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
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
