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Wrong Paula Foster?

Paula M. Foster

Partner

KPMG LLP

HQ Phone:  (212) 758-9700

Direct Phone: (416) ***-****direct phone

Email: p***@***.ca

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I agree to the Terms of Service and Privacy Policy. I understand that I will receive a subscription to ZoomInfo Community Edition at no charge in exchange for downloading and installing the ZoomInfo Contact Contributor utility which, among other features, involves sharing my business contacts as well as headers and signature blocks from emails that I receive.

KPMG LLP

345 Park Avenue

New York City, New York,10154

United States

Company Description

KPMG LLP, the audit, tax and advisory firm, is the U.S. member firm of KPMG International Cooperative ("KPMG International"). KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 155 countries and have more t...more

Find other employees at this company (140,948)

Background Information

Employment History

Chief Executive Officer and Chief Investment Officer

Addwealth Pty Ltd


Affiliations

Jewish Federation of Greater Pittsburgh

Chair of the Audit Committee; Board Member


Choice Future Planning Pty Ltd

Authorised Representative


Financial Planning Association

Member


Web References(28 Total References)


Addwealth - Financial Planning, Funds Management, Insurance, Super, Investments Australia - Paul Foster

www.addwealth.com.au [cached]

Paul Foster
Paul Foster is the Chief Executive Officer and Chief Investment Officer of Addwealth Pty Ltd. Paul is also a Director of Addwealth Financial Services Pty Ltd, Sentiens Pty Ltd, Decimal Pty Ltd and is the Chairman of the Procott Incorporated Board. Paul was pivotal in protecting Addwealth's clients from the Global Financial Crisis, deciding to sell out of share and property markets in 2007 and 2008. The subsequent decision to buy back into the market from March 2009 has seen Addwealth, and its clients, prosper. Paul's financial dexterity and knowledge stems from over 15 years experience in the financial planning industry. After opening his first business at age 20 and trebling the turnover within 18 months, Paul realised that his passion and skill lay in finance, and after a corporate role with BHP he joined KPMG's financial planning division. When the division was sold 4 years later, Paul took the opportunity to create the financial services business Addwealth, providing a strong strategic service to clients together with a focus on achieving above average investment returns.


Addwealth - Financial Planning, Funds Management, Insurance, Super, Investments Australia - Keeping a finger on the pulse

www.addwealth.com.au [cached]

A self-described "country boy" from Western Australia, Paul Foster began an economics degree when he left school.
But the siren call of business was too strong to ignore, and after six months, he dropped out and bought a delicatessen next to the university instead. After 18 months of hard work, he sold it for around five times his purchase price, investing the money in a property and a new business venture. A self-described "country boy" from Western Australia, Paul Foster began an economics degree when he left school. But the siren call of business was too strong to ignore, and after six months, he dropped out and bought a delicatessen next to the university instead. After 18 months of hard work, he sold it for around five times his purchase price, investing the money in a property and a new business venture. This started a chain of business-building and property investment, until by the time he turned 23, he owned three businesses and three properties without any debt. But having worked 100 hours a week for years, he was burnt out and decided to sell his businesses and take off to Europe. When he returned to Perth a few years later, Foster needed a financial planner to help manage his money. He was disappointed at what he found. "I kept getting referred to advisers with high commission products, high fees, and I found that the people didn't really know what they were recommending," Foster said. After going back to study, Foster entered the financial services arena himself, working for KPMG, which he said provided an excellent grounding in tax and dealing with high net worth clients, before striking out on his own in 2000 to establish Addwealth. Investment philosophy As a financial planner, Foster did not immediately accept that managed funds were the best way to go. But during his time with KPMG, he had been able to conduct his own research comparing the performance of clients' investments in direct shares and managed funds, and what he found was that managed fund portfolios generally performed better, because for all sorts of reasons, direct share transactions often were not made at the right time - the client got emotionally attached, or the adviser didn't think he could sell the shares. So Foster instead focused his attention on thoroughly researching fund managers. "I just really wanted to understand who the fund managers were, and in what areas they perform best - whether it would be growth or value markets," Foster said. An intense focus on the investment process has paid off for Foster - to the end of December, Addwealth had generated returns of 15 per cent per annum over 10 years for Australian equities, compared with just under 7 per cent for the ASX All Ordinaries Index with dividends. In October of that year, Foster travelled to the US to investigate establishing a commodities fund, and was left convinced that there was no value in the market. "The risk/return trade-off didn't seem to be there. So in December 2007, we halved our exposure to listed property to about 15 per cent, because that market had run up so high. That was about two weeks before the Centro collapse," Foster said. As the situation worsened, Addwealth sold out of another fund due to concerns about its exposure, leaving most of their clients with 60 per cent in cash. It still held Australian share portfolios in strong value-oriented managed funds until the end of September 2008. But with no bank guarantees and the first stimulus package being knocked back by the US Senate, Foster said they had no idea what was going to happen next. "Our clients were only down about 10 per cent from the highs of the year before and they were mostly retired, so we figured we should give them the opportunity to get out altogether, because if there was a significant rebound, even if they missed out on the first 10-15 per cent, they had most of their money. Whereas if it kept going down hard, their retirements might not be very safe," Foster said. So they began calling clients over a two-day period, enlisting the help of one of their planners who was in London at the time. "We reached about 95 per cent of our clients, and probably 98 per cent said yes to selling, and then two days later, the market fell 10 per cent and just kept tumbling thereafter," he said. Foster believes it is the responsibility of dealer groups to keep their finger on the pulse of investment markets so they can provide better direction on investment, and admits it is very difficult for most individual planners to be tuned in to this extent. Foster has built the business by concentrating on providing his planners with everything they need to be in front of clients more often - from paraplanning and administration to mentoring. "What we are really looking for are planners with $50-300 million under advice, who have hit a wall from a growth or management point of view and want some assistance, or who want us to generate some leads for them, or who are doing everything right but just cannot get the investment piece correct," Foster said. He also looks for planners who have the right attitude for self-employment, but who might benefit from the extra support Addwealth can provide. Foster agreed - if Strike A Chord could secure Sir Richard Branson. As for what's ahead for the industry, Foster believes that the demand for advice will continue to grow, but with the number of planners remaining static for the next 20 years, the ability to deliver that advice will not, and existing planners will become more pressured. From an investment perspective, while he believes ETFs, SMAs, and IMAs will see a rush of popularity as people look for a new solution, ultimately these will not deliver the answer because "people aren't that good at investing". Instead, he predicts passive, index-based investing will dominate, giving good fund managers an opportunity to continue to outperform. When it comes to rebuilding trust in the industry, "I think we need to be more proactive in identifying where there is good and bad advice". For new planners, Foster believes psychology training would be worthwhile to provide them with a better footing on which to serve their clients.


Addwealth - Financial Planning, Funds Management, Insurance, Super, Investments Australia - Paul Foster

www.addwealth.com.au [cached]

Paul Foster
Paul Foster Paul Foster is the Chief Executive Officer and Chief Investment Officer of Addwealth Pty Ltd. Paul is also a Director of Addwealth Financial Services Pty Ltd, Sentiens Pty Ltd, Decimal Pty Ltd and is the Chairman of the Procott Incorporated Board. Paul was pivotal in protecting Addwealth's clients from the Global Financial Crisis, deciding to sell out of share and property markets in 2007 and 2008. The subsequent decision to buy back into the market from March 2009 has seen Addwealth, and its clients, prosper. Paul's financial dexterity and knowledge stems from over 15 years experience in the financial planning industry. After opening his first business at age 20 and trebling the turnover within 18 months, Paul realised that his passion and skill lay in finance, and after a corporate role with BHP he joined KPMG's financial planning division. When the division was sold 4 years later, Paul took the opportunity to create the financial services business Addwealth, providing a strong strategic service to clients together with a focus on achieving above average investment returns.


Find an Advisor - Western Australia

www.choicefutureplanning.com.au [cached]

Paul Foster
Paul Foster is an Authorised Representative of Choice Future Planning Pty Ltd (representative number 224481). Paul is a Certified Financial Planner and a member of the Financial Planning Association (FPA). Paul began his career at KPMG Financial Planning which has given Paul a level of experience that brings great benefits to his clients.


www.addwealth.com.au

Paul Foster |
Addwealth - Financial Planning, Funds Management, Insurance, Super, Investments Australia - Paul Foster Paul Foster Paul Foster is the Chief Executive Officer and Chief Investment Officer of Addwealth Pty Ltd. Paul is also a Director of Choice Future Planning Pty Ltd, Sentiens Pty Ltd, Decimal Pty Ltd and is the Chairman of the Procott Incorporated Board. Paul was pivotal in protecting Addwealth's clients from the Global Financial Crisis, deciding to sell out of share and property markets in 2007 and 2008. The subsequent decision to buy back into the market from March 2009 has seen Addwealth, and it's clients, propser. Paul's financial dexterity and knowledge stems from over 15 years experience in the financial planning industry. After opening his first business at age 20 and trebling the turnover within 18 months, Paul realised that his passion and skill lay in finance, and after a corporate role with BHP he joined KPMG's financial planning division. When the division was sold 4 years later, Paul took the opportunity to create the financial services business Addwealth, providing a strong strategic service to clients together with a focus on achieving above average investment returns.


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