Joe Nowak’s journey from Wacol refugee camp to running Nowak Financial Services with son

A Gold Coast surf club stalwart who arrived in Queensland as a five-year-old World War II refugee has gone on to build one of the state’s most successful financial firms.

Joe Nowak arrived in Brisbane just after World War II as a five-year-old Polish refugee and went on to what he describes as a “wonderful life” in his adopted country.

Mr Nowak, who built one of Queensland’s most successful financial advisory firms, said he is ever grateful that Australia provided a safe home for his family.

Nowak Financial Services, now run by Mr Nowak’s son Michael, this year celebrates its 50th year, capping an immigrant success story that began in war torn Germany more than 70 years ago. Mr Nowak, now 76, spent his early years at the Wacol Migrant Centre before the family moved to Chelmer and put down roots.

“I was born in Germany during the war where my father was a Polish POW and my mother was a forced labourer,” said Mr Nowak. “They had met in the Polish camp.”

Mr Nowak’s father later served in the British Army helping defend Berlin during the Soviet Blockade of 1948.

“After that he was given a choice to go to Canada, South Africa, New Zealand or Australia,” he said. “I am glad he picked Australia as I have had a wonderful life.”

Educated at Marist College Rosalie, Mr Nowak said his prowess on the rugby field and in surf life saving helped him integrate into the Australia community.

Winning team: Joe and Michael Nowak

“The first couple of years spent at Wacol were great and the only thing missing was a mobile phone,” he said.

After finishing school, Mr Nowak started working as a clerk with insurance firm Legal & General, but itched to get out of the office and become a salesman.

When Legal & General allowed its employee sales force to become agents in the early 1970s, the young man’s entrepreneurial bent shone through and he began to build what is today one of the state’s most respected financial advisory firms.

Mr Nowak, who received the coveted Millionaire’s Award from Legal & General in 1975, said he had never “cold called” in his life, instead building clients through his sporting and education networks. He has handled claims in excess of $180m during his career.

“I moved insurance from being a commodity you could buy off the shelf to a relationship with the client,” he said. “I have had the same clients for 40 years.”

Joe Nowak at his beloved North Kirra SLSC. Picture: Nigel Hallett

Mr Nowak, who now lives on the Gold Coast, remains a stalwart of Wests Rugby in Brisbane and North Kirra Surf Club.

Michael Nowak, who took over the business in 2005, said his father had built the foundations of a business that today has more than 400 clients, many of them whose parents or grandparents were original clients of Joe Nowak.

“Dad is good with people and this business is all about relationships,” he said. He said a defining moment for the firm came in 2005 when his father was diagnosed with cancer. “He had to get a whole lot of treatment and asked me if I was good to take over the reins,” he said. “I was in my mid-20s but we had a very good year and that was when I really thought I could do this.”

A young Joe Nowak (left) receiving an award from a Legal & General executive in 1975.

Michael Nowak said the industry faced a lot more costly regulation following the 2019 Royal Commission that had uncovered bad practices by a few “bad apples.” “We now regularly have to provide 50-80 pages of disclosures to customers,” he said. “Most financial advisers are good but unfortunately there are a few bad apples and mud sticks.”

There was a need to protect consumers but he feared that the increased regulation was adding so many costs that only the very wealthy would be able to afford financial advice.

He saw more opportunities for small boutique firms like Nowaks as the big banks exited the industry following the royal commission.

“I view a financial adviser as being a bit like a general practitioner,” Mr Nowak said. “If you have a good one, you want to stay with them. It really is about tailoring a personal relationship.” He said people were continuing to work part time well into their 60s and 70s and this would impact retirement investment strategies going forward.

“We have clients who are on short term contracts who then get in their van and hit the road for three months,” he said. “The days of getting to 65 and hanging up your hat are gone.”

Underscoring their contribution to the sector, both Michael and Joe have served as national presidents of the Association of Financial Advisers (AFA), the first father and son team to do so.

Joe is the only person to have been AFA National president twice (1989 and 2001-2002).