Mawson restructures after record year
Financial planning dealer groupMawson Securitieswill restructure its operations and management after announcing it has boosted its financial planning numbers by 50 per cent and revenues by 80 per cent.
The increase in planners takes its advisory force to 220, according to managing director Robert Steele, and comes as the group also stated that from January 2002 it would vend all the state owned businesses of the group into the national company.
This would also be accompanied by a major change in management inside the group with Steele in the chief executive role, Rick Dougherty taking on the role of general manager of distribution and Darren Lelliott as general manager of compliance.
Mawson Group chair Peter Johnson says the changes will allow stronger growth through national distribution and leverage off economies of scale in regards to expenses which have previously been held at the state level.
“We have also been able to commit to higher remuneration for quality performing advisers, who will be drawn to the group through its ownership model. A new third offer document for a Mawson adviser ownership has been introduced for advisers to share in the benefits of our growth,” Johnson says.
According to Steele, the new franchise document aims to boost the numbers up from the current level of 70 franchisees and ultimately leave top performing advisers controlling up to 95 per cent of their remuneration.
“Our records show substantial increases in income from franchisees, and we are of the belief that the franchise system will allow us to significantly increase our national adviser penetration,” Steele says.
The growth of adviser numbers for the Mawson has justified the group’s business model according to Steele, who says advisers are attracted to what he calls a strong, independently owned distribution system.
The rise of the Mawson Group has also been reflected in their higher ranking in this year’sMoney ManagementTop 100 Dealer Groups survey, with the group falling in at 20, up six places and 70 planners on the previous year’s results, after launching three years ago.
AUTHOR
Jason Spits
Recommended for you
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
