In this episode of The Bottom Line, Sevan Tuna speaks with Damian Care, Director at AS Wealth Advisors, about protecting your family, building wealth and making financial decisions that support the life you want to lead.
For Damian, financial planning begins with understanding the person behind the numbers. Their family, responsibilities, goals and timeframes all shape the advice, whether they are starting to invest, growing a business or preparing for retirement.
The conversation explores why insurance deserves a closer look, how to assess investment returns in context, and why business owners should think carefully about relying on their business to fund retirement. Damian also shares the experiences that shaped his approach to advice and the lessons he has learnt stepping into leadership.
Starting with the Person Behind the Plan
Damian describes himself as passionate about his family, sport and work. That commitment carries into the way he approaches financial advice.
His career began in accounting before he moved into financial planning. The transition allowed him to combine an interest in money and investments with the opportunity to help people make decisions that affect their lives.
He sees that responsibility as a privilege.
A client may initially seek advice about superannuation, insurance or investing, but the conversation needs to reach further. What are they working towards? Who depends on them? When will they need access to their money? What would happen if their circumstances changed?
Understanding those questions helps give each financial decision a clear purpose.
Understanding What Insurance Protects
One of the most personal parts of the episode centres on the financial impact of illness.
Damian shares how his mother’s experience with multiple sclerosis affected her ability to work and placed additional pressure on the family. Looking back, he recognises how appropriate advice and financial protection might have changed their circumstances.
He also recounts an experience involving a client who was considering cancelling life insurance because of the cost. Before the planned review, the client received a terminal cancer diagnosis.
According to Damian, an early payment under the policy relieved financial pressure and allowed the family to focus on treatment and time together. At the time of recording, the client was still with his family and in remission.
The experience illustrates why an insurance review needs to consider more than the premium. Dependants, debt, household expenses and the consequences of losing an income all matter.
Sevan adds that reaching a point where cover is no longer needed, without ever having made a claim, can be a positive outcome. The protection served its purpose during the years when the family was financially exposed.
Looking Beyond Default Cover
The discussion introduces the different roles of life insurance, total and permanent disability cover, trauma cover and income protection.
These policies address different risks. Depending on the policy and its terms, they may provide support following death, permanent disability, specified serious illnesses or an inability to work.
Damian’s broader message is that having some cover does not necessarily mean understanding it.
Insurance held through superannuation may have been established years earlier. Since then, a person may have taken on a mortgage, started a family, changed careers or become a business owner.
Those changes can affect what protection is appropriate.
A review provides an opportunity to understand the benefits, exclusions, waiting periods and payment limits, as well as how the cover fits within the household’s wider financial position.
Building a Portfolio with a Clear Purpose
When the conversation turns to investing, Damian describes an approach built around the client’s goals, timeframe and willingness to accept risk.
He explains that AS Wealth Advisors assesses potential investments through several stages. These include initial discussions with fund representatives, meetings with the people managing the investments and consideration through the firm’s internal investment committee.
The process seeks to understand how a fund operates, the philosophy behind its decisions and the role it could play within a portfolio.
A strong recent return alone is not enough.
Chasing whichever investment performed best over the past year can lead to frequent changes without a clear strategy. Damian instead emphasises taking a longer view and understanding why each investment belongs in the portfolio.
The structure holding those investments also matters. Tax, access to funds and retirement objectives need to be considered alongside investment selection.
Comparing Investment Returns with the Full Picture
A practical example in the episode considers the choice between investing surplus cash and placing it in a home loan offset account.
An investment return may look attractive at first glance. However, tax, fees and investment risk can change the comparison. For someone with an eligible home loan, an offset account may reduce the interest charged while preserving access to their savings, subject to the loan’s terms.
Damian uses the example to highlight the importance of looking at the whole financial position before deciding where the next dollar should go.
The appropriate balance depends on the individual. Their debt, cash reserves, income, goals and investment horizon all influence the decision.
For younger savers, the conversation also reinforces the value of budgeting and regular contributions. Establishing a sustainable savings habit can provide a foundation for investing over time.
Personal Finance Checklist
Before making the next financial decision, consider:
- Goals: What is the money intended to achieve, and when will it be needed?
- Cash reserves: How would unexpected expenses or a period without income be managed?
- Debt: How does reducing interest compare with the potential return and risk of investing?
- Protection: Does existing insurance reflect current family and financial responsibilities?
- Investment approach: Is there a clear reason for the investments held?
- Superannuation: How does it fit within the broader retirement plan?
- Review points: What changes in work, family or business should prompt another conversation?
Why Your Business Should Not Be Your Only Retirement Plan
For many business owners, reinvesting in the business feels like the natural path to building wealth. They understand the operation, can influence its performance and may expect an eventual sale to fund retirement.
Sevan highlights the risk of relying too heavily on that outcome.
A business that has generated strong income for many years may have a different value by the time the owner is ready to sell. Recent profitability, market conditions and the business’s dependence on its owner can all affect the result.
Damian explains that he regularly meets business owners who have built substantial businesses but accumulated relatively little in superannuation.
The conversation then becomes one of education and planning: understanding what they already own, the retirement income they want and the options available to build assets outside the business.
Superannuation contributions may form part of that discussion, subject to eligibility, contribution limits and individual circumstances. Starting the conversation earlier gives an owner more time to consider the available choices and coordinate them with their accountant and financial adviser.
Understanding Your Superannuation Options
The episode also explores the differences between industry super funds, self-managed super funds and superannuation platforms that offer a broader investment menu.
Damian explains that an SMSF brings responsibility for investment decisions, administration and compliance. Greater involvement needs to be weighed against the work and obligations of being a trustee.
The discussion also highlights that an SMSF is not the only way to seek advice about superannuation or access a different range of investments.
Some superannuation platforms allow an adviser to help construct and manage a portfolio while a separate trustee remains responsible for the fund.
The relevant question is which arrangement suits the member’s needs. Costs, investment options, insurance, service and the level of responsibility involved all deserve consideration.
Growing as a Leader Through Honest Feedback
Beyond client advice, Damian reflects on his growing leadership role at AS Wealth Advisors.
He credits an environment that encourages development, while recognising that progress requires hard work, adaptability and a willingness to hear what needs improving.
He actively asks for constructive feedback. Praise can confirm what is working, but identifying gaps gives him something to act on.
That approach extends to the team. Small wins deserve recognition, and difficulties need to be addressed through open communication and shared effort.
For Damian, team performance means progressing together. If one person is struggling while everyone else succeeds, there is still work to do.
Building Wealth with Greater Clarity
Damian Care’s approach connects financial decisions with the people and goals they are intended to support.
Protecting income, managing debt, selecting investments and preparing for retirement each play a role. Bringing those decisions into a coordinated plan can help people understand their position and make more informed choices as life changes.
Listen to the full episode of The Bottom Line with Damian Care for more on financial protection, investment discipline, superannuation and the leadership lessons shaping his work at AS Wealth Advisors.