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.
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
