The Shepparton financial planner is closing the book on a 51-year career in finance after selling his business.
While he always knew he wanted a career in finance, Mr Pennell said it took 13 years as an accountant before he discovered his real passion.
“Financial planners are looking to the future, whereas accounting is more about looking at the past,” he said.
Convinced that was what he wanted to do, Mr Pennell completed a diploma in financial planning to complement the Bachelor of Commerce he had finished in 1974.
He worked for a business in Shepparton before becoming one of the eight founding directors of OzPlan Financial Services in 1999.
“We wanted to take control of our own destiny and thought we could do better than the big licensees,” Mr Pennell said.
“And we did.
“It was amazing to get OzPlan off the ground and see it grow — it’s been a great journey.”
At the helm of Shepparton’s OzPlan office, Mr Pennell said the practice centred on helping clients define their goals and build secure futures.
“I help people establish exactly what their goals are and how they can go about achieving it,” he said.
“Another important aspect is not just building wealth but protecting wealth.”
He said it was rewarding to help people realise their goals.
“When someone says, ‘I wouldn’t be here if you hadn’t convinced me to do something five or 10 years ago,’ that’s very rewarding,” Mr Pennell said.
Throughout the decades of work, it was the relationships he formed with clients that stuck with him.
“The biggest thing I am going to miss is meeting with clients because I've had clients that I've been seeing for 30 years,” he said.
“Many of them have turned into friends.”
Mr Pennell has witnessed significant change during his career, particularly in the increase in regulation and associated costs, which he said had a knock-on effect.
“Many people can’t afford financial advice any more,” he said.
“That’s one thing I’m not going to miss, the regulations.”
Outside his business, Mr Pennell has contributed greatly to the community.
In 2011, he received a Distinguished Service Award from the Financial Advice Association Australia for his contribution to financial planning in the Goulburn Valley.
He helped establish the association’s Goulburn Valley chapter.
“I was very proud of that,” he said.
Mr Pennell has also devoted decades to Goulburn Valley Grammar School, where he serves as a director and chair of the school’s finance committee.
“I always wanted to give back to the community in some form,” he said.
An important aspect to Mr Pennell’s story is his family.
OzPlan truly became a family business when one of his daughters stepped in while he searched for a new administrator following the 2022 floods.
“It’s now been three years,” he said with a smile.
Finance appears to run in the family, with four of his five children working in the industry.
One of his granddaughters has recently started a Bachelor of Economics, which will make it three generations of the family working in finance.
As he settles into retirement, Mr Pennell is looking forward to switching off, something that has been difficult throughout his years as a business owner.
“I haven't had the opportunity to be away for an extended period before,” he said.
For the first time in over 50 years, Mr Pennell’s calendar is no longer filled with client appointments and compliance deadlines.
Instead, it’s filling with caravan routes, family visits and the freedom to decide what comes next.
“I've got other things I want to do with my life now,” he said.
10°C