Madison Update – 25 February
Commercial in confidence
Money Management published an article today suggesting PwC released an Information Memorandum (IM) for the sale of Madison. The article also stated ‘The IM also makes clear that OneVue is keen to ensure that any new owner for Madison maintains its funds under advice (FUA) on the OneVue platform, something which would tend to rule out vertically-integrated players’. As they say, “never let the facts get in the way of a good story”.
Firstly, we did not release an IM. We sent an information sheet to interested parties (there are now over 30 expressions of interest, many ‘significant’, all unsolicited). We sent this to filter out any ‘tyre kickers’ and those not serious about financial advice before providing detailed commercially sensitive information. Also, OneVue is one of the many platforms our adviser community has access to. We are, and continue to be platform agnostic (someone should read the Code of Ethics and Corporations Act). Whilst there is a certain stigma to ‘vertical integration’, it is the leadership culture that ensued and created the mess we saw play out in the Royal Commission, not the structure itself.
Over the next few weeks, there will be many articles in the press (who’s interested, what’s Madison worth, what the adviser community is doing/saying). Where practical and relevant, we will clarify anything material. We realise this may create additional ‘noise’ you don’t need, so I recommend you ignore it. If you have any concerns (or you’d like to share an interesting rumour), please give me a call.
PwC and OneVue are also monitoring the press and will take steps to correct anything that may give rise to an unintended situation. (i.e. a call from the regulators). On that note, I made ASIC aware of this article and its inaccuracies. They are comfortable we are managing this process in an ethical and well-governed way.
I recommend you do not speak to the press regarding the sale. The best candidates will want to conduct the process quietly, with care and great respect because they value their (and our) reputation. If you are approached by the media, please send the enquiry to me. The reason we communicate openly every day is to provide a level of comfort. This communication is only for Madison advisers. To remain open and candid, I respectfully request information isn’t shared broadly…we all know what happens when information is misconstrued.
Yesterday I mentioned things will move quickly from here and there will be many moving parts. I will be closely involved in the majority of discussions, information gathering and due diligence. Jaime, Dave and Kerry will divide their time between the sale process and running our business. The remainder of our team will continue to support you. Thankfully, OneVue and PwC have provided additional people to assist during this time. If you’re finding it difficult to get a response to an urgent matter, send a text to any one of us and we’ll ensure we call back quickly.
On a brighter note, yesterday Jaime and Kerry hosted the Melbourne education events. The Madison adviser community took them out to dinner as a way of saying thank you and showing care. It was a night of pizzas and wine, great laughs and lots of kindness. This is the strength of Madison and why our next evolution will continue to strengthen our place in the sun.
Kerry 0402 145 480
Dave 0466 710 170Sincerely,Annick
0409 706 963
Madison Update – 25 February
Commercial in confidence
Money Management published an article today suggesting PwC released an Information Memorandum (IM) for the sale of Madison. The article also stated ‘The IM also makes clear that OneVue is keen to ensure that any new owner for Madison maintains its funds under advice (FUA) on the OneVue platform, something which would tend to rule out vertically-integrated players’. As they say, “never let the facts get in the way of a good story”.
Firstly, we did not release an IM. We sent an information sheet to interested parties (there are now over 30 expressions of interest, many ‘significant’, all unsolicited). We sent this to filter out any ‘tyre kickers’ and those not serious about financial advice before providing detailed commercially sensitive information. Also, OneVue is one of the many platforms our adviser community has access to. We are, and continue to be platform agnostic (someone should read the Code of Ethics and Corporations Act). Whilst there is a certain stigma to ‘vertical integration’, it is the leadership culture that ensued and created the mess we saw play out in the Royal Commission, not the structure itself.
Over the next few weeks, there will be many articles in the press (who’s interested, what’s Madison worth, what the adviser community is doing/saying). Where practical and relevant, we will clarify anything material. We realise this may create additional ‘noise’ you don’t need, so I recommend you ignore it. If you have any concerns (or you’d like to share an interesting rumour), please give me a call.
PwC and OneVue are also monitoring the press and will take steps to correct anything that may give rise to an unintended situation. (i.e. a call from the regulators). On that note, I made ASIC aware of this article and its inaccuracies. They are comfortable we are managing this process in an ethical and well-governed way.
I recommend you do not speak to the press regarding the sale. The best candidates will want to conduct the process quietly, with care and great respect because they value their (and our) reputation. If you are approached by the media, please send the enquiry to me. The reason we communicate openly every day is to provide a level of comfort. This communication is only for Madison advisers. To remain open and candid, I respectfully request information isn’t shared broadly…we all know what happens when information is misconstrued.
Yesterday I mentioned things will move quickly from here and there will be many moving parts. I will be closely involved in the majority of discussions, information gathering and due diligence. Jaime, Dave and Kerry will divide their time between the sale process and running our business. The remainder of our team will continue to support you. Thankfully, OneVue and PwC have provided additional people to assist during this time. If you’re finding it difficult to get a response to an urgent matter, send a text to any one of us and we’ll ensure we call back quickly.
On a brighter note, yesterday Jaime and Kerry hosted the Melbourne education events. The Madison adviser community took them out to dinner as a way of saying thank you and showing care. It was a night of pizzas and wine, great laughs and lots of kindness. This is the strength of Madison and why our next evolution will continue to strengthen our place in the sun.
Kerry 0402 145 480
Dave 0466 710 170Sincerely,Annick
0409 706 963