is that a return figure means nothing without context: What it's being compared to Growth and conservative options invest differently and with different levels of risk. Compare like with like or the comparison may not be genuine. The comparison period A single year can be heavily influenced by short term market conditions. Super is measured in decades, so five, seven and ten year returns tell you far more about whether a fund is consistently doing its job, albeit not a predictor of future performance. Fees and tax Published returns should reflect investment fees, costs and tax but administration fees may be charged separately from your balance. Two funds quoting the same return can leave you in meaningfully different places once all fees are accounted for. Then there are the things that returns can't show you at all. For example, what insurance is attached to your account and what it's costing you, whether the fund offers guidance, tools and advice or simply sends a statement once a year. Another consideration maybe the level of support available when you need it. When comparing funds, it's worth looking at the full picture, including performance, fees, investment options, retirement support and member benefits. What today’s decisions mean tomorrow To understand how your super stacks up, start here: Find your investment option It's on your annual statement and in your online account. Look at what's in it Your fund publishes the asset allocation (shares, cash etc.) for each investment option. Check the long-term return for that option Focus on five and ten year returns, not just last year and compare them with equivalent options. Understand the total cost Add together administration fees, investment fees and insurance premiums as an annual dollar figure. Comparing super is about working out which option will perform best for you. Before you jump in, it’s worth understanding what's behind the numbers so you can make decisions based on more than a headline return. Knowing where you stand is the first step A super balance tells you where you are today. Understanding how your super is invested, how it compares and whether it's aligned with your goals helps show whether you're heading in the right direction. Source: MLC The information in this article does not take into account your objectives, needs and circumstances. We recommend that you obtain investment and taxation advice specific to your investment objectives, financial situation and particular needs before making any investment decision or acting on any of the information contained in this document. Subject to law, Capstone Financial Planning nor their directors, employees or authorised representatives gives any representation or warranty as to the reliability, accuracy or completeness of the information; or accepts any responsibility for any person acting, or refraining from acting, on the basis of the information contained in this document. Principal Wealth Management Pty Ltd trading as BMO Financial Solutions ABN 53 109 336 601 is a Corporate Authorised Representative (CAR 277821) of Capstone Financial Planning Pty Ltd ABN 24 093 733 969 Australian Financial Services Licence (AFSL) No. 223135.

The SMSF landscape is changing

By Jude Schofield • October 7, 2026
More Australians are choosing to take direct control of their retirement savings by establishing a self-managed super fund (SMSF) and according to the SMSF Association, Aussies now see their super as an important part of building and managing their overall wealth.