There’s a motto that financial planner Aaron Whitehead likes to follow – when much is given, much is required. ‘It’s a sense of wanting to give back,’ he explains. It’s that sort of thinking which led him to set up the Matilda Whitehead Financial Planning Scholarship.

A Deakin graduate in financial planning, Aaron helms Whitehead Financial, taking over his father Steven’s business after he retired, and building on that. He now has 11 staff working out of two Melbourne locations, and two staff in the Philippines. Continuing in the industry his father worked in was always on the cards, he says. ‘I observed that he had a good life in what he did, and I thought that was what I would do.’

‘A fantastic way to give back’

And while his business gives to various charities, Aaron’s passion for the industry led him to want to bestow some career support as well.

He originally considered taking on a student looking for some on-the-job experience, which brought him back to Deakin. ‘We’re always looking for new people,’ he explains. ‘So I contacted the uni and they said we can do internships but then they also mentioned scholarships, and as soon as they mentioned that I thought it would be a fantastic way to give back.’

Setting up the scholarship

Working with Deakin’s Development Coordinator Chelsie Jones, Aaron was able to narrow down the specifics of a scholarship – which offers up to $7500 per year for two years, to a second-year student. ‘Chelsea gave options and talked through things like what you could do, how you might want it to work, and who you wanted the candidate to be. It was really easy,’ he details. ‘We’re a growing business, so it’s a good-sized donation for us.’

Through the set-up process he narrowed down other specifics, too. ‘It could be a general one, but you could also choose to aim it at more marginalised or disadvantaged students, which is what we wanted to do,’ he says. (One of the requirements for applicants is that they are experiencing an area of hardship that impacts their ability to study.)

He also stipulated that it should be focused on those majoring in financial planning, to encourage new talent. ‘We’re under-resourced in terms of the needs in the Australian market,’ he says. ‘We need more people.’

When it came to naming the scholarship, he was inspired by his daughter, Matilda. Born with a rare genetic condition called Med13L, she was required to have open heart surgery when she was less than eight weeks old, followed by a stay in intensive care, and then more surgery. She made it through all those early setbacks and is now a healthy, ballet-loving eight-year-old. ‘She’s a beautiful girl with a very positive and happy nature,’ Aaron explains. ‘For me, naming it after her is a way to acknowledge her strength and her courage at that time. It’s a nice way to honour her and what she’s been through.’

A sense of reward

He finds the personal reward from setting up the scholarship very satisfying and recommends other alumni consider it. ‘There are barriers to getting people into this industry, education being one of them, so to be able to help with that is fantastic,’ he says.

And even if you’re not quite at the right stage financially, it’s never too early to start the conversation. ‘When I first contacted Deakin, it wasn’t a good time for us to do it, and so we made a plan for the next six months to get things organised, so I encourage everyone to at least enquire. Your business might not be at a stage to contribute in that way, but at least get some information and set a plan to do so.’

With the scholarship only just being bestowed on its first recipient this year, he’s already proud of the difference he’s making to individuals, and also to financial planning in general. ‘I love the industry I work in; I see the outcomes it provides and the way that it helps people, the meaningful impact you can have.’

Learn more about the Matilda Whitehead Financial Planning Scholarship.