Madison Update – 5 March
Commercial in confidence
During challenging times, there are moments when you (I) wonder if the frustration, long hours, exhaustion and uncertainty are worth the effort. Then something happens and you get the boost needed to draw breath and keep going (I know you can relate).
This happened to me today. Kerry and I were delayed on our flight to Brisbane and therefore late for our meeting with ASIC, and yet the day has unfolded to be quite extraordinary. Firstly, the meeting with ASIC was a little daunting. I was interviewed/questioned by 4 consultants about the sale process, our governance and compliance position (including financial viability) and our advisers. My responses were the same as always – sale progressing, our governance process unchanged, we met our financial obligations, we have extra support and access to resources courtesy of PwC and OneVue and we communicate daily to our advisers. I also shared that uncertainty for you is not a good place to be and we need to ensure this process doesn’t linger unnecessarily (ASIC agrees).
PwC also had a conversation today with ASIC, similar questions and similar responses (thankfully). They have undertaken to brief ASIC daily via a 5 min phone call. Keeping the regulator informed makes it better for us (you) when we get closer to the sale of the AFSL, and hopefully a smoother transition.
Kerry and I also met with another interested acquirer. They were very keen to understand the Adviser community and needs. Interestingly, they have been told by various parties, Madison is the Licensee to consider (they are reasonably new to advice). This group wants to continue the conversation; which is a good outcome.
My favourite part of today was the Queensland Principals’ briefing. The openness of the questions and sharing concerns, the genuine care for each other, the commitment to the Madison community and support for our team is such a privilege to experience. The team and I are so grateful for the honest conversations and the ability to discuss anything that’s on your mind.
One suggestion was to add to the adviser panel a person who has recently joined us (thanks Craig) because the person has done extensive due diligence and Licensee comparisons which would assist those who have been with Madison for a long time. I have a few people in mind and will facilitate an introduction to the existing group when I get confirmation from a candidate. I’ll also let the panel know you’d like to hear from them and they can facilitate further communication.
I’ve also committed to providing a more accurate timeline of the sale process so you can be aware of what’s happening next. I will speak to Bob Neill and provide the information in tomorrow’s update.
The IM is in final stages, and it looks good. As you can appreciate, whilst there are eager acquirers, and we hope for a quick sale process, the due diligence will be comprehensive. This means we (Madison HQ) will need to work fast and closely with PwC, Bob and his team (which we are).
Thank you for asking how we are, checking in regularly, worrying about our sleep and state of mind! You are an incredible bunch of humans whom we’re very pleased to know and work alongside.
Call/text/email your questions to any of the team.
Jaime 0439 079 786
Kerry 0402 145 480
Dave 0466 710 170
Sincerely,
Annick
0409 706 963
Madison Update – 5 March
Commercial in confidence
During challenging times, there are moments when you (I) wonder if the frustration, long hours, exhaustion and uncertainty are worth the effort. Then something happens and you get the boost needed to draw breath and keep going (I know you can relate).
This happened to me today. Kerry and I were delayed on our flight to Brisbane and therefore late for our meeting with ASIC, and yet the day has unfolded to be quite extraordinary. Firstly, the meeting with ASIC was a little daunting. I was interviewed/questioned by 4 consultants about the sale process, our governance and compliance position (including financial viability) and our advisers. My responses were the same as always – sale progressing, our governance process unchanged, we met our financial obligations, we have extra support and access to resources courtesy of PwC and OneVue and we communicate daily to our advisers. I also shared that uncertainty for you is not a good place to be and we need to ensure this process doesn’t linger unnecessarily (ASIC agrees).
PwC also had a conversation today with ASIC, similar questions and similar responses (thankfully). They have undertaken to brief ASIC daily via a 5 min phone call. Keeping the regulator informed makes it better for us (you) when we get closer to the sale of the AFSL, and hopefully a smoother transition.
Kerry and I also met with another interested acquirer. They were very keen to understand the Adviser community and needs. Interestingly, they have been told by various parties, Madison is the Licensee to consider (they are reasonably new to advice). This group wants to continue the conversation; which is a good outcome.
My favourite part of today was the Queensland Principals’ briefing. The openness of the questions and sharing concerns, the genuine care for each other, the commitment to the Madison community and support for our team is such a privilege to experience. The team and I are so grateful for the honest conversations and the ability to discuss anything that’s on your mind.
One suggestion was to add to the adviser panel a person who has recently joined us (thanks Craig) because the person has done extensive due diligence and Licensee comparisons which would assist those who have been with Madison for a long time. I have a few people in mind and will facilitate an introduction to the existing group when I get confirmation from a candidate. I’ll also let the panel know you’d like to hear from them and they can facilitate further communication.
I’ve also committed to providing a more accurate timeline of the sale process so you can be aware of what’s happening next. I will speak to Bob Neill and provide the information in tomorrow’s update.
The IM is in final stages, and it looks good. As you can appreciate, whilst there are eager acquirers, and we hope for a quick sale process, the due diligence will be comprehensive. This means we (Madison HQ) will need to work fast and closely with PwC, Bob and his team (which we are).
Thank you for asking how we are, checking in regularly, worrying about our sleep and state of mind! You are an incredible bunch of humans whom we’re very pleased to know and work alongside.
Call/text/email your questions to any of the team.
Jaime 0439 079 786
Kerry 0402 145 480
Dave 0466 710 170
Sincerely,
Annick
0409 706 963