In July 2012, Jim took the first step towards retirement from his years of business, and through a business acquisition, his businesses have moved to Austbrokers.
For the life insurance, the business is now owned by Austbrokers Financial Solutions (SYD) Pty Ltd (AFS), and for the general insurance the business is now owned by Austbrokers Sydney Pty Ltd (ABS). Austbrokers Holdings Limited is a publicly listed Australian owned company.
A brief history of Jim Taggart and his businesses
In 1987 Jim and his wife Carol, started their life insurance business as a home based business in Kellyville. A couple of years later Jim started his general insurance business.
Over the next few years the businesses grew and Jim moved the businesses to premises in Castle Hill. In 2005, Jim & Carol moved their businesses to the current office location in Norwest Business Park.
At the time the businesses were sold in July 2012, Jim & Carol had a total of 12 staff, and over 5,000 clients.
The joining of the teams in July 2012
In July 2012 Jim & Carol Taggart took the first steps towards retirement and sold the businesses the Austbrokers entities.
Jim remains active in the businesses, however Carol is no longer working in the businesses and is enjoying time with grandchildren and personal interests.
Jim’s team at Norwest have remained with the new owners, and through the joining of the companies, the life insurance team now consists of seven people in Norwest and nine people in North Sydney; and the general insurance team is now part of a large company with offices in North Sydney and Hurstville.
Introducing Michael d’Apice and Austbrokers Financial Solutions
Michael d'Apice has been associated with Austbrokers for well over 20 years as both an employee and an equity partner in Wilburtins McDonald in the late 90's and early 2000's and more recently has become a shareholder in AFS.
As Austbrokers listed on the ASX Michael was tasked with merging the life operations of three substantial businesses in AEI, Adept Insurance brokers and Wilburtins McDonald.
In the six years since that task began Michael has continued to streamline these merged businesses into a very significant life insurance and superannuation advisory business.
The next steps for Taggarts
The Austbrokers model presented Jim and Carol with the perfect solution to their succession challenges: a deep desire to do the right thing by the client base they had cultivated over a long period of time without having to necessarily separate the two entities to an extent that the new owners of each entity had no relationship with each other.
While Austbrokers Sydney and AFS are not linked in a corporate sense they have a common shareholder in the listed parent company AHL and maintain a very close working relationship and there have one common director who sits on both boards.
This has resulted in the best possible outcome for Jim and Carol's clients as has the fact that Jim plans to continue working closely with AFS and ABS. At this stage Jim has no plans to stop doing what he loves in business.
AFS would rank within the top 20 diversified financial services advisory groups in the country and with operations in both North Sydney and Norwest Business Park it is their intention to continue to grow and strengthen their client service offering.
Jim and Carol plan to expand upon developing in their brand in Western Sydney.
As is typical of Jim's giving nature which is so often demonstrated in his tireless community work he will also do what he can in assisting AFS continuing to grow and in particular in working with our younger advising staff in a mentoring role. The acquisition of the Taggart business has seen everyone as a winner.
The name Taggart has become a brand name in Western Sydney and the new owners intend to continue it's development. Over the coming months various members of the advising staff will be introduced to give readers an insight to the advising work they do.
Disclaimer: Mr Michael d’Apice is Managing Director of Austbrokers Financial Solutions (SYD) Pty Ltd, and its trading company Taggart Nominees. Both Mr Michael d’Apice & Adjunct Prof. Jim Taggart OAM are Authorised Representatives of Millennium3 Financial Services Pty Ltd. Austbrokers Financial Solutions (SYD) Pty Ltd, and its trading company Taggart Nominees, is a Corporate Authorised Representative of Millennium3 Financial Services Pty Ltd, Corporate Authorised Representative No: 415837. Millennium3 Financial Services Pty Ltd, ABN 61 094 529 987, holds Australian Financial Services Licence no 244252. The information is this article is general in nature and does not constitute financial advice.
