Queensland planning group brings in the big guns

The transition from partner in large corporate accounting firms to running a relatively tiny financial planning operation has been an exciting one for Paul Bodimeade. He now heads up the medium sized financial services firm Managed Financial Strategy but the Queensland-based business has greater ambitions

Paul Bodimeade, Managed Financial Strategy new managing director, is looking forward to using his specialist knowledge of tax strategies to assist the Queensland-based group to expand down the East Coast. Previously a partner and chartered accountant with a number of big name firms including Deloitte, Bodimeade says his close association with Managed in recent years, and his high regard for the company’s business philosophy, led him to take up the position as managing director and chief executive officer late last year. His appointment signals a new focus on tax strategies and overall financial solutions which was highlighted with a name change from Managed Financial Services to Managed Financial Strategy. “I’ve been a partner at big chartered accounting firms but always had a lot of exposure to financial services,” Bodimeade says. Bodimeade is a chartered accountant and is PS146 compliant. Managed was established in 1975. It initially specialised in risk and life insurance but also found a niche in self-managed superannuation funds (SMSF) at a time when other financial planners and accountants knew very little about them. “Today we’re a full-service financial services business specialising in estate planning, SMSFs and asset protection,” Bodimeade says. The group also prides itself on its nonalignment with financial product providers. “The other key aspect with Managed is that in its 30-year history it hasn’t had any institutional shareholders. Today there are six director shareholders in the business,’ Bodimeade says. “We’re aligning ourselves very much to be a business that’s structured around teams.” Profit-sharing options are also something the business is looking at for employees. The majority of the group’s clients operate small to medium sized businesses and need specialist business advice rather than ‘run-of-the-mill’ financial services products. Managed Financial Strategy oversees $507 million in funds under advice and in addition to traditional financial services advice also helps its clients with business succession planning. Bodimeade is preparing to take the company on an aggressive new growth path with plans to open up businesses in Sydney this year and Melbourne over the next two to three years. “I’ll be recruiting key people for the business and looking at strategic acquisitions in Sydney and Melbourne,” he says. In addition, Bodimeade accounting resources were also boosted last year with the appointment of chartered accountant Brett Schmidt. The accountants will assist clients with strategic tax advice which is one of the group’s ‘differentiators’, according to Bodimeade. “The other two areas of focus are investment strategy and tax strategy,” he says. Managed has also developed its own investment and superannuation administration system, used in conjunction with other systems such as BT Wrap, Navigator and BGL. It has a history of assisting accounting firms with SMSF services which will continue under the new leadership. Name:Paul Bodimeade Business name and location: Managed Financial Strategy Limited ltd, Brisbane Dealer name:: Managed Financial Strategy Number of staff:: 50 (including directors) Relevant Qualifications:: Chartered Accountant FPA member: yes (Principal Member) Number of clients:: 780 Funds under advice: $507 million Method of fee collection:: combination of fees and brokerage Investment platforms: Badged BT Wrap, Navigator, CFS FirstChoice Investment research: Mercer Investment Consulting, Aegis Equities Front-end software: Coin, in-house