With five New Zealand practices joining its new Auckland office next month, Madison Financial Group believes the New Zealand financial planning market is a good testing ground to expand its business globally.
Madison managing director Tony Hartley said expanding the small boutique in Australia was made difficult due to competition with larger dealer groups, therefore, the group had chosen to expand globally.
Hartley referred to the New Zealand planning industry as a “cottage industry” with very few big players and a large number of little players.
He said Madison was looking to attract a number of the smaller players that were interested in sharing knowledge and had a vision for conformity.
Another reason for opting to expand in New Zealand was the country’s proposed regulatory changes in the financial services industry, Hartley said.
“We figure that having been through [regulatory changes in Australia] … if we were to take our learnings over there … we might be able to offer some leadership.
“The opportunities there are good … I think there will be [more Australian businesses going to New Zealand], but it depends upon how the regulations unfold”, Hartley said.
