Adj. Prof.
Wesley McMaster - CV
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, School of Economics, Finance & Marketing, RMIT University
Contact Telephone:
04 1812 0068
Email: wes@wesmcmaster.com
Website:
www.wesmcmaster.com
Experience
Adj. Prof. McMaster is regarded as an expert in the rules
and principles governing financial advice as well the dynamics of financial
advice businesses.
July 2000 - Present
Financial Advice
Adj. Prof. McMaster provides financial advice to individuals
and institutions. He specialises in
measuring and managing risk and return in investment portfolios. He is an authorised representative of DDM Financial
Planning Pty Ltd (AFSL no. 384727).
Expert Witness
Adj. Prof. McMaster acts as an expert witness in litigation
about financial advice.
Consulting Assignments in Financial
Services.
Adj. Prof. McMaster’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 was 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).
February 2007 to
present
Director of MML Financial Planning Pty Ltd
Adj. Prof. McMaster is a director and shareholder of MML
Financial Planning Pty Ltd. He provides
financial advice to individuals and institutions through this company. MML Financial Planning Pty Ltd is a Corporate
Authorised Representative of DDM Financial Planning Pty Ltd, Australian
Financial Services Licence no. 384727.
Adj. Prof. McMaster is an Authorised Representative of DDM Financial
Planning Pty Ltd,
July 2003 – November
2008
Director
of The Money Managers Ltd.
Adj. Prof. McMaster was the first non-executive Director
appointed by this company. He was also a
Responsible Officer of the Money Management Services Pty Ltd, Money Managers
Partners Solutions Pty Ltd and The Money Managers Limited (AFS Licensees). The
Money Managers Ltd was a firm of financial advisers and they merged in November
2008 to become part of the Shadforths Financial Group Ltd. He is now a
shareholder in Shadforths Financial Group Ltd.
September 2000 –
Present
Adjunct Professor (Financial Planning) RMIT University.
Adj. 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. He has actively managed a number of research
projects, reviewed curriculum, tutored students and writes extensive expert
opinions on the principles of financial advice. He has been giving public talks
and is a guest lecturer for RMIT
University.
January 2005 – March
2007
Director of McMaster & Tin Pte Ltd (Singapore)
Adj.
Prof. McMaster and his partner in Singapore
trained 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 provided consulting services to clients in the region.
January 2000 – November 2005
Member of the Review Board of the
Financial Planning Association of Australia Limited.
The Review Board was 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 was the alternative dispute resolution scheme for the
financial services industry. Adj. Prof.
McMaster was invited to join the Board as a director to represent the interests
of the financial planning and stock broking communities. FICS merged with other groups to form the
Financial Ombudsman Service.
September 1998 – June
2000
Chief Executive Officer of Austadvisers
Holdings Pty Ltd.
This was a company wholly owned by ING. Austadvisers in turn
owned Advisor Investment Services Ltd (AIS) and Bleakleys Ltd. These were national networks of financial
advisers with approximately 400 representatives. As CEO of Austadvisers, Mr
McMaster 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 advisers. 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 Austadvisers 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. Mr McMaster 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 Mr McMaster was a Director of the
following ING companies (He was also CEO of the first four companies).
Advisor
Asset Management Ltd (research & funds management, operating an IDPS)
Advisor
Investment Services Ltd (financial planning)
Bleakleys
Ltd (financial planning)
Austadvisers
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, Mr
McMaster 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.
Mr McMaster 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.
Mr McMaster 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 Adviser and CFP marks. He retired from this
position in 2000.
In November 2000, Mr McMaster received a Distinguished
Service Award for contribution to the Financial Planning Profession
1982 – 1998
Director and Owner of Financial
Planning Business.
Mr McMaster had an unrestricted Dealers Licence and went
into practice as a financial adviser. 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. Mr McMaster 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.
Mr McMaster’s 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 Mr McMaster 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.
Mr McMaster 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 Mr McMaster.
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.
Publications
Here is a selection of recent work that Adj. Prof. McMaster
has published.
1997
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.
1998
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
1999
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.
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.”
2001
Article, “Opportunities in Financial Services in
Singapore”. Money Management 2.8.01
2001
Lecture to graduating class, RMIT University. “Practice Management – The Dynamics of a
Model Financial Planning Business”. May
& October 2001
2002
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.
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.
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 advisers 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.
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. October.
2006 Lecture, RMIT University,
“The Dynamics of a Model Financial Planning Practice”. October.
2006 Lecture, RMIT University,
“Investment Principles”. October.
2007 Presentations to annual conference of
Lifespan Financial Planning Pty Ltd in New Zealand in April. “Planning for Success-How to Develop a
Practical Business Plan”. “Financial Advice-Lessons from Litigation”. Also staged a court hearing
to demonstrate the potential liabilities in giving financial advice (with an
emphasis on life insurance).
2007 Article, “Risk Profiling – Has the
Financial Advice Industry Got it Right?”, published in
Money Management, 1st November.
2008 Paper given at the Independent Planning
Practices conference in Sydney. “Measuring and Managing
your Business”, covered management information systems and practical business
planning in a small financial advice business.
February.
2008 Research paper, “Replication of the
Australian Small Ordinary Index”, April.
Co-authored with Professor Richard Heaney of RMIT University.
2009 Lecture to Million Dollar Round Table, Brisbane, "Observations on the Financial Advice
Industry in Australia".
March
2009 Paper titled “Relevant Standards for
Financial Advice”, August 2009.
Published on www.wesmcmaster.com
