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A new leader has been appointed to take the helm of the aggregation and franchise broking group from next month.
Money Quest Group (MQG) has announced that it has appointed Sean Reid, the former general manager of distribution strategy at LMG, as its incoming managing director (MD).
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Reid will take over the role from long-serving MD Michael Russell on 2 December, who will remain on the board and continue to work on new strategic opportunities and further acquisitions.
The incoming MD has more than 35 years of experience in the financial services industry – the majority of which have been spent in the broking industry.
He was formerly the head of Choice Aggregation Services (Choice) and operations and has also held roles at GE Mortgages and Westpac Banking Corporation (Westpac).
MQG said that Reid’s experience in retail banking, third-party banking, and mortgage aggregation made him “well positioned to lead MQG into its next stage of growth and innovation”.
Outgoing MD Russell said: “Not only is Sean an experienced banking and finance professional, but a person of great integrity who is extremely passionate about the value mortgage brokers provide to consumers. It’s an exciting time for our member businesses, brokers and staff as we welcome Sean to the MQG family.”
Reflecting on his own time as MD, Russell said: “It’s been a privilege to have worked for the past nine years with such an amazing cohort of mortgage brokers and the support team at MQG. It’s now time for renewed leadership and in Sean, MQG brokers can look forward to a leader who has a wealth of industry experience and a desire to inject fresh ideas, growth opportunities and business innovation.”
Commenting on his new appointment, Reid said: “This is an exciting time to be joining MQG and I’m looking forward to building on the strong foundations that have been laid, particularly over the last nine years.
“MQG’s ethics and approach to doing business are closely aligned with mine. We’re both focused on delivering excellent customer outcomes and understand the importance of having strong relationships with our brokers, lenders and suppliers.”
The incoming MD said he had “enormous respect for the Money Quest Group brand and the brokers operating within its franchise and aggregation businesses”, noting that the business had experienced “solid growth in recent years”.
“I’m looking forward to further driving that growth and supporting the growth aspirations within our existing broker businesses,” Reid said.
Ewen Stafford, LMG’s executive director and chief operating officer, said: “We’re incredibly grateful for all that Sean has contributed to LMG and we’re thrilled he’s staying within extended family to lead MQG, a key Enterprise Partner". (MoneyQuest is LMG's largest MyCRM partner).
“We know he’ll bring his trademark energy, insight, and genuine care for brokers to this chapter with MQG. Sean will always be part of us, and we look forward to supporting him on his journey with MQG," Stafford said.
Money Quest Group has been on a growth strategy recently, having made six acquisitions to date (including Keylend, Southern Cross Broker Network, Loans Actually, and Buyers Choice in the past few years alone), with Russell saying the group continues to have appetite for further acquisitions.
Speaking earlier this year, he said: “We continue to have an appetite to grow organically and acquisitively.
“The addition of Keylend will take us to over 600 brokers nationally and see us continuing to search for quality brokers to recruit, as well as strong state-based and national broker groups to acquire.
“With growth comes scale and with scale comes improved operational efficiencies and resource allocation, which will further fuel the support we offer to our brokers.”
[Related: Money Quest Group acquires Keylend]
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