Summary

00:01:12 – Celebrating 100 episodes
Matt Heine reflects on launching Between Meetings eight years ago and introduces his father, Michael Heine, as the special guest for this milestone 100th episode.

00:02:25 – A family legacy of resilience
Michael shares the remarkable story of his father Walter, a Jewish refugee from Nazi Germany who built Australia’s largest trading company after arriving as a prisoner of war with no money or contacts.

00:08:58 – Business at the dinner table
Michael recalls growing up in a household where business was ever-present. Walter lived for his work, and conversations often centred on deals, strategy, and growth.

00:12:57 – Dropping out of university and joining the business
Michael talks about not finishing his degree, starting work with his father, and quickly learning the value of real-world experience over theory.

00:17:12 – Chasing recurring revenue
After years in the trading business, Michael explains why he sought businesses with consistent income streams, which eventually led to the founding of Netwealth.

00:24:45 – Selling Heine Management
Michael details the tough decision to sell the business in 1999, the challenges of listed property trusts, and how the sale freed him to pursue new opportunities.

00:30:48 – The birth of Netwealth
Michael discusses “retiring” for two weeks before launching Netwealth. He describes the early planning, modest goals, and lessons from past ventures that shaped the platform’s strategy.

00:38:15 – Building tech from the ground up
He recounts early tech partnerships and why they chose to build their own front-end, emphasising the importance of owning the client experience and data.

00:43:12 – $25 million to first $1B FUA
Michael shares the grit it took to reach Netwealth’s first billion dollars in funds under administration. Despite early losses, they stayed focused on long-term vision and strong governance.

00:45:40 – Scaling a business the right way
He reflects on the complexities of scaling, highlighting the need to pair creative leadership with strong financial oversight, and to evolve the team and systems as the company grows.

00:47:49 – The future of technology
Michael shares his excitement for AI and how he sees it transforming business efficiency. He encourages embracing technological change, not fearing it.

00:50:04 – Beyond Netwealth
Michael touches on his continuing involvement in the business and his passion for strategic thinking, admitting that retirement never quite suited him.