Madison looks for new dealer members
Financialplanning dealer firmMadison Financial Groupis aiming for rapid expansion next year with plans to sign-up a collection of adviser practices that will see it triple in size.
Madison director Peter Mullens says the group will take on a maximum of 10 independently owned financial planning practices over the next six months in a move that will push its size out to 15 member firms.
Currently, the group has a presence in New South Wales, the Australian Capital Territory and Queensland, and signatory firms are likely to remain eastern state-based, although Madison will seek advice practices that will expand its reach into Victoria.
Mullens says the group is in a healthy position as there is growing groundswell in the industry in favour of independently owned groups. However, he anticipates those groups likely to join Madison, will be ex-institutionally aligned businesses.
“The advantage we have is that suddenly there’s a big advantage in not so much being a boutique but in being independently owned and we’re looking to take on firms so that everybody gets a piece of the cake,” Mullens says.
Madison, which was established in 1983, has more than $600 million in funds under advice and also badges theBTWrap.
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