When Ross Potter decided to join Macquarie’s Virtual Adviser Network (VAN) Build for the Future program, he and his co-founder already had a strong growth strategy. They just hadn’t had much time to implement it.
It’s a common challenge for emerging advice firms. As you become more successful and spend time serving more clients, you have less time to work on the business – and set up the right foundations for future growth.
That’s why Macquarie Bank has extended its successful VAN program, which consults with some of Australia’s leading advice firms, to support smaller firms with big ambitions.
Ross was amongst the first 21 participants in the 2021 Build for the Future program. After successfully growing Gold Coast-based Cervus Private Wealth over the past six years, he and co-founder Adam Miliszewski knew their business was at a turning point. They could maintain a ‘slow and steady’ organic approach – or really go for it.
“We decided we wanted to build something that would be bigger than either of us individually,” Ross says. “So we started thinking strategically about what we’d need: a roadmap to self-licensing, SMAs (separately managed accounts) to help us scale efficiently, growth through acquisitions, and more people. Our Macquarie Business Development Manager, Greg West, was really encouraging. He said VAN could help guide us through that.”
Turning reflection into action
Ross says the 18-month program had two tangible benefits for Cervus Private Wealth: being held accountable for implementation, and being part of a community of advice principals who are also determined to grow.
“Every six weeks, we’d come together and discuss the actions we had taken,” he explains.
“It was an opportunity to reflect on all the things we’d said we wanted to do – and find a way to actually achieve them. It’s easy to have that big picture view, taking the steps to put it into place is where the hard work is done.”
At the same time, it was an opportunity for the tight Queensland-based cohort to share what they had learned over the years – through setbacks and successes. “I was surprised by how open people were, how willing everyone was to share their stories,” comments Ross.
A close-knit team with a clear purpose
Having met when they worked together at Macquarie Private Wealth, Adam and Ross knew they had the energy and drive to build a business focused on investment management, serving the needs of pre- and post-retirees in southeast Queensland.
“We mainly work with high net worth clients from Brisbane to Ballina, but after recently acquiring an advice book we also have clients in rural areas. Families on the land in places like Emerald and Rockhampton,” explains Ross.
They have always had a strong sense of purpose, to “inspire our clients to lead exceptional lives and work together to enrich our community.” Its helped them stay clear on their ideal client when referrals come through.
“We now have around 150 families we work very closely with,” says Ross. He and Adam are the sole advisers serving those clients, but they have the support of an office manager and adviser assistant, along with two virtual assistants (VAs) in the Philippines who were introduced to the business through recommendations from the VAN cohort.
“We knew acquiring and retaining the staff we needed would be a challenge for our growth plan,” acknowledges Ross. “Then, at one of the VAN events, we discussed experiences with outsourced VAs. We’d been reluctant in the past, but when we heard you had dedicated staff members who only work for you, we decided to try it.”
He says the first VA worked out so well, they have taken on a second. “They’re university-qualified, and they can alleviate a lot of the pressure on us with generating statements of advice and records of advice.”
Scaling up with SMAs
This admin support enables Ross and Adam to spend more time with clients, but they knew as business growth accelerated, they’d also need more efficient investment management solutions – such as SMAs.
“SMAs give you the ability to manage clients more efficiently,” says Ross. “All the research shows the more time you spend with clients, the happier they are and the more likely they are to refer – it’s the key to retention and growth.”
Cervus went through a tender process to identify the right SMA solution for their needs, and were happy to find Macquarie came out on top. “We already have clients on Macquarie Wrap, so they understand and trust the system. That just makes the transition easier,” says Ross.
A balanced view on future goals
Now they’ve completed the VAN Build for the Future program, Ross and Adam have set up some new leadership practices.
“The experience made us laser-focused on enacting the changes we want, and managing them on a daily basis,” says Ross. “Adam and I will sit down again this month to discuss the goals for the next three months, 12 months and three years – and we now know how to keep resetting our targets and stay accountable.”
Ross says he tells his clients that money is just a tool, not the be-all and end-all. “We’re here to help clients make return on their investment, but also understand why – what they want to do with it.”
The same philosophy applies to taking Cervus Private Wealth to the next stage of growth. Ultimately, their business goals are also very personal.
“What do we want in three to five years’ time? We want to be embedded in the community – we support young indigenous leaders locally through Juraki Surf, which has a lot of meaning to us both. We want to be known for giving the best advice with the best service. And we want to have happy, healthy lives and families,” says Ross.
He says the time he invested into the VAN Build for the Future program has certainly paid off. “If you want to make changes in your advice firm and grow, I’d definitely say jump in and get involved. We came out of almost every session with two or three really good ideas that changed our perception on how to do business – and that’s more than worth it.”
To learn more about the VAN Build for the Future program, visit macquarie.com.au/advisers/van.
This article has been prepared by the Macquarie Virtual Adviser Network (VAN) which is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL 237502 (MBL). The provision of VAN, including the contents of this article, do not amount to a financial product or financial service nor does it involve the provision of general or personal financial product advice. The views and opinions expressed by the relevant client in this article do not necessarily reflect the views or opinions of MBL.
