CURRICULUM VITAE
Name
Wesley McMaster
Professional Associations
Financial Planning Association of Australia Ltd
Australian
Institute of Company Directors
Professional Designations
Certified Financial Planner (CFP)
Fellow of the
Financial Planning Association of Australia Ltd (FFPA)
Fellow Australian
Institute of Company Directors (FAICD)
Adjunct Professor
(Financial Planning), RMIT University
Contact
Telephone: 04 1812 0068
Email:
mcmasterw@ozemail.com.au
Website:
www.wesmcmaster.com
Experience
July 2000 - Present
Consulting Assignments in
Financial Services.
Wesley’s present role is that he is a Director of his own consulting
business under the name of McMaster Securities Pty Ltd. He is providing
business planning and strategic advice on distribution as well as the
establishment and positioning of financial services businesses. He is
also advising institutions and individual businesses on acquisitions and
mergers. His principal clients are financial institutions, accounting
groups and financial planning businesses.
Recent assignments have included,
·
Business and strategic planning for financial planning
businesses resulting in increased revenue, lower costs, improved
customer service and increased staff satisfaction. This is a core
activity where a model of the business is created and used as a
diagnostic and management tool. Key drivers of the business are
identified, processes reviewed and growth strategies implemented. He
designs and implements automated work flow processes, management
information and reporting systems, service offering, pricing,
organisational behaviour and more.
·
Training private bankers in South East Asia. Wesley has
written and delivered training courses to train private bankers globally
in the development and delivery of financial strategy for high net worth
individuals. He has focussed on the cultural shift from a sales based
client relationship to an advice based relationship (from transactional
to influential).
·
A Melbourne CBD financial planning business that he has
advised has recently been selected as the model financial planning
practice of the year by IFA Magazine.
·
Expert witness opinions for law firms involved in
litigation on matters related to financial advice. (Newman & Ors v
Financial Wisdom Limited & Anor; Newman & Ors v Hold Pty Ltd & Anor
[2004] VSC 216 (29 June 2004)). (Benjamin Corporation Pty Ltd v Smith
Martis Cork & Rajan Pty Ltd [2003] FCA 1471 (11 December 2003)).
·
Presentations at conferences and conventions on issues
affecting financial planning and business management.
·
Advised an international bank on strategy to turn around a
loss making Australian subsidiary to a profitable business.
·
Advised an Australian investment bank on a model for a
profitable distribution business.
·
Advice to accounting groups on the establishment and
integration of financial planning services into their accounting
businesses. He has assisted many accounting firms in establishing a
financial planning service for their clients.
·
Prepared business plans to establish
financial planning businesses for two financial institutions to meet
their unique distribution objectives. Advised on implementation.
·
Provided two major accounting firms
with operational and strategic advice to develop business within a
network of accounting practices.
·
Advised a credit union on the
establishment of a financial planning business within their branch
network.
· Actively
identified opportunities for businesses to grow and re-position through
acquisition and merger. Focussed on businesses engaged in financial
advice and distribution of financial services and product. Helped
smaller businesses grow rapidly by purchasing a similar business and
integrating it into their operation. Assisted institutions by targeting
acquisitions with strategic significance to their existing business.
·
Analysis of future channels for the distribution of
financial advice. Designed a corporate structure that will interact
with these channels as well as accommodate known trends and be adaptable
to a future environment. This was part of a strategic planning project
for an institution. Advised on implementation.
·
Assisted a financial institution in becoming established
in Singapore. Analysis of the environment and options. Provided
necessary introductions.
·
Advice to businesses on corporate governance.
·
Advice to two financial institutions on the establishment
of a Dealer network and designed the value proposition for the delivery
of support services.
·
Valuation of financial planning businesses.
·
Advice to financial planning businesses on compliance.
·
Designed, conducted, analysed the results and reported on
a series of surveys on the financial planning community in Australia
(see “Publications” at the end of this CV).
January 2005 - Present
Director of McMaster & Tin Pte Ltd
(Singapore)
Prof. McMaster and his partner in Singapore
are training private bankers from London to Dubai, India and regional
South East Asia. They have written and delivered training courses to
train private bankers globally in the development and delivery of
financial strategy for high net worth individuals. They focus on the
cultural shift from a sales based client relationship to an advice based
relationship (from transactional to influential). They are also
providing consulting services to clients in the region.
July 2003 – Present
Director of The Money Managers Ltd.
Prof. McMaster was the first non-executive
Director appointed by this company and is now a shareholder and a
consultant to the company. He is also a Responsible Officer of the
Money Management Services Pty Ltd (AFS Licensee). The Money Managers Ltd
is a firm of financial planners founded by Kevin Bailey, a well known
figure in the financial planning industry.
January 2000 - Present
Member of the
Review Board of the Financial Planning Association of Australia Limited.
The Review Board is
constituted from time to time to hear appeals against determinations of
the National Disciplinary Committee.
January 2000 – March 2004
Director of the Financial Industry Complaints
Service Ltd.
FICS is the alternative
dispute resolution scheme for the financial services industry. Wes was
invited to join the Board as a director to represent the interests of
the financial planning and stock broking communities.
September 2000 – Present
Adjunct Professor
(Financial Planning) RMIT University.
Prof. McMaster has assisted RMIT University in bridging the gap between
the academic delivery of their business degrees and the practical
application of that knowledge in the commercial world. This is the
first appointment in Australia of a Professor specialising in Financial
Planning. He has commenced a project to establish the University as a
centre for research in Financial Planning in
Australia and is actively managing a number of research projects. He has
been giving public talks and is a guest lecturer for RMIT University.
September 1998 – June 2000
Chief Executive Officer of Austplanners Holdings
Pty Ltd.
This was a company
wholly owned by ING. Austplanners in turn owned Advisor Investment
Services Ltd (AIS) and Bleakleys Ltd. These were national networks of
financial planners with approximately 400 representatives. As CEO of
Austplanners, Wes was responsible to the Board for the successful
management and growth of both the Advisor Investment Services and the
Bleakleys businesses.
At the time of his
appointment the businesses were unprofitable, demoralised and there were
no documented policies or procedures. Both businesses had a history of
management problems and neither of them was delivering adequate services
to their financial planners. He was appointed to turn the businesses
around.
The year ended 30th September 1999
marked a period of change where he put strategies in place that were
designed to add value to the businesses. One of those strategies was to
create the first shared services company in ING to service both AIS and
Bleakleys. He achieved the following results.
·
They produced the first ever operating profit in Advisor
Investment Services. Profit of $30,770 compared with a loss of $596,000
in the previous year. This was a turnaround of $626,770.
·
Bleakleys results for the year ended 30th
September 1999 was a profit of $452,000 compared with an operating
profit of $57,000 in the previous year. This was a turnaround of
$395,000.
·
The consolidated result for
Austplanners was a first ever profit of $33,277 ($692,000 loss in the
previous year). This was a turnaround of $725,000. This figure
included once only redundancies of $500,000 meaning that the adjusted
turnaround was actually $1,225,000.
They also upgraded, reviewed
and re-launched their asset management services. Their growth
superannuation fund ranked 1st out of 177 over the three years ended
31.12.99. Their Balanced superannuation fund ranked 1st out of 79 and
their conservative fund ranked 7th out of 110. In the 12 months they
ranked 1st out of 192, 12th out of 93 and 22cnd out of 117
respectively. They directly managed approximately $500 million of
client assets.
Going forward their focus changed from building the
structure of the business to operating it to deliver growth. Wes
appointed General Managers to run Bleakleys and AIS. This was completed
by 30th June 2000 and effectively ended his task of turning
the businesses around and positioning them for future growth. At this
point he left the group to look for a new challenge.
During this period Wes was a Director of the
following ING companies (He was also CEO of the first four companies).
Advisor Asset Management Ltd (research
& funds management)
Advisor Investment Services Ltd
(financial planning)
Bleakleys Ltd (financial planning)
Austplanners Holdings Pty Ltd (shared
services)
Austbrokers Holdings Ltd (general
insurance broking)
November 1997 – November 1999
Chairman of the Board of the Financial Planning
Association of Australia Ltd.
In this role plus his
prior period as a director, Wes was instrumental in influencing change
in regulation and industry structure. He also introduced substantial
change in the policy making, organisational and governance structures of
the FPA.
Wes was on the Executive
Committee for three years and chaired the working party that prepared
the FPA submission to the Wallis Inquiry into regulation and the
Australian financial system. All of their recommendations to the Wallis
Inquiry have been adopted. He was Chairman of the Finance Committee of
the Board and was responsible for the preparation and control of the FPA
budget.
Wes continued to
represent the FPA on the International CFP Council where he chaired the
Finance Committee and a task force to value the Certified Financial
Planner and CFP marks. He retired from this position in 2000. He has
good international contacts in financial planning.
In November 2000, Wes
received a Distinguished Service Award for contribution to the Financial
Planning Profession
1982 – 1998
Director and Owner of Financial Planning
Business.
Wes had an unrestricted
Dealers Licence and went into practice as a financial planner. He had a
financial planning practice that covered the state of Tasmania and
operated on a fee for service basis. The practice employed six people
and offered a full service financial planning experience to their
clients. They did a lot of work with accountants as well as credit
unions. Wes established financial planning services within two Credit
Unions in Tasmania. He also did consulting work with other
professionals, particularly in the field of business planning and
re-positioning financial planning practices. On 1st September 1998 he
sold his practice to his senior consultant
1978 – 1981
Adviser to the National Investment and
Development Authority of Papua New Guinea.
This secretariat was
responsible for promoting and controlling foreign investment in the
country. Wes’ principal activity was to identify projects in which it
was desirable to attract foreign investment and advise Cabinet on a
National Investment Priorities Schedule (NIPS). This involved
researching and preparing an annual publication. This publication
identified in which sectors the government wanted to attract foreign
investment, the economic benefits and any incentives. He also
represented PNG in some trade negotiations with other countries.
1975 – 1978
Chief Accountant of the Department of Posts
and Telegraphs in Papua New Guinea.
During this time Wes
managed a project to change the telecommunication billing system from
quarterly to monthly billing. This was a major project involving a
redesign of organisation, systems and a change from manual accounting
machines to computer processing of data.
Pre 1975
Executive Officer to the
National Education Board (NEB) in PNG.
The
Board advised the Minister on national education policy. Wes prepared
the annual report of the NEB that documented education and curriculum
policy in the country.
Executive Officer of an
Inquiry into Taxable Capacity and Taxation Measures in PNG.
This Inquiry took two years and they published a report at the end of
this period that formed the basis of much of the subsequent taxation
policy of the country. At this time the Taxation Office employed Wes.
Executive Officer of an
Inquiry into Local Government Borrowings and Finance
Following the taxation report, the government asked the same group to
conduct an Inquiry into Local Government Borrowings and Finance. This
took another year and resulted in the publication of a report that
formed the basis of reform in Local Government finance.
Interests
Wes has a love of ocean sailing and yachts. He
also breeds beef cattle on his property in the Huon Valley in Tasmania.
Publications
Here is a selection of recent
work that Wes has published.
Submission of the Financial Planning Association of Australia to the
Inquiry into Regulation and the Australian Financial System
1998 Article – “The Role of a Professional Association in an
Emerging Profession” – Money Management, 8.10.98.
Article on the future role of accountants in financial planning. Money
Management, 9.12.99.
1998-9 Editorial in 12 issues of the FPA
Magazine
Article, “The New Age Insurance Distribution Model – An Australian
Perspective”.
Asia Financial Planning
Journal, April 2000.
2000 Public Lecture at the Singapore Institute of Management.
“Financial Planning, the Emergence of a Profession”. Sponsored by RMIT
University. June, 2000.
Keynote address at the Asia Pacific Financial Planning Conference 2000
in Singapore. Titled, “Identifying the Prime Movers and Their
Implications on the Development of the Financial Services Industry – An
Asian Perspective.”
Article, “Opportunities in Financial Services in Singapore”. Money
Management 2.8.01
Lecture to
graduating class, RMIT University. “Practice Management – The Dynamics
of a Model Financial Planning Business”. May & October 2001
Article,
“Why Workflow is the no fuss revolution” (Automated workflow processes).
Money Management, 21st March 2002.
2002
Article, “The Quiet Revolution” (Automated workflow processes). Asia
Financial Planning Journal, 2cnd Quarter, 2002.
2002
Keynote address at the Inscorp Financial Services Pty Ltd annual
conference. Titled, “Positioning Your Business For Sale”, May 2002.
Keynote
address at the Synergy Advisory Services Pty Ltd annual conference.
Titled, “Maximising the Value of Your Business”, July 2002.
2002
“Stakeholder Survey – Media”, May 2002. This was a survey of media
perceptions of financial planning and the Financial Planning Association
of Australia Ltd (FPA). Prof. McMaster designed and conducted the
survey, analysed the results and wrote the report on behalf of RMIT
University.
2002
“Consumer Sentiment Survey”, July 2002. This was a survey of consumer
perceptions and experience of receiving financial advice. Prof. McMaster
designed and conducted the survey, analysed the results and wrote the
report on behalf of RMIT University.
2002
“Stakeholder Survey – Government & Industry Associations”, July 2002.
This was a survey of government and industry associations and their
perceptions of financial planning and the FPA. Prof. McMaster designed
and conducted the survey, analysed the results and wrote the report on
behalf of RMIT University.
2002
“FPA Principal Member Survey - Industry Structure”, June 2002. This was
a survey of the financial planning community in Australia and it looked
at a detailed analysis of the industry in the areas of business
structure, distribution and financial dynamics. Prof. McMaster
designed and conducted the survey, analysed the results and wrote the
report on behalf of RMIT University.
2002
“FPA Principal Member Survey – Professional Practice”, September 2002.
This was also a survey of the financial planning community in Australia
and it looked at a detailed analysis of the industry in the areas of;
qualifications of representatives; remuneration and fees; size and
source of clients; services delivered by financial planning businesses;
complaints experience; future issues; and FSRA & PS146 issues, Prof.
McMaster designed and conducted the survey, analysed the results and
wrote the report on behalf of RMIT University.
2002 Lecture, RMIT, “The Dynamics of a Model
Financial Planning Practice”. October 2002.
2002
Article, “Emerging Trends in Financial Planning Businesses”, Money
Management, 14th November 2002.
2003 Article, “Mergers & Acquisitions, Valuing a Financial Planning
Practice”, Money Management, February 2003.
Presentation, “Practice Management in a Model Financial Planning
Practice”, IFA Conference, Sydney, March.
2003 Presentations to annual conference of Lifespan Financial
Planning Pty Ltd in Christchurch, New Zealand in May. “Financial
Planning Advice from an Accounting Business” and “Practice Management –
The Steps You Need to take to Develop a Model Financial Planning Service
in an Accounting Business”.
2003 Presentation to business clients of Lloyd Morgan, Hyatt,
Melbourne, May. “Positioning Your Business to Obtain an Australian
Financial Services Licence”.
2003 Lecture, RMIT, “The Dynamics of a Model
Financial Planning Practice”. May.
2003 Public Lecture in Singapore in June. “Establishing a Financial
Planning Business in Singapore”.
2003
Public Lecture in Delhi, India in July. “The Development of
Financial Planning and Best Practice Processes”.
2003 Article, “Establishing a Financial Planning Business in
Singapore”, Asia Financial Planning Journal, 4th Quarter
2003.
2003
Article, “Practice Management- How to Start a Financial Planning
Practice”, IFA Magazine, 21-27 July.
2003 Article, “”Practice Management – On the Efficient Frontier: how
to streamline a planning business”, IFA Magazine, 22-28 September.
2003 Moderated a Panel Session at the inaugural conference of the
Financial Industry Complaints Service Ltd in Melbourne, November.
2003 Moderated a Panel Session at the Funds Management World
Australia 2003 conference in Sydney, November.
2003
“Stakeholder Survey – Media”, May 2003. This was a survey of media
perceptions of financial planning and the Financial Planning Association
of Australia Ltd (FPA). Prof. McMaster designed and conducted the
survey, analysed the results and wrote the report on behalf of RMIT
University.
2003
“Consumer Sentiment Survey”, May 2003. This was a survey of consumer
perceptions and experience of receiving financial advice. Prof. McMaster
designed and conducted the survey, analysed the results and wrote the
report on behalf of RMIT University.
2003
“Stakeholder Survey – Government & Industry Associations”, June 2003.
This was a survey of government and industry associations and their
perceptions of financial planning and the FPA. Prof. McMaster designed
and conducted the survey, analysed the results and wrote the report on
behalf of RMIT University.
2003
“FPA Principal Member Survey - Industry Structure”, June 2003. This was
a survey of the financial planning community in Australia and it looked
at a detailed analysis of the industry in the areas of business
structure, distribution and financial dynamics. Prof. McMaster
designed and conducted the survey, analysed the results and wrote the
report on behalf of RMIT University. The survey provides bench-marking
data for financial planning businesses.
2003
“FPA Principal Member Survey – Professional Practice”, September 2003.
This was also a survey of the financial planning community in Australia
and it looked at a detailed analysis of the industry in the areas of;
qualifications of representatives; remuneration and fees; size and
source of clients; services delivered by financial planning businesses;
complaints experience; future issues; and FSRA & PS146 issues, Prof.
McMaster designed and conducted the survey, analysed the results and
wrote the report on behalf of RMIT University. The survey provides
bench-marking data for financial planning businesses.
2003
“FPA Principal Member Survey – Professional Indemnity Insurance,
December 2003. This was a survey of financial planning businesses to
examine business issues, experience with underwriters and claims history
of financial planning businesses. The survey provides insights into
trends in professional indemnity insurance within the financial planning
community.
2004 Article, “A Model Financial Planning Practice”, Asia Financial
Planning Journal, 1st Quarter 2004,
2004 Article, “How to Measure your Business”, (Management
reporting), IFA Magazine, February 23
2004 Presentations to annual conference of Lifespan Financial
Planning Pty Ltd in Hobart in May. “”Service and Pricing”, “Managing
Your Business” and “Converting Accounting clients to Financial Planning
Clients”.
2004
Article “Observations on the Sale, Value and Transition of
Financial Planning Businesses”. IFA Magazine, May.
2004
“Consumer Sentiment Survey”, June 2004. This was a survey of consumer
perceptions and experience of receiving financial advice. Prof. McMaster
designed and conducted the survey, analysed the results and wrote the
report on behalf of RMIT University.
2004
“FPA Principal Member Survey - Industry Structure”, June 2004. This was
a survey of the financial planning community in Australia and it looked
at a detailed analysis of the industry in the areas of business
structure, distribution and financial dynamics. Prof. McMaster
designed and conducted the survey, analysed the results and wrote the
report on behalf of RMIT University. The survey provides bench-marking
data for financial planning businesses.
2004
“FPA Principal Member Survey – Professional Practice”, September 2004.
This was also a survey of the financial planning community in Australia
and it looked at a detailed analysis of the industry in the areas of;
qualifications of representatives; remuneration and fees; size and
source of clients; services delivered by financial planning businesses;
complaints experience; and future issues. Prof. McMaster designed and
conducted the survey, analysed the results and wrote the report on
behalf of RMIT University. The survey provides bench-marking data for
financial planning businesses.
2004 Presented a paper at the FPA Convention on “Research
into the Cost-Benefit of Electronic Data Processing For a Financial
Planning Practice”. This was research carried out as part of an RMIT
University study. December.
2004 Designed and presented a three day course on “Introduction to
Financial Planning” to Citibank private bankers from the South East
Asian region. December, Hong Kong.
2005
Address to Financial planners in Singapore on “Directions in
Financial Planning”. February.
2005 Presented an address , "Valuing a Financial Planning Business",
to an IFA Workshop on Succession Planning in March in Sydney.
2005 Published article, "Constructing Investment Portfolios for all
Seasons" in Asia Financial Planning Journal, 1st Quarter 2005
2005 Presented three addresses at the Lifespan Financial Planning
Annual Conference in Cairns in May. These addressed the issues of
improving the quality of financial advice, business planning and
compliance.
2005 Address to the Securities Institute of Australia in Melbourne
in June on "Positioning your Financial Planning Business for Sale or
Succession".
2005 Address to the Financial Planning Association in Melbourne in
July on "Practice Management - The Dynamics of Financial Planning
Businesses".
2005 Designed and presented in Singapore a five day Train the
Trainers course on the "Fundamentals of Financial Planning" to private
bankers from the South East Asian region. August.
2005 Designed and presented a three day course on the "Fundamentals
of Financial Planning" and moving from a sales based to an advice based
relationship with clients to private bankers in Singapore. September.
2005 Presented a three day course on the "Fundamentals of Financial
Planning" and moving from a sales based to an advice based relationship
with clients to private bankers in Hong Kong. October
2005 Presented a three day course on the "Fundamentals of Financial
Planning" and moving from a sales based to an advice based relationship
with clients to private bankers in Taiwan. December.
2006
Presented a two day course on the "Fundamentals of Financial
Planning" and moving from a sales based to an advice based relationship
with clients to private bankers in Singapore followed by a two day Train
the Trainer course. April.
2006 Presented a two day course on Financial Mapping as part of a
course in Financial Coaching leading to the professional designation of
Certified Financial Coach. Singapore. April.
2006 Presented a two day course on Financial Strategies for High Net
Worth Individuals as part of a course in Financial Coaching leading to
the professional designation of Certified Financial Coach. Singapore.
April
2006 Lecture, RMIT, “The Dynamics of a Model Financial Planning
Practice”. May.
2006 Presented a two day course on the "Fundamentals of Financial
Planning" and moving from a sales based to an advice based relationship
with clients to private bankers in India followed by a Train the Trainer
course. July.
2006 Article, "Lessons From Litigation", published in IFA Magazine,
July 10th - 16th, issue 321.
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