Monaco joins MPW exit list
The State manager of Macquarie Private Wealth, former Commonwealth Bank financial planner Tony Monaco, has left the group after an uneasy 20-month tenure marked by the loss of most of its best Perth brokers.
The local office yesterday told callers for Mr Monaco he "no longer works here", but Macquarie declined to comment - consistent with its policy on staff movements - and WA chairman Mark Barnaba referred enquiries to its Sydney media advisers.
Mr Monaco's departure is believed to have coincided with the loss of yet more broking talent, with at least three more advisers calling it quits this month.
"I wouldn't think you could call Macquarie Private Wealth in Perth a broker any more, it's more a financial planner," one industry observer said yesterday.
Mr Monaco assumed responsibility for about 45 brokers, planners and back-office staff when he arrived at Macquarie from Commbank's wealth management arm in Perth in July 2013.
His appointment came as Macquarie Private Wealth was pushing deeper into wider investment advice via financial planning.
The approach, however, raised the hackles of its advisers, who were pressured to share their clients with Macquarie's financial planners to allow the cross-selling of other products, including insurance and superannuation.
The tensions came to a head early last year with the departure of senior advisers Phil George, Simon Montgomery, Robert Prince and Duncan Mackintosh to Entrust. Another veteran, Ian Clarke, left shortly after, re-emerging at Morgan Stanley.
One former insider emphasised yesterday the dissension over the strategy was not solely to blame for the departures, also citing adviser frustration over Macquarie's 2013 enforceable undertaking to the corporate regulator.
Mr Monaco has been replaced by Macquarie's Melbourne office manager, Jess Newman.
