Madison Transition Plan – 17 June
One of the questions raised in today’s teleconference was about the sale execution and changing of advice documentation (i.e. FSG). Sale execution has been delayed due to China Taipeng (CT) seeking a review of the sale process PwC and Seaview conducted. This is the information you may have already seen in previous media articles. The issue is predominantly focussed on “who gets the sale proceeds” and was there a proper process conducted to ensure the Receivers met their legal obligations (the answer is yes). There is no direct impact on you or your business. However, it does delay the execution a little. We expect China Taipeng/McGrath Nicol (the administrators representing CT) to provide a response in the next day or two on their review of the sale (PwC and Seaview have provided all required information).
Once this is resolved, we can begin the formal requirements of the transition. All documents, disclosures and processes are prepared in the background and will be ready to go once the sale executes. All other conditions precedent (terms of contract sale) have been met. The one I’ve listed above is the only thing outstanding.
Your business can continue to do what you always do and we’ll work on the other requirements in the background. Which is something very similar to what Shelley Marsh, Marsh Financial and Alastair Kennedy, Ferncourt Advice said to me today in our catch-up. Our team never get sick of hearing that from you. It’s a relief that we can take some anxiety away from you.
On a different note, I managed to travel from Perth (Andrew Dalton, MI Wealth Plan), to Melbourne, (Michael Crowe), The Hendrie Group, to Sydney (Shelley and Alastair) in about 4 hours today! Whilst isolation has created some barriers, it hasn’t impacted our ability to communicate and connect (& travel virtually). As the saying goes, ‘necessity is the mother of invention’.
As part of our transition over to the new system, we have set up a new webinar for our weekly Wednesday update at 11am. Please ensure you click on the below link to register and receive the new webinar link.
If you have any questions or are having trouble accessing the Adviser Portal, or have not received your Canva invite as yet, please email adviserservices@madisonfg.com.au
Sincerely,
Annick Donat
Madison Transition Plan – 17 June
One of the questions raised in today’s teleconference was about the sale execution and changing of advice documentation (i.e. FSG). Sale execution has been delayed due to China Taipeng (CT) seeking a review of the sale process PwC and Seaview conducted. This is the information you may have already seen in previous media articles. The issue is predominantly focussed on “who gets the sale proceeds” and was there a proper process conducted to ensure the Receivers met their legal obligations (the answer is yes). There is no direct impact on you or your business. However, it does delay the execution a little. We expect China Taipeng/McGrath Nicol (the administrators representing CT) to provide a response in the next day or two on their review of the sale (PwC and Seaview have provided all required information).
Once this is resolved, we can begin the formal requirements of the transition. All documents, disclosures and processes are prepared in the background and will be ready to go once the sale executes. All other conditions precedent (terms of contract sale) have been met. The one I’ve listed above is the only thing outstanding.
Your business can continue to do what you always do and we’ll work on the other requirements in the background. Which is something very similar to what Shelley Marsh, Marsh Financial and Alastair Kennedy, Ferncourt Advice said to me today in our catch-up. Our team never get sick of hearing that from you. It’s a relief that we can take some anxiety away from you.
On a different note, I managed to travel from Perth (Andrew Dalton, MI Wealth Plan), to Melbourne, (Michael Crowe), The Hendrie Group, to Sydney (Shelley and Alastair) in about 4 hours today! Whilst isolation has created some barriers, it hasn’t impacted our ability to communicate and connect (& travel virtually). As the saying goes, ‘necessity is the mother of invention’.
As part of our transition over to the new system, we have set up a new webinar for our weekly Wednesday update at 11am. Please ensure you click on the below link to register and receive the new webinar link.
If you have any questions or are having trouble accessing the Adviser Portal, or have not received your Canva invite as yet, please email adviserservices@madisonfg.com.au
Sincerely,
Annick Donat