When we think about financial advice, we often think about growth: assets under management, investment returns, and reaching retirement with enough.

But in this episode of It’s Never About Money, I speak with Mark Hedderman about a different measure of success – one centred on health, longevity and purpose. 

Mark is President of the LIA, Ireland’s leading professional education body for more than 12,000 financial professionals. He also serves on the board of the Financial Planners of Ireland and is a CFP practitioner and CEO of Hedderman Financial Solutions, the second-generation family firm founded by his parents in 2007.

But despite his roots in traditional financial planning, Mark believes the profession’s definition of success is too narrow.

Beyond wealth accumulation

A turning point for Mark came when his father was diagnosed with stomach cancer just four months after retiring. It forced him to confront a difficult question: if financial advice is designed to create security, why do so many people reach retirement depleted or unwell?

Today, Mark argues that money should be the vehicle, not the outcome. While advisers are highly skilled at helping clients climb the “Everest” of wealth, far less attention is given to what happens next – the 25 to 35 years of retirement where purpose, health and connection matter most.

In his own practice, that shift is practical. The team is intentionally reducing the time spent talking about money in meetings and expanding conversations around wellbeing and life goals – as well as exploring preventative health initiatives and creating opportunities for clients to build community and maintain purpose in later life.

A holistic approach to financial advice

Mark suggests that the financial component may only represent a small part of true wealth. Loss of purpose, loneliness and anxiety can undermine even the most well-funded retirement.

Hence the unusual questions he asks his clients: What did you want to be as a child? What passions were set aside because they didn’t “make money”? And how can your financial plan now support those pursuits?

For Mark, the future of advice lies in high-quality questions, listening and a genuine commitment to client wellbeing.

To hear the full conversation with Mark Hedderman, listen to this episode of It’s Never About Money.

Because when advice is about living well, money becomes the vehicle for the life you’ve always imagined.

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On this episode of It’s Never About Money, I am joined by Daron K. Roberts, a former NFL coach and award-winning college professor. Named as a “Top 20 Global Speaker” in 2024, Daron’s clients range from professional sports teams to Fortune 100 companies.

Join us as Daron shares his inspiring journey from law student, to NFL coach, to being a “Top 20 Global Speaker”. This episode explores the challenges of major life transitions, the value of genuine support, and the importance of aligning professional pursuits with personal passions. Daron’s reflections on family, identity, and reconnecting with his heritage add depth to a conversation packed with insights on personal growth, building meaningful connections, and navigating career pivots with intention and authenticity. Enjoy!

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On this episode of It’s Never About Money, I am joined by Rachael McLennan, the CEO and co-founder of People for Purpose. For over a decade, People for Purpose has championed outstanding leadership and governance in Australian charities—a cause close to Rachael’s heart.

In our conversation, Rachael shares her inspiring journey into philanthropy, her experiences as the founding CEO of Australian Philanthropic Services, and her insights on how strong leadership can transform charitable organisations. We delve into the significance of governance, the role of mentorship in empowering young people, and the growth of private philanthropy in Australia.

Rachael also talks about her personal connection to social impact, her experiences as an MBA student specialising in this field, and how she balances her passion for her work with being a mother of three.

This episode is a must-listen for anyone passionate about leadership, philanthropy, and making a difference in the not-for-profit sector.

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In this episode of It’s Never About Money, I welcome Peter Winneke, author of Give While You Live. With over 20 years of experience in strategic philanthropy, Peter has established more than 100 philanthropic family foundations and has served in leadership roles with several prominent foundations in Australia.

In our conversation we discuss the importance of impactful giving and the current state of the philanthropic sector in Australia. Peter offers insights on best practices to enhance charitable contributions, shares his journey into philanthropy, and the culture of family giving.

Tune in for an enlightening discussion on generosity and legacy building!

GIVEAWAY:

We’re giving away 10 copies of Peter’s book, ‘Give While You Live’! The first 10 people to email joe@itsneveraboutmoney.com.au with a suggestion to retitle our Special Report (currently titled “Your Roadmap to Charitable Giving”) will receive a copy of this incredible book!


To join the waitlist for our special report for families: Your Roadmap for Charitable Giving – head to: https://itsneveraboutmoney.com.au/join-the-waitlist-charitable-giving/ 

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In this episode of It’s Never About Money, I am joined by Dr Alain Bestavros, a renowned oncologist and haematologist, based in Montreal, Canada. He has been a cornerstone at the Integrated Cancer Centre at Laval, and also serves as an adjunct Professor and leading researcher at the McGill University. He also happens to be my cousin.

In this wide ranging and at times deeply personal conversation, we discuss the causes of cancer, how it can impact a person’s life and those around them, the links between stress and cancer, and how it is possible to find meaning when faced with the worst news imaginable. 

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It’s no secret that I take children’s financial literacy very seriously. It’s always top of mind for me and everyone at Stephan Independent Advisory. If I’m not interviewing my nephew or niece about money concepts, or travelling to PNG to work with CUFA, then I’m most likely steering the conversation towards financial literacy on It’s Never About Money.

This week I had the great pleasure of talking to Simon Brown about this very topic. Simon is co-CEO of Banqer, a simulated online banking for your classroom. It provides a hands-on environment for kids to get curious, creative, and ultimately, confident with money. The platform has reached over half a million school students across Australasia. In his role, Simon combines his deep passion for finance, technology, and education to empower teachers and elevate students’ financial literacy and overall well-being. 

Our conversation explored the challenges of making financial concepts engaging and accessible in the digital age. Banqer addresses this by providing practical and relevant financial education through simulations. Students from primary to senior secondary school manage mock online bank accounts, earn fictitious wages, and pay expenses, mimicking real-world financial scenarios. This approach not only makes learning enjoyable but also imparts essential life skills.

A significant part of our discussion centred on the role of schools in financial literacy. Simon emphasised that financial literacy should be an integral part of the curriculum. Money matters are always going to be a big part of life, because in this world nothing can be said to be certain, except death and taxes.

But as well as financial education in schools, we addressed the challenge of financial inequality and the varying levels of financial literacy among parents and adults. Schools, Simon suggested, can serve as potential equalisers by incorporating financial literacy into the curriculum. This helps students bring these concepts home and support their families, fostering a culture of financial awareness and well-being.

Reflecting on our discussion, it’s evident that financial literacy is more than just numbers; it’s about shaping a life of meaning and fulfilment. As we navigate an increasingly complex world, equipping the next generation with the tools to make sound financial decisions is paramount. I hope this episode inspires you to engage in financial conversations at home and support initiatives that promote financial literacy in schools.

To hear the full conversation with Simon Brown, listen to episode 62 of It’s Never About Money.

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It’s always refreshing to sit down with someone like Alex Kirby.

Alex Kirby, Founder and CEO of Total Family Management (TFM), is a visionary leader based in the Washington DC-Baltimore area. He established TFM in 2022, driven by the belief that family is central to everyone’s life. 

In our conversation, we discussed and dissected the Five Forms of Family Capital, as developed by Jay Hughes. These forms of capital are essential for families to consider in order to enhance their overall well-being and success. 

I thought it would be a good idea to explain the five capitals, as we go into them in depth in the episode!

Human Capital

The human capital of a family consists of the individuals who make up the family. Their human capital includes their physical and emotional wellbeing as well as each member’s ability to find meaningful work, establish a positive sense of identity, and pursue his or her own happiness.

Social Capital

Social capital refers to family members’ relationships with each other and with their communities. No family exists without some social capital. Some key indicators of it include the family’s ability to make thoughtful, shared decisions together; to welcome new members into itself; and to give of itself—in time, talent, and treasure—to the larger society of which it is a part.

Cultural Capital

Cultural capital encompasses the values, beliefs, traditions, languages, and cultural resources transmitted within the family. It includes knowledge of cultural norms, customs, and practices, as well as exposure to cultural activities, literature, arts, and heritage. Cultural capital contributes to identity formation, social cohesion, and the intergenerational transmission of values and traditions within the family.

Intellectual Capital

The intellectual capital of a family is composed of the knowledge gained through the life experiences of each family member or what each family member knows.

Some signs of intellectual capital include family members’ academic successes, career growth, artistic achievements, their understanding of their individual and family finances, and their ability to teach and learn from each other about what they know.

Financial Capital

The financial capital of a family is the property it owns. This property may include cash, public securities, privately held company stock, and interests

in private partnerships. 

Financial capital greatly contributes to families’ ability to cultivate their other forms of capital. It makes possible quality health care, education, philanthropy, and the time and opportunities to come together and talk about building and sustaining a shared dream. The opportunity to cultivate these qualitative assets is a great gift, which financial capital makes possible.

To learn more about the five forms of family capital, listen to episode 59 of It’s Never About Money with Alex Kirby.

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Social enterprise is a term that captures a unique blend of business acumen and social responsibility. It is a concept where commerce and compassion converge to create businesses that not only generate profits but also address social, environmental, or humanitarian issues. Daniel Flynn, co-founder of Thankyou, embodies the spirit of social enterprise and is a testament to its transformative potential.

Thankyou is an Australian social enterprise that challenges traditional business models by committing 100% of its profits to fund sustainable development projects aimed at ending extreme poverty. This organisation was born out of Flynn’s realisation that while consumerism thrives, millions still suffer from the lack of basic human necessities, such as clean water. At 19 years old, Flynn encountered the stark reality that children were dying from waterborne diseases and felt compelled to act. This empathy, coupled with his entrepreneurial mindset, led to the creation of Thankyou.

Thankyou’s product line started with bottled water, a choice that is symbolic of the issue it aimed to address. It has since expanded to include personal care and baby products. The innovative idea behind Thankyou is simple yet powerful: leverage consumer spending to fund life-changing projects. Each purchase becomes an act of philanthropy, allowing consumers to participate in a global movement to reduce poverty.

Flynn’s journey with Thankyou is a testament to the fact that social enterprise is more than just a business venture—it’s a calling. It’s not solely about the bottom line but also about the positive impact on society and the fulfilment of contributing to a greater good. It’s also about equity of the soul—a rich sense of purpose that money cannot buy. As of the last report, Thankyou has raised $18.1 million for these causes, illustrating the tangible impact a social enterprise can have.

Daniel Flynn and Thankyou’s story is not only inspirational but also educational. It serves as a blueprint for aspiring social entrepreneurs who seek to create businesses that are not only profitable but also purposeful. It is a call to re-envision the role of business in society and a reminder that the power to effect positive change lies within each of us, in our choices, and in our willingness to turn empathy into action.

To hear the full conversation with Daniel Flynn, listen to episode 58 of It’s Never About Money.

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One of my strongest beliefs is that money, used properly, has the power to do good. It can enable and empower those who are less fortunate by providing them with food, clean water, shelter, and education.

Money should be used to do good in the world. To provide these basic needs and rights to people who truly need them. It shouldn’t be used and manipulated to make the rich richer. This was the realisation of this week’s guest, David Ward.

David Ward is the Technical Director of Australian Philanthropic Services. Before moving to the philanthropy sector, David worked in banking for nearly 20 years. In that time, he held senior positions at ANZ, including Chief Economist (New Zealand) and General Manager, Investor Relations. Notably, he spent four years as Managing Director of ANZ Trustees, which administered over 200 charitable trusts.

David has been a director of APS from the outset and is its technical resource. He is a director of several Private Ancillary Funds and is Chairman of the Australian Philanthropic Services Foundation, APS’s Public Ancillary Fund.

But what made David switch careers from banking to philanthropic services? Although he says there were a raft of factors that contributed to the change, David recalled one moment in particular that he always comes back to.

When David was running a team at ANZ, a very competent team member with a lot of potential resigned. This was a bit of a shock to David, because she had just won Associate Of The Year and had a great career in banking ahead of her. 

When David asked her why she was resigning she said, “Honestly, I am helping people who have already got a lot of money, make even more money.” She wanted to be involved in how that money could be used to help the people who actually needed it. 

This made David reflect on his own story and career, which led him to Australian Philanthropic Services, which in turn led him to be a guest on a podcast called It’s Never About Money.

To hear the full conversation with David Ward, listen to episode 55 of It’s Never About Money.

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The pursuit of happiness is an intrinsic part of the human experience, yet the nature of true happiness is complex and multifaceted. 

This week I was joined by Associate Professor Lisa A. Williams. Lisa is a social psychologist whose research explores how emotions shape and are shaped by social processes. Specifically, her research focuses on the adaptive functions of positive social emotions such as pride and gratitude. 

We delved deep into the concept of well-being and, in particular, the relationship between eudaimonic and hedonic happiness. Now, I know these words could be new to you (they were unknown to me until recently), but I’ll explain what they mean, and how their relationship can offer a framework for understanding the deeper dimensions of what it means to lead a fulfilling life.

Hedonic well-being is derived from the Greek word hedone, meaning pleasure, and is associated with the pursuit of pleasure and the avoidance of pain. It is the aspect of well-being that concerns the immediate feelings of joy, contentment, and satisfaction that arise from pleasurable experiences. Whether it’s indulging in a delicious meal, enjoying a leisurely day at the beach, or celebrating a personal achievement, hedonic happiness is about the comfort and pleasure we derive from such experiences.

Eudaimonic well-being, on the other hand, is rooted in the Greek term eudaimonia, which translates to human flourishing or welfare. This concept was championed by Aristotle, who posited that true happiness is found in living virtuously and fulfilling one’s potential. Eudaimonic happiness is less about momentary pleasures and more about living in accordance with one’s values, developing one’s talents, and contributing meaningfully to society. It encompasses a sense of purpose, personal growth, and the deep satisfaction that comes from engaging in activities that transcend mere enjoyment and contribute to a sense of life’s worthwhileness.

The relationship between eudaimonic and hedonic well-being is not one of opposition but of complementarity. A life rich in hedonic pleasures without a sense of purpose or meaning can feel shallow and unsatisfying, while a life devoted solely to eudaemonic pursuits without the joy of hedonic pleasures can become burdensome and joyless.

The equilibrium between these two forms of happiness is where the essence of well-being lies. A harmonious blend of pleasure and purpose allows individuals to experience the joys of life while also engaging in fulfilling activities that provide a sense of accomplishment and contribution. For example, engaging in a hobby one loves can offer immediate pleasure while also contributing to personal growth and self-expression, embodying both hedonic and eudaimonic elements.

In the modern world, where consumerism often drives the pursuit of material pleasures, the significance of eudaimonic well-being can be undervalued. The constant chase for hedonic highs can lead to a treadmill of dissatisfaction, where happiness is always just out of reach. Yet, by integrating the eudaemonic aspect of well-being into our lives, we can counteract the fleeting nature of hedonic pleasures and cultivate a deeper sense of fulfilment.

The dance between eudaimonic and hedonic well-being is an artful balance that requires introspection and conscious choice. By recognising the importance of both pleasure and purpose, individuals can craft lives that are not only enjoyable but also rich with meaning and significance. This delicate equilibrium is the key to unlocking the full spectrum of human happiness, a tapestry woven with threads of joy, accomplishment, and heartfelt connections.

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