Getting to Know: David Boyle
He was known to many advisers as ANZ's distribution boss, but now David Boyle is building a wider profile at the CFFC.
Friday, April 21st 2017, 12:00PM
by Susan Edmunds
David and his mother after her 90th birthday party in Ashburton
Who are you and what do you do?
My name is David Boyle (Boylee to those who know me) and I am the GM of Education at the Commission for Financial Capability. Essentially, when I'm not thinking about how we can get more Kiwis connected to their KiwiSaver, I am responsible for the education of financial capability, from schools through to helping future generations of New Zealanders to be better prepared for their retirement years. I’m also known by many as the guru for great music…… well in my opinion anyway!
How did you get into the industry?
Certainly more luck than good management. I left school in April 1982, when I managed to get a job as a teller at the Post Office Savings bank in Ashburton. From there, I was first introduced to the financial planning industry when I joined UDC as a BDM, promoting their debentures and call account. I had no clue what financial planning was about in those days, but I was really lucky to have the late great Paul Murphy spend an afternoon every fortnight telling me about what he did and how our debentures were key to every investor’s portfolio. In 1997, I joined Armstrong Jones, which was led by the charismatic Paul Fyfe. I had been interested in working for them because I believed that out of all the other providers at the time, they were thought to be leaders - a good fund manager that added value, not just by their investment options and returns, but also by their genuine interest in helping advisers grow their business. It was there I cut my teeth and developed my skills for the industry (many of which I still use today), and some of the older advisers reading this (they know who they are) tested my capability and value to the industry. While challenging, their effort and support over time helped me to progress my career, and ultimately build the largest KiwiSaver business at ING and then at ANZ Wealth. That's something I am still proud of to this day, especially when many people thought KiwiSaver was going to be a flop!
If there is one thing you would like to change about the financial advice industry, what would it be?
I want to see it grow and provide a range of advice options that meet more New Zealanders’ needs.
What’s the best advice you have ever received?
Follow your passions and spend less than you earn. So far that has worked out pretty well for me!
What is one thing you'd like advisers to understand about what you do?
I am passionate about helping New Zealanders take action and control of their financial wellbeing and the advice industry has a significant role to play in achieving that. I get a little annoyed when asked by some advisers what are we doing to help promote advice. The one thing I would like them to understand is that we do.
What could financial advisers learn from other industries?
I personally think the industry is missing a trick in adapting to the changing legislative, environmental and public demand for advice. And it’s not something that’s confined to the advice industry – others are also dealing with significant changes and challenges; for example, the media and music industries come to mind. Much of this has been driven by technology and the general reluctance of the public to pay for anything when they can get most of it for free. That said, those industries that adapt, change and reinvent themselves while also providing value, quality products and services are flourishing. I see the glass very much half full for the advice industry. Seriously, if Skoda can make a comeback, there is still life left in the advice industry.
Are you a KiwiSaver member?
Yep. Imagine Mr KiwiSaver not in KiwiSaver!
If so, what’s your investment strategy?
Save as much as I can, and allocate my assets based on a balanced portfolio. Try not to look at it every day and hopefully see my provider reward me with lower fees for that growing balance!
Outside of work what do you do?
Heaps. Tennis is my only physical activity of choice (that and running to the bus sometimes) and we just won our Open 3 men’s competition in Auckland which is very cool. The great thing was having my son, James, playing in the same team (even though it is a bit like sliding doors). I’m back to buying vinyl after investing in a new turntable, which also helps contribute to my overall fitness – it’s hard work getting up every time you want to play the other side! I go to most live concerts, the latest being Guns and Roses, The Boss, Simple Minds, The B52’s,The Chills and The Mockers, just to name a few. I have my own radio show on Radio Live called Your Money, which I guess is work but honestly doesn’t feel like it at all. I am also a board member for Stand For Children (which use to be called the Children’s Health Camps). They do an amazing job with vulnerable children. I am also a board member for a charitable group called Play it Strange. Some advisers might remember I shaved my hair off for them a couple of years ago; it is led by Mike Chunn, who has a passion to help school students of all ages to pursue their musical adventures. The rest of my spare time is with family and friends and having a quiet beer from time to time.
What would you say if one of your kids told you they wanted to be a financial adviser?
I would see that as a very cool thing if it was a passion of theirs to follow because we need more young New Zealanders getting into the industry.
What’s one thing people may be surprised to know about you?
The only job I have been made redundant from was when I read to the blind on Saturday mornings as a 22-year-old. I volunteered for over a year but the Royal Foundation for the Blind closed down the service so I was no longer required! I have also sat as a passenger with the New Zealand Champion in Aerobatics running through its winning display and managed not to be sick or pass out.
If you weren’t in this job what would you be doing?
That is actually a really tough question. My dream job would be having my own radio or TV show combining great music, awesome insights into New Zealanders’ stories about their money experiences, sharing their cool tips, lessons learnt, and having national and international guests that connect to the industry and offer practical ways to help New Zealanders get ahead. Seriously, I think I am onto something here!
My last thought:
If you don’t know where you are going, any road will get you there!
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