Mark Maycock, MHW Pty Ltd Limited, Bondi.
Three years down the track, we’re still dead certain we made the right choice. We’ve never looked back. The two months’ research was worth it. When you’re looking for a dealer group, speak with Lonsdale first.
The search for Lonsdale
I’d been in the financial planning business for 15 years before I decided to set up my own practice. I’d worked in dealer group management and also as a financial planner, so I had a pretty good idea of what I was looking for in a dealer group.
I drew up my list of mandatory criteria and my wish list then set to work finding the right one.
In my case I was entering into a joint venture with a long established accounting firm so I also had to ensure the dealer group we chose would provide a good cultural fit for them as well as for my financial planning practice.
After two months and 14 dealer group interviews, I narrowed it down to 3 to put under the microscope and for the senior accounting partners to interview jointly with me.
It was a bit like Goldilocks and the Three Bears.
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The first one was too hot (an up and coming boutique, but too aggressive in their sales targets and not enough importance on ongoing service).
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The second one was too cold (too big, with an overstaffed head office to support).
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The third one was just right. It was Lonsdale.
Why Lonsdale is a great fit for us
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Culture. Lonsdale was established by accountants for accountants so they have a very professional approach with a strong emphasis on integrity, service quality and long-term relationships.
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Established and solid. Lonsdale has been around for 21 years and was one of the first full service dealer groups in Australia.
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Collaboration. There is a truly collaborative culture among my fellow Lonsdale advisers. They’re genuinely happy to help and share their learnings and experiences with other advisers – even on matters as sensitive as pricing. This is of enormous value to all of us.
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Equities research. It’s not a huge part of my practice, but it’s great to know I have access to independent in-house equities research when I need it. In my view, this is streets ahead of the research you buy in from the big research houses.
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Excellent support team. Lonsdale has only about 15 people in Head Office. So we’re not supporting a top-heavy inefficient infrastructure. It’s a lean and dynamic operation but the quality of the support is excellent. Also you can get to know the support team well and establish a rapport. That’s a big plus.
We made the right choice
I think all financial planners should review their dealer group every few years or so to make sure they’re still up to speed. And I think you should always have a good look around before you choose a new one. But do yourself a favour, and talk to Lonsdale first.
If you think you could do better than the dealer group you have now, don’t put it off. Think about the cost of delay. Click here for more information.
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