We’re excited to welcome Gary Gleeson to The Investment Collective team! Joining us in January as our Managing Adviser in the Melbourne office, Gary brings a wealth of experience and a deep passion for financial planning.

For Gary, the path to becoming a financial adviser wasn’t a complicated decision—it was clear from the beginning. Straight out of school, he found himself working with a small financial planning firm in Little Collins Street in Melbourne.

“I took a couple of detours along the way,” Gary recalls, “but financial planning was always my first love.”

Those early years gave him the skills and experience to build the rewarding career he has today.

The drive to make a difference

What Gary loves most about his job isn’t just the numbers—it’s the people.

“I really enjoy working with my clients and my team,” he shares. “The best part is seeing the difference we make in people’s lives through our advice.”

For Gary, each client’s success feels personal, and helping them navigate important life decisions is what drives him every day.

Gary doesn’t point to a mentor or life-changing experience that shaped his career. Instead, it was a simple realisation that financial planning was the best way for him to connect with people and make a tangible difference.

“I always knew I wanted to work closely with people, and financial planning just made sense,” he says. “Someone once told me that if you love what you do, you’ll never work a day in your life—and that’s exactly how I feel.”

Interests away from the office

Outside of work, life is just as busy and fulfilling. “I’m married with two adult kids at university,” Gary shares. “We also have two very active (and slightly chaotic) dogs—a Hungarian Vizsla and a Dalmatian.”

When it comes to hobbies, golf is the big one. “I’m a member at Peninsula Kingswood, and now my wife and son have taken it up too. We’re all pretty competitive!”

Gary’s dedication to client success

As Gary continues to grow in his career, one thing hasn’t changed—his commitment to helping his clients. His down-to-earth approach and genuine passion for financial planning make him a trusted adviser for those looking for real, practical advice.

Looking for expert financial advice with a personal touch? Contact Gary to start planning your financial future today!

Every adviser has a story, and for Liz Whalley, being a financial adviser is about more than just numbers—it’s about people. “We really do ride the highs and lows together,” she says. “I love listening to what drives my clients and feel privileged when someone trusts me to help them along the way.”

For Liz, the most rewarding part of her job isn’t just helping clients reach their financial goals—it’s the relationships she builds along the way. Whether celebrating milestones or navigating challenges, she’s there for the entire journey, offering guidance, support, and a listening ear.

A unique path to financial advice

Liz’s journey into the financial planning industry wasn’t conventional. “After initially deciding university wasn’t for me, I was lucky enough to get a traineeship with a financial planning company. I thought, ‘Wow, look at all the people the advisers help—I want to be part of that.’” However, career shifts led Liz to work in the accounts department for a nationwide bearing and power transmission company—where she met her husband. Eventually, she returned to financial planning and her studies, starting at the reception desk and working her way up through client services, paraplanning, and finally, becoming a financial adviser.

Throughout her career, Liz has been fortunate to work with inspiring mentors. “Alan Larsen, my previous boss at Godfrey Pembroke, started me on my path, and more recently, David French took me under his wing for my professional year. It was a fantastic learning experience.”

Interests away from the office

Outside of financial planning, Liz has a love for muscle cars and the thrill of the dragstrip. “Growing up, my dad was a diff builder, and we were frequently at drag races. The smell of burnt rubber reminds me of those times, and I find it very comforting.” She also enjoys snorkelling and has a deep passion for travel.

Empowering women through financial literacy

Liz believes that knowledge is power and strives to create a safe space where clients feel comfortable discussing their financial situations. “I never judge or assume what someone knows. I take the extra time needed to build their knowledge and confidence.”

Her advice to women seeking greater financial independence? “It’s never too late to start, and there’s no such thing as a silly question. I think finances are still a bit of a taboo topic, and I want to encourage more conversation around them. That’s why I believe the Alteris Women initiative is such a fantastic movement.”

Through her dedication, expertise, and genuine passion for helping others, Liz continues to make a meaningful impact on the financial well-being of her clients—one conversation at a time.

If you’re looking for a financial adviser who truly listens and supports you every step of the way, Liz would love to help. Whether you’re planning for the future or navigating financial challenges, she’s here to provide guidance and confidence. Get in touch today to start the conversation.

Most people with assets will pay more for aged care if they enter the system after 1 July 2025.

Back in October, we shared information about the aged care fee reforms aimed at enhancing the quality and sustainability of aged care in Australia.

Now, with more details available and these changes fast approaching, it’s critical that people don’t leave care decisions too late. Aged care planning takes time, and delaying could mean higher costs and fewer choices. These reforms will impact the fees associated with home care and residential care services, so now is the time to get informed and consider any necessary action.

Whether you’re currently receiving care or supporting a loved one on their care journey, it’s essential to understand what these changes could mean for you.

Aged care fee reforms from 1 July 2025

A new aged care system will come into effect on 1 July 2025.  If someone is already in aged care at that time, their fees will stay the same under the old rules.

However, if an existing resident moves to a different facility after 1 July 2025, it’s important to seek advice from one of our aged care advisers to understand how the current rules may still apply.

Accommodation

The main changes for new residents from 1 July 2025 are:

1. Retention fee on Refundable Accommodation Deposit (RAD): Providers will keep a small portion of the RAD as a non-refundable retention fee of 2% per annum for up to five years, with a maximum of 10% retained.
2. Indexing of Daily Accommodation Payments: For residents who choose to pay a daily fee instead of a RAD, the Daily Accommodation Payment (DAP) will increase twice a year (on 20 March and 20 September) in line with the Consumer Price Index (CPI).

There will be no changes to how the family home is treated in the aged care means test assessment process. If a spouse or a “protected person” lives in the home, the property remains exempt from financial assessments. Otherwise, approximately $208,000 of its value (indexed) will be included.

Daily Care Fees

Home Care (Support at Home)

From 1 July 2025, the Home Care Package system will change to the Support at Home Program, with funding divided into three areas: Clinical Care, Independence, and Everyday Living.

1. New Classification System: Recipients will be assessed into one of ten funding categories to better match funding with their individual needs.
2. Independence and Everyday Living Contributions: The government will cover 100% of Clinical Care costs. However, individuals may need to contribute up to 50% for Independence Services and up to 80% for Everyday Living Services. The amount payable will be based on Age Pension status or Commonwealth Seniors Health Card eligibility.
3. Home Care grandfathering: People with a Home Care Package as of 30 June 2025 will keep the same level of funding under the new Support at Home program along with any unspent funds. Those on the National Priority System or approved for a package by 30 June 2025 will receive an equivalent Support at Home budget when available. If a future assessment qualifies a recipient for more funding, they will transition to the new Support at Home classification once it becomes available.
4. Contribution arrangements: People who were receiving a Home Care Package, were on the National Priority System, or were assessed as eligible for a package by 12 September 2024, will not pay more due to the reforms. Their contributions will remain the same or be lower. If they move to residential care, their contribution arrangements will continue unless they choose to switch to the new program. However, changes to accommodation payments in residential care will still apply, as these are determined by agreements between the resident and their provider.

What does this mean for those already in care?

If you’re already in residential aged care, your fees are unchanged by the new legislation. As mentioned earlier, if there is a more from the current care, it is important to get advice to understand how the impact.

It’s useful to reflect on what happened the last time the rules changed. The current aged care laws, which came into effect on 1 July 2014, did not impose the new fee arrangements on those already in aged care or receiving a Home Care Package.

Where can I find out more about the proposed legislation?

On 24 November 2024, Parliament passed the Aged Care Bill 2024. This Bill becomes the new Aged Care Act, coming into effect from 1 July 2025.For more details, click the link below. https://www.health.gov.au/our-work/aged-care-act

We are here to help, every step of the way

The proposed aged care fee reforms to residential aged care and home care are significant. If you’re unsure about your current situation or how these aged care fee reforms might impact your care situation moving forward, your adviser can put you in touch wit Alteris’ Lifestyle and Care team.

Alteris’ specialist division of financial advisers are accredited in aged care advice and can talk you through all available options and explain the various financial considerations. Their team can also provide full support with ensuring the fees and pension are correct by working directly with your accommodation provider, Services Australia and the relevant government departments. Learn more about Alteris’ accredited aged care financial advisers.

Some investors find it satisfying to take a do-it-yourself approach to retirement savings by managing their own self-managed superannuation fund (SMSF) and taking responsibility for its growth.

While an SMSF gives you full control over how your retirement funds are invested—within legal limits—there are several important factors to consider first. A well-structured SMSF investment strategy is essential to ensure compliance with regulations, manage risk effectively, and achieve long-term financial goals.

Before taking the plunge, carefully weigh up the risks and rewards. This includes understanding super and tax laws, assessing the costs involved, evaluating the level of administration required, and developing a solid investment strategy.

What you need to know

Setting up an SMSF can be complex and time-consuming, with numerous regulations and rules to navigate. Seeking professional advice can help ensure your SMSF is established correctly, allowing you to qualify for the tax concessions available through the super system.

Your financial adviser can guide you through the setup process, ensuring compliance and making ongoing administration easier throughout the year.

The advantages of an SMSF

A SMSF offers several advantages, particularly for individuals who want more control over their retirement savings and investments. Some of the key pros of having an SMSF include:

Investment control

SMSF members have complete control over their investments, you decide where to invest and when assets are disposed. You can also incorporate property as part of your portfolio.

Estate planning

SMSF members can set up binding death benefit nominations to specify how their superannuation will be distributed after they pass away.

Asset protection

SMSFs can protect members from bankruptcy and litigation, and their superannuation benefits are usually protected from creditors.

Diversification

An SMSF has greater access to investment options and a diversified SMSF portfolio could reduce risk and improve returns over time. Speaking to your accountant or financial adviser can help to ensure you SMSF investment strategy is well-structured for long-term success and is well-diversified.

Tax advantages

SMSFs have one of the lowest tax rates in Australia. Other tax credits can help to further reduce the tax rate.

Lower costs

Running your own SMSF can have lower ongoing costs, especially for larger funds.

Lump sum payments

SMSF can pay benefits as a lump sum, a pension or a combination if the payment is under the laws and the trust deed.

The disadvantages of an SMSF

While there are several benefits to having an SMSF, there are also some drawbacks and challenges. Here are some of the main things to consider:

Responsibility and learning

Trustees must understand and comply with legal and financial requirements.

Cost

SMSFs can be expensive to set up and maintain, especially for SMSFs with smaller balances.

Time and effort

Running an SMSF requires a significant amount of time, effort, and expertise. Engaging with your financial adviser for assistance and ongoing support can help ease the burden and ensure your SMSF investment strategy remains aligned with your financial objectives.

Risk

SMSFs are not guaranteed by the government, and investment returns are not guaranteed. If you lose money, you won’t have access to the government compensation scheme.

Get professional help

Establishing and managing an SMSF can be difficult without professional assistance. The legal and regulatory requirements are complex and must be followed to ensure the fund remains compliant. These requirements are also regularly updated or changed, so it’s important to stay informed about any new obligations.

Many trustees require support with the day-to-day management of the fund, as well as meeting ongoing reporting and administrative obligations.

Managing an SMSF comes with both opportunities and challenges, and professional advice can make all the difference. Your financial adviser can help ensure your fund is set up correctly, remains compliant with evolving regulations, and aligns with your retirement goals. They can also assist with SMSF investment strategies, tax efficiencies, and ongoing administration, so you can focus on building your wealth with confidence.

If you or someone you know is considering an SMSF, reach out to one of our trusted advisers for expert guidance and support.

The recent holiday period and gift-giving has left many of us a little short of cash, so it can be comforting to learn that billions of dollars in unclaimed money are being held by various government agencies, just waiting to be claimed by their rightful owners

The largest pool of unclaimed funds is lost superannuation. The Australian Taxation Office (ATO) is holding more than $17.8 billion in superannuation for fund members who have become uncontactable.¹

Next, there is more than $2.3 billion from inactive bank accounts and life insurance policies that have not been claimed for over seven years. These funds are administered by the Australian Securities and Investments Commission (ASIC).²

Meanwhile, Services Australia is holding over $241 million in unclaimed Medicare benefits. These unclaimed funds typically result from patients not providing their current bank details to Medicare.³

Finally, all state and territory governments hold unclaimed money from various sources, including deceased estates, share dividends, salaries and wages, cheques, trust money, overpayments, and sales proceeds.

It’s important to note that searching the various government databases is free. While it may take some time and require digging up old paperwork to prove you once held an account, the process is accessible to anyone. Be cautious of businesses that offer to search these databases for a fee, as you can perform the search yourself at no cost.

Are you missing super?

It can be easy to lose track of your super if you’ve changed jobs several times and your employers have paid your compulsory super into different funds.

As a result, you might end up with several super accounts, each holding a small balance. According to the ATO, nearly four million people have more than one super account. ⁴

To address this issue, the ATO has introduced a “super health check” tool to help you search for any lost accounts and update your contact details. You can access this tool here.

The health check also allows you to confirm that your employer contributions are being made as expected. The ATO has ramped up audits and reviews of employers to ensure that compulsory super is being paid to employees.

While more than 92 per cent of super entitlements are paid without ATO intervention, the ATO reports that in the past year alone, it has recovered $932 million in unpaid super owed to 797,000 employees. ⁵

Employers are required to pay super in full, on time, and to the correct fund each quarter by the 28th day of October, January, April, and July, the ATO states.

Finding money in old accounts

Tracking down long-forgotten bank accounts, shares, investments, and life insurance policies is possible with ASIC’s unclaimed money tool.

To use the tool, enter your name in the search field and try variations, including initials and last name, first and last name, and your full name.

If you find a record that seems familiar, you can lodge a claim by providing proof that connects you to the account listed. ASIC states that you can expect a response within 60 days.

Don’t forget to check state and territory government websites for unclaimed money from various other sources. Funds can sometimes be found in unexpected places. For instance, missing share dividends might be lodged with an agency in the state where the company is based. You can view a list of these agencies’ websites here.

Finding your Medicare benefits

If you are not receiving the Medicare benefits, you’re entitled to, it is likely that your bank account details are either not lodged with Medicare or they are incorrect.

You’ll need to set up a MyGov account then link your Medicare account. From there you can check that your details are correct.

It may take a bit of time to find your information and track down proof of old accounts, but it could pay off with an unexpected windfall.

Your financial adviser can help you track down lost super, unclaimed bank accounts, and other forgotten funds while providing guidance on how to make the most of them. If you know someone who could use expert help in managing their finances, consider referring them to one of our trusted financial advisers. It’s a simple step that could lead to a valuable financial boost!

Sources

i Total lost (fund-held) and ATO-held super | Australian Taxation Office

ii Unclaimed money | ASIC

iii Check now: Aussies owed $241 million in unpaid Medicare benefits. | Department of Social Services Ministers

iv Trend towards single accounts | Australian Taxation Office

v Super action sees over $900 million super returned | Australian Taxation Office