Madison Update – 3 June (Morning)
Commercial in confidence
I am delighted to announce Clime Investment Management Limited (Clime) is the new owner of the Madison AFSL. From the outset of the sale process, our preference has been to minimise disruption to your business. Times are challenging already, the move to a new owner had the potential to cause an upheaval of systems, processes, and agreements. You may be pleased to know that Madison will stay as is and continue to operate with the same ethos and values it is highly regarded for in the industry. In addition, we will have a parent company who is publicly listed with a strong balance sheet able to invest in our business.
In the early stages of the sale process, the team and I spent time with Rod Bristow and his Executive team, they are excited by the opportunity to add Madison to the fold. Throughout the sales process they conducted extensive due diligence and research to understand our business. Rod is passionate about advice and working with advisers. He has led a privately owned Licensee and has a track record of helping practices be successful. On a personal note, I have high regard for Rod as a leader and human being. Our values are aligned and throughout this process he has acted professionally and with integrity.
Clime does not provide retail advice to clients. Their Private Wealth business supports wholesale and institutional investors. The acquisition of Madison will provide a differentiated solution and service for the 45,000 Clime subscriber data base through the provision of retail advice. I understand this is a service Rod and the Board of Clime have wanted to introduce for some time. When you hear from Rod, I am sure he will provide insight as to how he sees the future for this opportunity.
Please join our 11 am teleconference so you can hear from Rod and ask questions. I think you will like what you hear and see the opportunities that lay ahead for you and your business. John Francis and the Adviser Panel have previously communicated the outcome of the interviews they conducted with Clime (aka “Company A”). Later this morning, John Francis will share further information about the conversations held with Clime.
There are many people to thank for getting us here today and I would like to briefly acknowledge some of them
Bob Neill, David Fotheringham & Paul Wood, the team of Seaview Consulting. They have spent countless hours working through each stage of this process. Their reputation and expertise helped us filter the numerous initial expressions of interest to ensure we found the right final bidder. We are very grateful for their support and guidance along the way.
Tim Akers, Amy Gelevski, Daniel Walley, and other members of the PwC team who supported us with additional resources, worked closely with us since the announcement of the sale (& still do) to help us extract from our current situation and help keep our business safe. This included keeping ASIC continually informed about the strength and stability of our business.
Connie McKeage and the OneVue team who despite their own challenges offered support behind the scenes which ensured we could operate our business without the additional burden of our former parent. Since the beginning of this, Connie has specified that the new owner of Madison needed to be someone who would understand the advisers in our community and support our business. Thanks to Stephen Blood, Chief Risk Officer, who stepped in as Director of Madison when the previous Directors resigned shortly after the Receivers’ appointment. Stephen has been great support to me, providing guidance on a number governance matters.
John Francis, Paul Giordano, Megan Hodge, Alex Ilievski & Phil Robbins – the members of the Adviser Panel, who offered to represent ‘the voice of the Madison adviser’. Their role was an important part of this process, it demonstrated that we were serious about where we go next and united in our purpose to keep Madison together. They also helped to hold all parties accountable to what matters most, the livelihoods of our adviser community. These Principals have represented you well.
Johnny Timbs & Arani Satgunaseelan, Vollardian and Mark Angus, Arkad Consulting – our ‘adopted’ Madison team members. Behind the scenes, Johnny, Arani & Mark are working closely with us to get ready for transition. They show the same commitment and passion for Madison as we do.
To my team – Jaime Johns, Kerry Thomas, David Hunt, Sophie Firminger, Bethany Wooster, Andrea Theouli, Greg Dawes and Kerry Fleming; since January they have been placed under tremendous pressure, working to tight deadlines in challenging circumstances whilst also doing their ‘day jobs’. During this time, they have remained steadfast and resilient, focussing on doing what needed to be done. I am very grateful they stuck by me and our business.
Most importantly, to all of you. We know you have a choice of Licensee and at times, I can imagine there have been questions and concerns as to whether you should stay the course with Madison. Without your support, generosity of spirit, the constant check-ins for our team and the commitment to our community, this would have been a very different experience. Our sincere thanks and appreciation for placing your faith in us.
New ownership brings with it several logistical and regulatory requirements. We have been preparing for this transition whilst waiting for an outcome. We will communicate timelines, requirements together with the support infrastructure to minimise disruption to your business.
Here is to the next evolution of Madison Financial Group, we look forward to working with you.
Madison Sale Update – 11am, Wednesday 3 June
We will be making an announcement in tomorrow’s weekly webinar update. If you have previously registered for this event, the login link remains the same. If you haven’t yet registered, please do so by clicking on the below link.
In preparation for the transition, we are collecting a high-resolution version of each practice’s logo for the updated FSG. Please click on the below link to upload your practice logo.
Contact numbers
Head Office 1300 789 575
Annick 0409 706 963
Kerry 0402 145 480
Jaime 0439 079 786
Sincerely,
Annick Dona
Madison Update – 3 June (Morning)
Commercial in confidence
I am delighted to announce Clime Investment Management Limited (Clime) is the new owner of the Madison AFSL. From the outset of the sale process, our preference has been to minimise disruption to your business. Times are challenging already, the move to a new owner had the potential to cause an upheaval of systems, processes, and agreements. You may be pleased to know that Madison will stay as is and continue to operate with the same ethos and values it is highly regarded for in the industry. In addition, we will have a parent company who is publicly listed with a strong balance sheet able to invest in our business.
In the early stages of the sale process, the team and I spent time with Rod Bristow and his Executive team, they are excited by the opportunity to add Madison to the fold. Throughout the sales process they conducted extensive due diligence and research to understand our business. Rod is passionate about advice and working with advisers. He has led a privately owned Licensee and has a track record of helping practices be successful. On a personal note, I have high regard for Rod as a leader and human being. Our values are aligned and throughout this process he has acted professionally and with integrity.
Clime does not provide retail advice to clients. Their Private Wealth business supports wholesale and institutional investors. The acquisition of Madison will provide a differentiated solution and service for the 45,000 Clime subscriber data base through the provision of retail advice. I understand this is a service Rod and the Board of Clime have wanted to introduce for some time. When you hear from Rod, I am sure he will provide insight as to how he sees the future for this opportunity.
Please join our 11 am teleconference so you can hear from Rod and ask questions. I think you will like what you hear and see the opportunities that lay ahead for you and your business. John Francis and the Adviser Panel have previously communicated the outcome of the interviews they conducted with Clime (aka “Company A”). Later this morning, John Francis will share further information about the conversations held with Clime.
There are many people to thank for getting us here today and I would like to briefly acknowledge some of them
Bob Neill, David Fotheringham & Paul Wood, the team of Seaview Consulting. They have spent countless hours working through each stage of this process. Their reputation and expertise helped us filter the numerous initial expressions of interest to ensure we found the right final bidder. We are very grateful for their support and guidance along the way.
Tim Akers, Amy Gelevski, Daniel Walley, and other members of the PwC team who supported us with additional resources, worked closely with us since the announcement of the sale (& still do) to help us extract from our current situation and help keep our business safe. This included keeping ASIC continually informed about the strength and stability of our business.
Connie McKeage and the OneVue team who despite their own challenges offered support behind the scenes which ensured we could operate our business without the additional burden of our former parent. Since the beginning of this, Connie has specified that the new owner of Madison needed to be someone who would understand the advisers in our community and support our business. Thanks to Stephen Blood, Chief Risk Officer, who stepped in as Director of Madison when the previous Directors resigned shortly after the Receivers’ appointment. Stephen has been great support to me, providing guidance on a number governance matters.
John Francis, Paul Giordano, Megan Hodge, Alex Ilievski & Phil Robbins – the members of the Adviser Panel, who offered to represent ‘the voice of the Madison adviser’. Their role was an important part of this process, it demonstrated that we were serious about where we go next and united in our purpose to keep Madison together. They also helped to hold all parties accountable to what matters most, the livelihoods of our adviser community. These Principals have represented you well.
Johnny Timbs & Arani Satgunaseelan, Vollardian and Mark Angus, Arkad Consulting – our ‘adopted’ Madison team members. Behind the scenes, Johnny, Arani & Mark are working closely with us to get ready for transition. They show the same commitment and passion for Madison as we do.
To my team – Jaime Johns, Kerry Thomas, David Hunt, Sophie Firminger, Bethany Wooster, Andrea Theouli, Greg Dawes and Kerry Fleming; since January they have been placed under tremendous pressure, working to tight deadlines in challenging circumstances whilst also doing their ‘day jobs’. During this time, they have remained steadfast and resilient, focussing on doing what needed to be done. I am very grateful they stuck by me and our business.
Most importantly, to all of you. We know you have a choice of Licensee and at times, I can imagine there have been questions and concerns as to whether you should stay the course with Madison. Without your support, generosity of spirit, the constant check-ins for our team and the commitment to our community, this would have been a very different experience. Our sincere thanks and appreciation for placing your faith in us.
New ownership brings with it several logistical and regulatory requirements. We have been preparing for this transition whilst waiting for an outcome. We will communicate timelines, requirements together with the support infrastructure to minimise disruption to your business.
Here is to the next evolution of Madison Financial Group, we look forward to working with you.
Madison Sale Update – 11am, Wednesday 3 June
We will be making an announcement in tomorrow’s weekly webinar update. If you have previously registered for this event, the login link remains the same. If you haven’t yet registered, please do so by clicking on the below link.
In preparation for the transition, we are collecting a high-resolution version of each practice’s logo for the updated FSG. Please click on the below link to upload your practice logo.
Contact numbers
Head Office 1300 789 575
Annick 0409 706 963
Kerry 0402 145 480
Jaime 0439 079 786
Sincerely,
Annick Dona