What price Madison in a crisis?
How much is a financial planning dealer group worth in middle of a crisis such as COVID-19?
That is the question being asked as financial planners maintain their watch on OneVue’s attempted sale of Madison Financial Group which it flagged as likely to be completed by the end of April or early May.
The company last pointed to its intentions in an announcement to the Australian Securities Exchange (ASX) on 6 April when it said that it was proceeding with the sale of Madison “despite the coronavirus pandemic”.
Madison has been placed on the sales block as a result of the collapse of Sargon, with OneVue looking to protect its financial position in the exercise.
When OneVue called for expressions of interest in the acquisition of Madison it is understood that around five financial planning organisations signalled their intention to pursue further information and Money Management understands that as recently as a week ago two organisations remained in contention.
In late February, OneVue said it had made provision to write down the value of the Sargon receivable from $26 million to $3.9 million.
Money Management understands that a number of financial advisers working within Madison have received overtures from other financial planning groups.
Recommended for you
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.
