The picturesque seaside town of Kingston in Tasmania is home to financial adviser Geoff Axton and his advisory firm Kingston Financial Planning, which has been providing quality advice for 20 years. Axton shares his journey from accounting to financial planning and why Tasmania is a great place to live, work and run a successful business.
In financial advice, the Certified Financial Planner (CFP) designation is globally a mark of technical proficiency, experience and professionalism.
It originated in the United States and was introduced to Australia in 1990. Today, it is recognised in 28 countries and territories.
Tasmania accounts for 72 of the country’s 4,352 CFPs. Among them is Geoff Axton, Principal Financial Planner at Kingston Financial Planning in Kingston, 12 kilometres south of Hobart.
An accountant by background, Axton developed a keen interest in helping people minimise tax, maximise wealth and plan for the future early in his career.
In the 1990s, he identified financial planning as an emerging profession and expanded his skillset to include strategic advice on superannuation, investments and insurance. In 1998, he became one of the first advisers in Tasmania to gain CFP certification.
“I remember people coming into the office with termination payments from the government and wanting to know what to do,” he recalls.
“Tax planning was a big part of it, but I also got really interested in financial planning and helping people by understanding what matters to them and solving their problems.”
With his experience and qualifications, Axton joined a large national advisory firm. His role encompassed financial planning and investment research and supporting the licensee audit and compliance function. After 18 years as an accountant and a successful corporate career, he established Kingston Financial Planning in 2006 and set out to provide strategic advice and comprehensive financial planning to his community.
Conveniently located just a short 15-minute drive from Hobart, the seaside suburb of Kingston has historically served as a quiet retreat for city commuters. As the gateway to Tasmania’s tourist hotspots, including the D’Entrecasteaux Channel, Bruny Island and the Huon Valley, it is one of the fastest growing regions of Tasmania. It has a diverse population, including retirees, professionals and young aspirational families, making it the ideal place for a thriving financial planning business, Axton says.
“Over the past decade, many people have moved here from the mainland, and the area has needed to keep pace with a lot of building and development. There’s more space here and a more affordable, relaxed lifestyle, and strong sense of community.”
This year, Kingston Financial Planning celebrates its 20th birthday. Since the business opened its doors, Axton hasn’t looked back and plans to spend many more years serving local clients.
He credits his Australian Financial Services Licensee, Charter Financial Planning (a member of the Akumin group), for getting him started 20 years ago and continuing to support him.
“I was actively looking at opening my own practice in Kingston, and Charter Financial Planning had launched an initiative called the Discovery Program, which was designed to help new advisers get going by allocating a small book of clients. Our base was sourced from retiring advisers,” Axton says.
“That program really enabled me to get started. I rented a small office from another accountant for the first few years before moving to larger premises on John Street in 2009.”
The business remains there today and provides support to clients all over Tasmania.
As a small business, operating in a suburban location, Kingston Financial Planning specialises in retirement planning and wealth management but also advises on complex matters with a detailed lens. Axton provides broad financial advice on a range of matters including budgeting and cashflow management, superannuation and retirement planning, personal risk insurance, and Centrelink and aged care planning.
“I enjoy helping people get their financial house in order and guiding them to make smart, confident financial decisions,” he says.
“Many of my clients have experienced a life event, such as serious illness or the death of a partner, and I’ve been able to support them and tell them that they don’t need to worry financially.”
“It’s a great feeling knowing that you’ve made a difference in their lives.”
That experience has reinforced for Axton the impact quality advice can have, particularly when people are navigating change or uncertainty.
“There’s a pretty good understanding that financial advice can make a significant difference. It can guide a person’s actions in relation to keeping up with changing legislation, financial structuring, tax-saving opportunities, personal protection, fluctuating interest rates and how best to pay off your home.”
When asked for his best single piece of advice, if he could only give one piece of advice, the accountant in Axton shines through.
“For people who are stressed about their finances, it’s important to have a financial plan and often the key to a more enjoyable life, is managing your cashflow effectively,” he says.
“At every stage in life, cashflow is critical. Understand your income and outgoings over the short and medium term. Set money aside to cover your expenses and anything above that isn’t necessarily for spending, it’s also money to save.”
