- by Chan & Naylor
In this podcast, Ed Chan welcomes Peter Locandro, the new managing partner for Melbourne, Moonee Ponds, and Wheelers Hill. Peter talks about his vision for these offices, his love of farms, his wife and children, and reminds listeners of the importance of financial structuring in long-term investments such as property, and more!
Watch the video, listen to the audio recording or just read the transcript below:
Ed Chan: Hello there. My name is Ed Chan. I’m the co-founder and non-executive chairman of Chan and Naylor.
I have here today with me Peter Locandro. Peter is in charge of our office in Melbourne and Moonee Ponds and Wheelers Hill and recently Sandro Bagnati retired and Peter has been good enough to take on the practices and I thought it’d be a good opportunity to talk to Peter and introduce Peter to all the clients that you know that are in Melbourne and Moonee Ponds and of course Wheelers Hill and just to get to know a little bit about Peter.
Welcome, Peter. How are you?
Peter Locandro, new managing partner
Peter Locandro: Good, thanks. It is beautiful in sunny Melbourne. No problems at all.
Ed Chan: It’s a little bit better than Sydney, but we won’t talk about Sydney at the moment
Peter Locandro: Yes.
Ed Chan: Well, Peter, I know I’ve known you for a little while now. When Sandro has said that he was retiring, I said couldn’t think of a better person to take over.
We talked about it for a little while and just for the benefit of our clients, they’re across Melbourne, Moonee Ponds, and obviously Wheelers Hill, can you just spend a couple of minutes, bit about your background, perhaps your experience, your family, your interests, and perhaps what your thoughts are about the offices down there, what perhaps your vision as to what you’re wanting to do with it and perhaps maybe the products and the services that you have to offer?
Peter Locandro: Yeah, sure. Right. Yeah, thanks for the opportunity. So I’ve been an accountant for many, many years since I completed year 12 back in the late 80s and grew up as a farm boy the Shepparton way. So in the golden Valley, Victoria with my parents on a dairy farm, I love the farm too much.
So they probably did the right thing by me and got me off the farm by sending me across to boarding school, where I was lucky enough for five years to get a good education.
Play some real football, but in the AFL and, and yeah, I had some wonderful memories and journeys and mates and all that along the way. From there I decided that accounting was for me and completed a diploma and straight out of year 12 and then went on to complete a degree at RMIT in the city and I’ve since followed up with CPA qualifications at the same time.
I was a relatively young fellow when I first became a partner of an accounting firm. So that was located out at Noble Park in Melbourne, out towards [crosstalk 00:02:59] way.
Partner at the age of 26!
I became a partner at the age of 26 and, well, it was a perfect timing because it was a wonderful day for us accountants on the 1st of July, 2000 when GST started. So I became a partner with this firm, typical suburban firm out that way. I was a partner with that business for about 15, 16 years before I decided it was time to go out on my own and build my own business rather than being involved in a partnership.
So about three years ago I decided that it was time to leave the partnership model and start out on my own and set up a business in Wheelers Hill in the Southeast of Melbourne, of which we’ve grown over the last few years to where it is today. And yeah. And then through meeting yourself, Ed, I basically made a decision that it’d be great to join a national company through Chan and Naylor and here we are acting now as the managing director of both the Melbourne and Mooney ponds offices as well.
Partnership with Chan and Naylor
Basically across two offices, we have about 30 team members, which is fantastic. So we have obviously quite a few accountants, both at senior levels, intermediate and juniors.
We have a wonderful bookkeeping division. We have our own internal mortgage brokers and we also have a financial planning and wealth creation division as well, which is helping many of our clients with their current needs and projections for their retirement as well.
So, we can cover everything from A to Z and back up to A and so far where we’re really, really happy with how everything’s going.
Ed Chan: And Peter, after meeting you, I discovered that you had a bit of a passion for real estate and you work in that space and that’s the other reason why I picked your bet up because you know, Chan and Naylor has a particular specialty in real estate and around structuring and so forth. Can you want to share with us a little bit of background there?
Continuing education and passion for property investment
Peter Locandro: Yeah, sure. So yeah, I do have a passion for property investment aid and real estate over the years. I’m unlike many others that have attended many courses. I’ve been lucky enough to speak at a few events around property as well. Just to continually build up my knowledge base for the benefit of me personally, but also for the benefit of other clients that I’m talking to and dealing with every single day.
Structuring is extremely important simply because it can make a very, very big difference for asset protection purposes. And the other one which affects most people is tax minimization.
You know, a lot of people go and buy properties and they might just put it in their own name or husband and wife, but do they really understand the consequences or the pluses and minuses of doing so?
And it’s not just something to consider today. You need to consider it, for example, in 10 or 20 years when you go to sell it and possibly it’s doubled or tripled in value, then you could end up with a massive tax liability.
The wisdom of getting a professional accountant and financial advisor
So property is not a short term investment. So the structure that you purchased it in shouldn’t also be a short term decision. You need to seek out the proper advice to ensure it meets your circumstances, both today and tomorrow.
What clients can expect
Ed Chan: Thank you for that. And can I just ask you Peter what’s, having a sort of joined us, what were your thoughts and vision for the offices?
I know you’ve spoken to me privately about what you want to do with the offices. Perhaps you can share with our clients what your thoughts are.
Peter Locandro: Yeah, sure. So my, my vision is to give the clients firstly what they expect, which is good service, you know, regular feedback, regular updates.
Obviously, you know, most clients out there want to legally maximize any possible refunds of course. So that’s our job as accountants and why we’re learning and attending seminars, et cetera, and keeping up to date daily.
The other major thing that I’d like to provide to clients is just like a one-stop-shop. You know, we have bookkeeping that can help people that are maybe time poor as small business owners, you know, we take care of payroll for different organizations.
We have a financial planning division, you know, where we were all aware that the governments need to keep their wallets a bit tighter.
So things like Centrelink benefits, et cetera, that were previously there bit by bit are being reduced and therefore becomes important that you or I as simple individuals that we need to look at, not just today but in our future for the next five or 10, 20 years.
And I’m no different to that with my wife and three children as well. You need to not only plan and save for today, but most importantly you need to look at when am I going to retire, how am I going to retire, do I need some insurances, et cetera to protect us, those type of things.
So the ability to provide multiple services to our clients is the ideal business model to me and certainly what excites me moving forward.
Ed Chan: Well thank you. Thank you, Peter. And you and I have worked together for a little while and in making your decision about joining Chan & Naylor, what was it about Chan & Naylor that you liked and why you joined?
Peter Locandro: Yeah, sure. The main, the main thing that I loved was the support network that would be around me. I think that’s very important for any small business owner.
The other, the fact that Chan & Naylor are very big in property and, and many of their clients are looking at growing wealth or already have quite successfully grown wealth utilizing property as an investment.
That’s another big thing that really appealed to me. And that’s maybe, you know, something that a lot of people have been interested over many, many years, but especially with the way property, prices have grown just recently find that they are out of the market or just don’t understand the market and especially with a bit of a turmoil that the banks have gone through recently as well.
You know, by us having the ability with mortgage broking as well, where clients can come to us and seek the advice, which covers the whole investment platform. I think that’s the bit that really, really appealed to me and certainly is something that I’ll want to put out there more to the clients where we can assist so that’d be the major factor.
Ed Chan: Right. Well, thank you for that. Lastly, Pete, just to get to know you a little bit more personally, you’ve got three kids and Lisa, your wife, and I understand there’s a good story behind your children with regards to sports.
Peter Locandro: Yes, myself and my wife were lucky enough to meet when we were very, very young and the rest is history there obviously. But boy you have three children currently 18, 17 and this weekend actually 15.
Myself and my wife are quite tall, so all our children are pretty much well over six foot as well. And yeah, just recently I’ve had a daughter who signed a scholarship over in a college in America on the… in California where she’s now playing college basketball and living over in America.
So on one hand it’s a little bit sad that our firstborn and our young girl is over on the other side of the world, but at the same time it’s an unbelievable opportunity for her and unbelievable experience and through a lot of her hard work is now living her dream and that’s my role as a dad and along with her mom to support her and, and still be there.
And it’s a little bit different watching your children play basketball on television instead of live, in person. But it’s exciting at the same time.
She’s having a blast. She’s loving every minute of it, although she’s a little bit homesick. However, at the same time the opportunity of travelling over there to visit her and watch her and I’m sure with her hard work and everything, she’ll continue to do well and what an unbelievable opportunity she has that I don’t get. Fantastic in that regard.
And now the other children want to follow her as well and they’re just as tall if not taller, we might be opening a Chan & Naylor in the USA.
Ed Chan: Ah. She’s really lucky and through a lot of hard work and blessed with mum and dad and their support, you’ve got to have the skills to be picked and so what a great opportunity so well done on her.
Peter Locandro: Thank you. The credit’s all hers.
Ed Chan: Yeah, that’s a lot of hard work ahead of her but I’m no doubt very enjoyable for her. What a great experience.
Peter Locandro: Yeah, fantastic. Yep.
Ed Chan: Yeah. Peter, just before we go, just any last words before we say goodbye? And we’ll let you go.
Peter Locandro: Yeah, sure. Basically, the team know this with many coming on board with Chan & Naylor and obviously my prior involvement with Financially Sorted, but my door is always open and that’s to all clients as well.
I’ve already been lucky now to be introduced to many clients. I’ve spoken to many over the phone and we’ll be running seminars in the future and different events where I’d love to see clients and bring family and friends and that along as well.
I’d love the opportunity to work with people, to help people and understand what your goals and objectives are. So feel free to give us a buzz or have a chat.
We have a wonderful team across the multiple offices, so they’d also be really, really happy to, to get involved and help where we can. So just communicate I think is the message I’d like to put out there to everyone.
Ed Chan: Well thank you very much Peter, and thanks for joining me today and I know the clients will be in good hands. I’ve worked with you for a few years, and I know what you can do. So, thank you again for joining us. Thank you.
About Chan & Naylor
Chan & Naylor is Australia’s leading national property, business tax accounting and wealth advisory group – with national offices in South West Sydney, Sydney, Pymble and Parramatta in New South Wales, Wheelers Hill, Melbourne, Moonee Ponds and Hawthorn in Victoria, Brisbane and Capalaba in Queensland, and East Perth in Western Australia that can assist property investors, small business owners, and entrepreneurs with their tax and accounting needs.
If you need help with your property investment, contact an Accounting Specialist to discuss your particular circumstances.
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