Finance Friends
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Finance Friends
Meet Peter Vlachos, Senior Distribution Manager
Join us in this week’s episode as we sit down with Peter Vlachos, Senior Distribution Manager at Elston Asset Management. Peter takes us through his journey from studying financial planning to becoming a key player in the funds management industry. He shares valuable insights into the challenges of building relationships, the importance of resilience in the face of adversity, and how consistent effort drives long-term success. Beyond finance, Vlachos offers our listeners advice on discipline, mindset, and achieving personal and professional goals.
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Welcome to Finance Friends with Fabian, where we give our listeners an opportunity to be a part of our conversation with financial services industry leaders, hear their stories, the challenges they've overcome and the invaluable advice they have for anyone interested in the financial world. Keep up to date with us by following Finance Friends podcast on Instagram and TikTok. Welcome to Finance Friends with Fabian. And today we have the wonderful Peter Vlarkos. Peter, tell me a bit about yourself.
Speaker 2:Hi, fabian, thanks for having me. What do you want to know, fabian? What do you want to know? Well, I know you've got three kids.
Speaker 1:is that right? Yes, with a relatively newborn. How old's the youngest one? What do you want to know?
Speaker 2:baby. What do you want to know? Well, I know you've got three kids, is that right? Yes, yes, with a relatively newborn.
Speaker 1:How old's the youngest one?
Speaker 2:She's one.
Speaker 1:She's one and the two boys. How old are they?
Speaker 2:Eight and six. So yeah, my household is quite chaotic, Chaotic and recently finished renovations as well. Yes, yes.
Speaker 1:So full-time job, young, young family, keeping busy. How do you do it?
Speaker 2:Don't know, mate, I just never give up, mate, never give up Resilience, yeah it's resilience, no doubt, and I have a great wife, there's no doubt about that. She keeps the household together. That's important, absolutely. Yeah, it was a difficult year.
Speaker 1:I'll tell you that, though, having a newborn going through renovation, moving in three kids, but we got there, yeah, awesome, and tell us about your career. So maybe let's start with what did you study at university? Did you go to university?
Speaker 2:Yeah, I did. I went to RMIT and what did you study? I studied Bachelor of Business in Financial Planning. So initially, actually, I was doing economics and finance initially in the first year, and then I thought what's economics and finance going to get me into? And then I decided, you know, let's do financial planning. And so, yeah, I ended up doing financial planning, thinking the career path of becoming a planner.
Speaker 1:Yeah, so I want to touch on from there. What did you do, like? Where did you go? Because getting your first job out of university is quite challenging. A lot of people I see that will study finance, financial planning and never end up in the field. So what did you? What was your first job out of university? First professional job?
Speaker 2:Yeah, it started actually, so I'll run it back so during the university, the third year of my degree was a co-op year, so you had to go out and work. And, lucky enough, I had a great relationship with one of my lecturers, maggie Stephan. He's actually got two sons in the industry.
Speaker 3:Yeah.
Speaker 2:And he referred me to a practice called Strategic Financial Solutions down in Albert Park with Kay Ahrens. And so I did a year there. I did so well. She gave me a job. That's how I got in.
Speaker 3:Yeah, so I was a year there.
Speaker 2:I did so well, she gave me a job. That's how I got in, yeah, so I was a power planner at the start, then slowly, slowly became a financial planner, and then it's led me into a senior distribution manager today.
Speaker 1:Yeah, so talk about your current role. So you work at Alston.
Speaker 2:Asset Management.
Speaker 1:Asset Management. So they're an asset management firm based out of Brisbane but have a national presence. So they're an asset management firm based out of Brisbane but have a national presence. So maybe let's just make it a bit simple what's your title and what do you actually do?
Speaker 2:Yeah, so I'm a Senior Distribution Manager for Elston Asset Management. Like you mentioned, they're based in Brisbane. I'm predominantly based here in Melbourne. I look after Victoria and Tasmania, so my main duty is to distribute the investments and funds that we have on offer to financial planners. That's my main duty.
Speaker 1:Yeah, fantastic, and that is across all asset classes, or do you specialise in a specific asset class?
Speaker 2:Yeah, so we are Aussie equity specialists, so we have a large cap strategy, a small cap strategy, and then probably what we're renowned for is our multi-asset strategy, where we do the whole portfolio for clients from a risk-based profile.
Speaker 1:Yeah, fantastic. And how long have you been in this current role with Elston?
Speaker 2:Probably, I think it's just over two years. Just over two years, but it feels like I've been there a long time.
Speaker 1:Well, you've had some exceptional results and helped grow the business. Yes yes, absolutely.
Speaker 2:Especially here. When I first started in Victoria, not many people knew who Elston was. Yeah, Today it's more of a household name, I'd like to say, in the financial services industry.
Speaker 1:now, yeah, you've done a great job to help build a brand and promote the business. So what does your day-to-day look like in a senior distribution manager role for Elston Asset Management? What do you do in a day-to-day basis? Talk me through your typical day, if there was such a thing in your role.
Speaker 2:No day is the same. I would have to say no day is the same, but I actually do that intentionally. I actually control my diary, which is fantastic. I'm a bit of a lone wolf as well. I'm here on my own. However, day to day, a Monday would be based like a team's meeting, an investment update. Then I'd be getting ready for the week ahead.
Speaker 3:Yeah.
Speaker 2:Also looking at the past as well. Make sure I did all my follow-ups in the previous week. Yeah, I'd also be looking at booking appointments for the following week. Then probably Tuesday to Friday will be a mixture. It will be some prospect meetings, some new opportunities. I might even have a PM here, a portfolio manager or an investment specialist. And that might mean doing a one-to-many session over a lunch or a peer group session. There'll also be a peer-to-peer networking. I might even do catch up over coffee.
Speaker 2:So, look, no day is the same or no week is the same, and that's probably one of the things that I love about my job Fantastic.
Speaker 1:And what would be your? What would you attribute to your success? What are the key skills to being a successful distribution manager in funds management? What are the key skills required?
Speaker 2:I'd have to say communication skills is probably the biggest key. Communication networking is really important getting to know a lot of people in the financial services industry.
Speaker 2:So, ability to build relationships, absolutely, absolutely. And, like you know, I've built some great relationships over the years. You know, I've even got some I consider friends. You know our kids play together, some financial advisors and my kids and their kids. So, yeah, look, it is communication skills, being able to build and maintain relationships and being reliable and honest. Yeah, especially, just look, it depends what field you're in, I reckon more so, like, especially, like you always got to be reliable and honest, no doubt. But, like you know, being a platform bdm or an insurance bdm, you need to be reliable because sometimes there's a lot of time critical stuff involved there.
Speaker 1:Yeah, so be available and be relied upon, where you can provide the service that you said you were going to provide, absolutely.
Speaker 2:Otherwise, word spreads fast in the industry. Yeah, so yeah, your reputation's on the line.
Speaker 1:So definitely, and you're nothing without a good reputation. Correct, no, that's really good. And what do you most enjoy about your job?
Speaker 2:Meeting. Look, I'm always meeting new people and I love that Meeting new people and, like I mentioned earlier, no day is the same.
Speaker 3:Yeah.
Speaker 2:No day is the same, and the other great thing about our industry is financial markets.
Speaker 3:They're constantly changing.
Speaker 2:Yeah, that's, true so you're always talking about something new all the time, and history doesn't always repeat itself too.
Speaker 1:No, it doesn't. It doesn't at all. Yeah, otherwise Liberians would be the best fund managers and obviously you're very successful in your career. So you went from working in finance planning to you worked at A&P for a little bit.
Speaker 3:Yes, Well, not a little bit for an extended period of time? Yeah, I did so.
Speaker 1:Talk to me about your time because I want to work out, how does someone, if someone wants to be working as a senior distribution person or a salesperson or relationship manager for a fund manager investment fund manager how do you get there? So you started at RMIT studying, did financial planning, then you moved into, did work for a financial planning firm yeah, Then you went to to talk to me about how you went from working a financial planning firm to being in a funds management sales or what did you do in between? What were the steps to get to where you are?
Speaker 2:yeah, look, I've had a few roles along my uh few decades now it feels like. But um, yeah, I went to rmrt um, got a job as a para planner during that co-op year and continued, ended up becoming a financial planner doing late-night appointments and yeah, met a lot of BDMs during that time as well.
Speaker 1:Yeah, so BDM is a business development manager, which is similar to a distribution manager. Yes, correct, correct.
Speaker 2:Yeah, and I ended up at AXA as a phone-based BDM.
Speaker 1:Yeah, okay.
Speaker 2:And that's when I wanted to become a face-to-face BDM.
Speaker 1:So when you say a phone-based BDM, what were you selling and who were you?
Speaker 2:selling to. Yeah, so actually I was based in Melbourne and I was looking after advisors in Sydney, so I was like a second BDM to the face-to-face BDM in New South Wales. Yeah, so they'll look after the A's and B advisors and I'll look after the C's and D's.
Speaker 1:So when you say, say season days, maybe the lower sort of revenue generating advisors Correct.
Speaker 2:Well, the ones that had lower funds under management with us or premiums in force.
Speaker 1:So were you selling? What were you selling Back then? I was insurance funds and platform.
Speaker 2:So holistic BDMs, which you don't really see so much these days. No, so the cycle has changed. It's more specialist roles these days.
Speaker 1:Yeah, so you went from being a phone-based BDM to how long were you in that role for? I?
Speaker 2:can't remember, probably about three to four years. Oh, wow, yeah, three, four years, underwinning like BDM of the year, phone-based BDM of the year.
Speaker 3:Congratulations.
Speaker 2:And then I got promoted to a face-to-face BDM after a few restructures that occurred in A&P Because A&P acquired AXA.
Speaker 1:is that right? Yeah, correct. Just for a bit of transparency, yeah correct.
Speaker 2:So I initially worked for AXA and then A&P took over.
Speaker 1:Yeah.
Speaker 2:Yeah, so I had a long career in A&P, just over a decade. Yeah.
Speaker 1:So you went then to an in-person BDM still selling insurance platform funds Correct, correct, yeah, and funds correct, yeah. And then from there you moved to to Alston as a manager yeah, so probably. Just before I left um, just before I left A&P, I was a BDM taking care of the north platform yeah, and then managed pot fires, which are known as separate managed accounts yeah, which is a lot of what you focus on at the moment is that right at? Alston providing a multi-asset solution for financial advisors to provide to their clients.
Speaker 2:Correct. Spot on, fabian. The great thing about Elston, though, as well, is we don't just have one or one trick pony, so we'd have that multi-asset, which is probably where 90% of the flows go. But we have a large cap, small cap strategy. We have full of profit services as well which is you know, structured giving, which is becoming, you know, more and more popular within, yeah, within our industry, which is great to see. Yeah, um, yeah. So that, yeah, it's not a.
Speaker 1:You know, there's a lot of tools in the, in the toolkit yeah, you, you have a lot of offerings for for advisors that you speak to, and they're ultimately who look after their clients and service their clients, correct? So what advice would you give to anyone that wants to become a salesperson for an investment firm or a distribution?
Speaker 3:person Sales in this country is not always perceived well.
Speaker 1:Unlike the USA, where it's all about selling. Yeah, exactly, abc.
Speaker 2:Well, definitely, it's not like Puffer Force Street. My day-to-day I can tell you that. However, look to be, look, I think, communication skills I mentioned earlier. But network Get to know as many people as possible in the industry.
Speaker 3:Yeah.
Speaker 2:And that way you have a larger network. Get to know people. Probably. Another thing I'd say is you know, once you get your foot in the door is don't take things personally, yeah. A good manager of mine at Bucket OMP actually I'll mention him Mark Pildage. He taught me early don't take things personally, and I think that is a key in our role, because you need to be resilient. You're going to have doors shut on you yeah so you've got to be ready for that.
Speaker 2:And the other thing I'd say is activity, activity, activity. Yeah, you're going to have a target. Yeah, I know some people won't believe this, but I actually try my best not to look at my target. I don't. I try my best not to see how I'm tracking. I just focus on the activity and everything else will fall in place.
Speaker 1:Focus on the input, not the output. Correct Focus on the input, not the result. Yeah, correct. And I always tell people like know who your target sales 101. Know who your target market is. Activity times by target market will get you results.
Speaker 2:Absolutely. And look, and in fairness, you're going to have a year where it's going to be rough, but focus on the activity and the following year that will pay dividends. Yeah, don't be short-sighted.
Speaker 1:Yeah, not everything gets an ROI return on investment from every meeting, absolutely. And you talk about networking and that's really important because that's ultimately my job is to meet people is to connect people.
Speaker 1:My job, yeah, it's to meet people is to connect people. Now, one thing that I've really sort of frustrates me when I meet people that want to be a funds management bdm and they're in a maybe an associate level role now and I say, okay, what networking events do you go to? Or you know who, who have you proactively met with? Or that's not my job. Yeah, well, okay, it's not your job now, but isn't, if that's what you want, start acting the job you're in before you're in that job. But also, if it's not your job now, don't you want to do that? Yeah, exactly, clearly you don't want to do that.
Speaker 2:I say Well, mate, if you're going to set yourself some goals, you've got to achieve it. You've got to do the activity, yeah, late at night, and you go to a dealer group event. You're going to meet a lot of people. It's funny enough, I actually went to one last week and I met some associates that were there who I didn't know. So it was good to see that it's the next generation stepping up.
Speaker 1:And that's what we do, and I'll talk a little bit about myself and I haven't touched on this in the podcast yet. With the FAAA, financial Advice Association of Australia, I'm a committee member for the Melbourne chapter Fantastic and focus on Gen Next community. So you know Generation Next that can go into advice and organising these events for people to come to and learn from other professionals and to network with your peer group. And it's amazing like these events that are super cheap, normally well-funded or, you know, sponsored by partners of the industry, and yet trying to get people to these events is like pulling teeth out.
Speaker 2:You reckon yeah the grand final event.
Speaker 1:That was the launch. That was huge. Well, that's different because that's targeted to more your senior people. I'm talking these events specifically for junior people in the industry, for networking and learning, and there's just a mindset around well, that's not my job today, so why would I do that?
Speaker 2:They should definitely. If you want to get into your future role, you've got to be doing that Exactly right. There's no doubt. Who knows, you might even meet your next gig. You might meet someone.
Speaker 1:Exactly, you might meet me. Stay away. No, I'm joking. No, that's really insightful. So what's been the biggest? So you've had a very successful career to date. Right, you're still obviously a very young guy, but you've had a successful career and driving some really exceptional results with your current firm, your current role. So what setbacks have you had in your career? You talk about like the skills required and, I guess, understanding, like key skills to what you know to be successful and not, you know, not take things personally, as you said.
Speaker 2:Yeah, you've got to be successful and not take things personally, as you said. Yeah, you've got to be resilient, Resilient right.
Speaker 1:So talk to me about any setbacks you've had where you've had to be resilient.
Speaker 2:Look, I've had a few setbacks, but the most difficult time was when I was at a BDM, at AMP, no doubt during the Royal Commission. I don't think you'll find a more resilient PDM than an AMP PDM during that time. There is no doubt it was difficult with the constant headlines explaining what was going on to your clients. Then there were sexual harassment cases in the headlines and shortly after AMP advisors lost their valuations or decreased yeah. So it was a very difficult time, I'd have to say, but it built resilience and you know from that I got stronger relationships, you know, within my network and also with my clients.
Speaker 2:So yeah definitely, that was definitely the toughest time for me, yeah, and look, it was really good as well because I actually had a good network of so each AMPBDM including Dario.
Speaker 1:So Dario is Sienna's dad, who Sienna helps run the podcast. Sienna Bartolomeo and Dario Bartolomeo who's?
Speaker 2:Yeah, he was still at AMP, but we used to speak on a daily basis. Yeah, just what's going on, how you're feeling. It was like a mental health check on a daily basis.
Speaker 3:Yeah.
Speaker 2:Yeah, yeah. So credit to him. He helped me through that stage and I'm sure I helped him as well. But yeah, look, it was a tough time, but it was also one for me where I didn't want to give up you know, I'm not a person that will give up when things get tough, so I wanted to, you know, go through that situation.
Speaker 2:You know some other people may have found it difficult and, you know, want to move on very quickly. But, yeah, I was one of those that you know what I'm going to stick through this. There's light at the end of the tunnel and yeah, and there was.
Speaker 3:There was light in the tunnel.
Speaker 2:But you know I know it's still lurking around, but you know, I found another opportunity and I took that afterwards no, fantastic.
Speaker 1:It's like my foot footy coach used to say when I was a kid when the going gets tough, the tough get going. No, thank you for sharing that. So obviously we've spoken a lot about your business, talking a lot about your role. Maybe share something that other listeners might, or people that you know might not know about you, something a bit more person. Who's you? What do you do in your spare time? Who do you follow in the footy? Well, yeah, foot footy, let's not go there. Um, I go for the bombers, the bombers yeah, are they still on the afl?
Speaker 2:yeah, they are. Um, yeah, it hasn't been great ever since that the drug saga. But um, yeah, look, probably one thing a lot of people wouldn't know is in my early 20s I was actually a natural bodybuilder. I got involved in that, became a one-mister of Victoria, came third in Australia and yeah, I know it's hard to believe when you look at me now.
Speaker 1:Oh no, you still are.
Speaker 2:But yeah, that's obviously something that a lot of people don't know. But yeah.
Speaker 1:How did you get to a point where you say you know what I'm going to be so determined to be the most ripped person in Victoria and come third in national championships. How did you come there? Who was the biggest influence in your life that maybe drove that in you, that determination? Now, from my understanding, you come from a Greek background, so I don't know if that's relevant, but also how resilient you are today. Who's the biggest influence in your life?
Speaker 2:Look from a career and life. There's many people. I've had some great managers over the years, there's no doubt. But the biggest influence in my life and I reckon the person wouldn't know because our relationship has changed over the years would be my father. Yeah, yeah, definitely my dad, there's no doubt about it. He actually he got me involved in investments a little bit as well. Yeah, exactly, so, my dad. I'll tell you actually, I could tell you. I could talk about it all day. Actually, yeah, he started a share portfolio for me when I was in high school, yeah, and you know I even spoke to his broker from time to time. So, yeah, he got my interest involved in investments, there's no doubt, from an early age. He also funny, probably not so diversified he had a few stocks. I think he bought CBA when it was $10.
Speaker 1:Yeah, hope he still holds it.
Speaker 2:Yeah, I'm pretty sure he's sold them now he's in retirement. He's about 85. But actually what helped him in retirement was he worked for a company called Solar Turbines, okay, and he was owned by Caterpillar, the earth workers, whichever it is, yeah. Back in the 90s he was offered buy two shares, get one free. Okay, and like a guy that had no education, like in investments or background. He decided to salary sacrifice into it. Yeah, he just thought it was a great deal.
Speaker 2:Yeah of course, and those stocks in the 90s were just going up and up. They even split it, so that really funded his retirement. But my dad had a. I think my resilience and you know the concept of mindset not giving up, probably stems from him. Yeah, my dad, he was actually born in Egypt.
Speaker 3:Oh really.
Speaker 2:I didn't know that. So he was born in Egypt, in Alexandra. Yeah, and unfortunately he had a. Really he had a tough childhood. His father died when he was about seven. Oh wow, he fell through. He fell down a set of stairs marble stairs that had been polished.
Speaker 2:Yeah, and my dad was right next to him, he was holding his hand. So fortunately my father saw my granddad pass away, like in his arms. Yeah, but he grew up pretty quickly. So you know, I think he was about seven or eight years old when that happened. He had a younger brother, younger sister at the time who later passed away at a younger age as well, but he became the father figure of the family.
Speaker 3:Yeah.
Speaker 2:Very quickly. He had an uncle, uncle Michael, who taught him how to fish, and Alexandra is very close to the beach. They lived like literally on the beach. Michael taught him how to fish and Alexandra is very close to the beach. I lived, like literally on the beach and, yeah, his Uncle Michael taught him how to catch octopus, squid and fish and, before you knew it, my dad was feeding the family from the sea. So, yeah, just hearing how my dad went through all that, in his early life he met my mum in Cairo. They got married in Cairo. My older sister was born in Cairo. Then they moved to Australia. Yeah, but yeah, just knowing what my dad went through really has stemmed in my mindset. Is you just don't give up, no matter how tough it gets. Yeah, and I say that to my kids Like, no matter how tough things get, just never give up, just keep pushing. Absolutely, yeah, yeah. So I think that's where my resilience and you know, like perseverance to achieve my goals steps are on, there's no doubt.
Speaker 1:Wow, that's, yeah, very touching. I come from, my parents are both migrants and my grandfather, who you know, love late grandfather, I should say he was, you know, moved. He lost his father when he was 10 years old and started working from the age of 10 to help support the family. And, you know, when they moved to Australia, he would work, you know, 18 hours on the building the rail lines out in country Victoria and sleep in a tent just so he could save money, rather than, you know, sleep in a tent for six hours just so he could save money, rather than, you know, sleep in a tent for six hours just so he could save money and give it back to the family, rather than staying in a hotel room.
Speaker 1:So, you know, there's that real resilience and you know there's a lot of talk around whether this generation has resilience because everything's been given to them. But I think resilience is a skill that you know. It's something that we look for when we, you know, hire people. Do you have the resilience when you know it gets tough? Can you keep pushing or will you actually, you know, just give up and go for the next best option? Yeah, absolutely.
Speaker 2:I think it's an important aspect to have.
Speaker 3:Yeah.
Speaker 2:Yeah, and, like you said, like the generation today is a lot different to our parents' generation. You know, like talking about my father, when he did come to Australia he was living with his brother, their two wives, their kids, all in a one-bedroom apartment. Yeah, like you don't hear that happening much today.
Speaker 1:No, not at all. No, thank you. It was really good to have you in the studio today. Pleasure Peter, thank you. We've known each other for a few years now and become really good friends and you know you shared really good insight around.
Speaker 2:You know your current role and how you got to where you are today, and also Well, truthfully, I wouldn't have got the role without you, actually, because you're the one who put me forward, didn't you? That is true.
Speaker 1:That is true, no-transcript and resilience obviously a key topic that we, a key trade or topic that we discussed and how important that is. So you know for our listeners, it's going to get hard at times, you know. Just look forward and just keep moving. Thank you, peter.
Speaker 3:Thank you for coming in, thanks for having me. Fabian really appreciate it. Cheers, cheers, man. Disclaimer this podcast exists for informational and entertainment purposes only. The personal opinions of the speaker and guests do not represent the view of any other party. If this recording contains reference to financial products, that reference does not constitute advice nor recommendations and may not be relied upon.