Australian Finance Podcast How I built a $4.5m business, with Phil Thompson
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Oct 1, 2025 Phil Thompson, founder of Skye Wealth and an expert in personal insurance advice, shares his journey from buying a failing financial advice business at 24 to leading a thriving insurance-only firm generating over $4.3 million annually. He discusses the struggles of flatlining for six years, the pivot to specialization, and the critical role of automation in scaling the business. Phil emphasizes the importance of culture, servant leadership, and a strong team dynamic, all while setting ambitious goals for the future.
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Buying A Practice Young With Vendor Finance
- Phil Thompson bought a small financial advice practice at 24 with vendor finance and a loan from his father-in-law.
- He started with ~60 clients and low fees while running holistic advice before pivoting later.
Six Years Of Flat Revenue
- After buying the firm, revenue flatlined for six years and grew only ~6% overall.
- Phil nearly left advice in 2018 due to frustration with effort and no upside.
Supply Drop Creates Insurance Opportunity
- Phil saw demand for personal insurance rising while supply of advisors fell due to regulation and commission cuts.
- He concluded specialising in insurance would create a durable market gap to exploit.
