Rock’s Bob Geldof shares insights on wealth at Oz adviser conference
Sir Bob Geldof, the tousle-haired former Boomtown Rats lead singer from Ireland who is best known these days for his political activism, addressed globalisation and other macro issues at the Australian Association of Financial Advisers’ recently-ended, three-day National Adviser Conference.
The former rock star is due to speak at another Australian industry event, the Property Council of Australia’s 40th annual congress, which begins tomorrow and runs for three days in Cairns, Queensland.
In his keynote speech before the AFA on Friday, Geldof “urged the financial advisers of Australia to proactively prepare for the significant generational wealth transfer that is approaching, to ensure people continue to receive financial advice,” according to the Financial Standard, the Australian financial services publication, which covered the event.
Referring to data he said revealed that just 50% of the younger generation will keep their financial adviser after that wealth transfer occurs, Geldof suggested that this was due to a “palpable fear” of globalisation the world over, which had created an environment of volatility, confusion and mistrust that, he said, was trickling down to the world’s financial advice community, according to the Financial Standard report.
This is confounding because, without question, globalisation is the best thing that’s happened to the less fortunate in our world, Geldof went on to add.
“If you pull the poor of this world out of their baneful circumstances then you create endless opportunity for growth,” he continued.
Another Australian media report of Geldof’s appearance quoted him as saying that his “poor upbringing” had educated him early about the need for financial stability, which he sought to share with his wealth advisory audience.
“When we launched the Boomtown Rats and got signed, the first thing we did was go and set up these elaborate tax structures since we were convinced we were going to be mega-rich,” the Sydney Morning Herald quoted Geldorf as telling journalists after his AFA appearance.
The report went on: “It is not clear whether he [Geldof] was joking or not. But he also revealed a profound financial philosophy.
“I know you guys are dealing with things like automation and robotic investment,” the SMH quoted him as adding.
“But people will always need fundamental existential things as to how to manage their lives.”
Familiar face on the financial services circuit
Geldof, who went on from his Boomtown Rats days to found the Band Aid, Live Aid and Live 8 charity events and whose claims to fame also include having been nominated for a Nobel Peace Prize eight times, is becoming something of a regular on the financial services events circuit.
Earlier this year he spoke at an Intrinsic Financial Services conference in the City of London, where press reports afterwards said his harsh words about what he was reported to have said some members of the public thought about financial advisers had not been well received.