4 May 2018

John Barton

Director & CEO

For a long time, Governments of both persuasions have worked to improve the financial planning sector and the quality of financial advice available to Australians – from the Future of Financial Advice reforms that were introduced in 2013 to the Royal Commission that is currently playing out. We have and will always fully support any initiative that leads to better advice and enhanced outcomes for Australians.

As we have seen over recent weeks, events like the Royal Commission shed light on bad behaviour within the sector. However, it is important to remember that this only represents a portion of the sector. There are many, many genuine professionals who do the right thing, who take pride in helping people get on track towards their goals and are ultimately showing the sector that there is a better way.

By way of reminder, MGD is built on a number of fundamental philosophies that support our day-to-day tailored advice for clients. These have been developed over a long period of time, and are based on deeply held beliefs, tried and tested governance practices and by listening to our clients.

 

Licensing and ownership

MGD’s ownership is free from institutional conflict. MGD is owned by seven of its Directors, all of whom work actively in our firm. We operate under our own Australian Financial Services Licence (AFSL no. 222600). This enables us to develop and implement tailored strategies for our clients without the constraints and potential conflicts that ownership by or alignment with a large institution might bring.

 

Specialist advisers

Our team is made up of specialists across each of our advice areas:

  • Wealth management
  • Investment and asset consulting
  • Self-managed superannuation fund administration and advisory
  • Financial planning
  • Personal and business taxation and accounting
  • Personal risk insurance
  • Personal and business succession

The diverse yet complementary financial experience of our team, combined with the specialist skills of each advice area, enables us to approach each of our clients’ individual requirements from all angles. We adopt a ‘total wealth management’ approach that offers a financial advice solution that seamlessly combines the essential advisory, administration and compliance services. As a self-licensed firm, we are also able to work directly with a broad range of trusted, best-of-breed external advice partners and suppliers, depending on our clients’ individual requirements.

The education, experience and ongoing professional development standards of our advisers exceed those required by law and all of our work is supported by strong quality control and audit processes.

 

A goals-based wealth management model

We understand that no two people are the same. Each person (or family, or business) has a unique set of circumstances, goals, complexities and pressures, and therefore unique financial solutions. Because of this, the advice and solutions we provide for our clients are unique in every circumstance.

 

Independent specialists

Highly qualified and experienced external, independent professionals sit on our investment and compliance committees, bringing a breadth of experience and expertise to the table as well as independent, objective advice.

Our MGD Investment Committee has also appointed an external economic consultant and external investment consultant who provide independent asset consulting and investment research services to us and our clients.

 

Governance and fiduciary responsibilities

Our MGD Investment Committee members have achieved their Accredited Investment Fiduciary® (AIF®) professional designation. This accreditation officially recognises the Investment Committee’s knowledge and understanding of their role as investment fiduciaries.

Furthermore, all of the managed investment funds that are available to our clients are operated by independent responsible entities (REs) who provide specialist oversight and have unique fiduciary responsibilities including to always act honestly and to ensure that the interests of unit holders (investors) are put ahead of both the RE’s interests and ours.

We know first-hand that quality financial advice has the ability to positively change lives. But sadly, as we have seen recently through the Commission, poor advice remains far too prevalent.

As always, if you have any questions, concerns or would like to discuss any of these matters in particular, please don’t hesitate to contact your adviser or feel free to contact me directly at any time.

Disclaimer: This article contains general information only and is not intended to constitute financial product advice. Any information provided or conclusions made, whether express or implied, do not take into account the investment objectives, financial situation and particular needs of an investor. It should not be relied upon as a substitute for professional advice.