In this Australian Finance Podcast episode, your host Owen Rask sits down with Phil Thompson, the founder of Skye Wealth. Phil reveals how he bought into a financial advice business at 24, navigated six years of no growth, and then pivoted the business to insurance-only — ultimately building a team of over 55 and generating over $4.3 million in annual revenue.
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Topics Covered
– Buying a business with no money
– Vendor finance: what is it & how it worked for Phil
– What it’s like to flatline for 6 years in business
– Why he almost left the industry in 2018
– Pivoting to insurance-only advice
– Leveraging partnerships with Glenn James & others
– The supply & demand gap in personal insurance advice
– Why specialization scaled Skye Wealth
– How tech, automation & dashboards drive their service
– How Phil maintains culture with over 55 staff
– How they manage Filipino & Australian team members equally
– The surprising truth behind Time Doctor & productivity tracking
– Setting a 2027 target: becoming #1 in Australia
– Servant leadership & inverted org charts
– Pay transparency and performance reviews
– Hiring, firing & leading with trust
– Building culture through retreats, feedback & honesty
Resources for this episode
📄 Learn more about Skye Wealth
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Rask resources
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DISCLAIMER
This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs before acting on it.
If you’re unsure, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance.
The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG)
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