Leader Speak

Guiding a 43-year legacy forward: James Macaulay in conversation

With twenty years at Morgans and a lifelong connection to the firm, recently appointed CEO and Managing Director James Macaulay leads the business at a defining moment for the advice industry. In this Q&A, James reflects on Morgans’ enduring culture, its adviser-led model and the investments in people, technology and growth shaping the next decade.

Congratulations on your appointment as the CEO and Managing Director of Morgans earlier this year. You’ve been with Morgans for two decades. What does it mean to lead the business at this stage of its journey?

My journey with Morgans began when I was just seven years old, watching my father take the reins of the Rockhampton branch in 1987. Growing up, I witnessed first-hand the authentic culture at Morgans, one where people genuinely care for their clients and for each other. Today, Morgans is 43 years strong, with a national footprint spanning more than 1,000 people. Throughout our growth, the leadership teams have remained committed to preserving the founding culture, which is evident in the many long-serving team members we have. There are now 118 of us who have been with Morgans for more than 20 years. Leading such a committed and talented group is both a privilege and thoroughly enjoyable.

In its 40+ years of existence, Morgans has grown to become one of Australia’s largest, full-service stockbroking and wealth management networks. Looking ahead to the next decade, what’s your vision for the business and the adviser network?

Looking ahead to the next decade, our vision for Morgans is focused on growth and development.

In recent years, heightened education standards and regulatory reforms have reshaped the industry. We’ve been at the forefront investing heavily in enhancing our adviser offering, ensuring Morgans is an attractive choice for experienced and aspiring advisers, whether in major cities or in our branches throughout regional Australia.

While we have a presence in every state and many regional locations, there is still room to expand and grow our network, so that is a big focus right now. We need more advisers so more Australians can have access to affordable and personalised financial advice.

Equally important is our vision of fostering diversity within our network, including attracting more women to the adviser profession. We recognise the unique value that female advisers bring to their clients and to the industry and we actively support initiatives that promote gender diversity and inclusion.

We have established the Morgans Academy which supports advisers across their entire career journey, from newly qualified professionals right through to succession planning.

We have also made significant investments in technology that enable all our advisers to provide personalised, quality advice while scaling their businesses effectively.

Finally, whilst generating strong financial returns for our clients is a core part of what we do, giving back to the community is ingrained in our DNA. We are passionate about supporting charities and developing partnerships that make a meaningful difference, ensuring that our success translates into positive impact beyond the balance sheet.

It is an exciting time and combined, these efforts position Morgans as a modern, inclusive and trusted organisation.

How would you describe your leadership philosophy and what kind of culture do you hope to foster as you lead Morgans into its next chapter?

I’d like to think my colleagues would describe my leadership style as collaborative and consultative. I genuinely enjoy connecting with people across the business and I spend much of my time listening and engaging to get a deep understanding of our challenges and how we can unlock opportunities for change and growth. Having grown up in a branch environment, worked 11 years in our Corporate Advisory team and most recently nine years as an Investment Adviser, I also have the benefit of being exposed to the diverse elements that drive our business.

Our culture is firmly rooted in our core values that guide us in our daily operations. We are committed to going the extra mile, not only for our clients but also for each other. Collaboration and teamwork are fundamental, while uncompromising integrity remains non-negotiable in our industry.

Importantly, we maintain a long-term perspective in all we do, driven by our purpose to create enduring value for our clients, our communities and generations to come.

We also place a high importance on giving back to the communities in which our clients and advisers live and support many different charities and initiatives through the Morgans Foundation. I'm proud to say our Foundation has donated more than $20 million to over 350 charities since 2005.

These values and this purpose form the cornerstone of our exceptional culture and I am dedicated to nurturing and strengthening them as I lead Morgans into the future.

Morgans recently topped the CoreData Licensee Satisfaction Survey, with an impressive 98% adviser satisfaction. What do you think drives that level of trust and loyalty across the network?

Our recognition in the CoreData Licensee Satisfaction Survey speaks to our genuine, long-standing relationships with our advisers and branches. These relationships are fundamental to our culture and built on years of trust, collaboration and shared commitment. Our people’s longevity at Morgans reflects this deeply embedded culture.

We also prioritise listening to our advisers and branches - understanding their challenges and needs is a constant focus. This allows us to continually refine and enhance our support, ensuring they have the technology and tools to deliver the best outcomes for their clients. It is this authentic partnership and focus on improvement that I believe underpins the strong loyalty and trust within our network.

The wealth management landscape is perennially shifting, be it in regulation, technology or investor expectations. Where do you see the biggest opportunities and challenges for Morgans?

Maintaining the focus on our clients and their needs has been the best approach for us to navigate the cycles, trends and structural shifts in our industry.

Our most significant opportunity has been leveraging technology to enhance both client outcomes and adviser capabilities. In recent years, we have introduced advanced systems that allow advisers to scale their businesses efficiently without compromising personalised, high-quality service. This, however, requires ongoing investment to manage the rising costs associated with technology and software.

AI is widely regarded as the next frontier and Morgans is well positioned, having made significant investments in data management which is enabling meaningful AI applications. For us the challenge is to focus on use cases that will enhance the client and adviser experience, rather than getting caught up in the hype.

The regulatory reforms following the Royal Commission significantly reshaped our industry, with the adviser population in Australia nearly halving since 2019. While challenging, this shift created an opportunity for us to deepen our commitment to adviser development through initiatives like the Morgans Academy. To date, more than 50 advisers have completed their professional year through the Academy and more than 30 are on track to do so within the next 12 months.

In summary, our focus remains on harnessing technology and talent development to deliver sustainable growth and exceptional client outcomes in a complex, rapidly changing environment.

Running a national wealth business can be all-consuming. How do you recharge or unwind when you’re not thinking about markets and Morgans?

Regular breaks are important for recharge and family plays a central role in my life. My wife and I are proud parents to three very active teenage boys, which keeps our household lively and full of energy. When it comes to holidays, we usually seek out quieter beach villages or islands along our stunning coastline, places where we can enjoy the beach, fishing and a bit of golf.

Are there any books, podcasts or thinkers that you’ve found particularly insightful or inspiring recently?

I’ve always enjoyed reading and my book collection is something I take great pride in and is the centerpiece of my home study. A lot of my reading focuses on investing and I often recommend Peter Lynch, Howard Marks and Buffett & Munger to anyone starting out in the investment world. When it comes to business books, I get the most value from biographies. McDonald’s: Behind the Golden Arches is one of the best reads I’ve come across, packed with valuable insights for business leaders. Another favourite of mine is Sam Walton: Made in America. As for podcasts, I follow dozens, but I especially rate Acquired and those in the Colossus stable, along with our own Morgans podcast, of course!

Finally, what’s one piece of advice you’d share with emerging leaders or young professionals entering the wealth and investment industry today?

For emerging leaders, it’s important to appreciate that every situation has multiple perspectives, so take the time to understand what truly lies at the heart of any issue or challenge. For aspiring advisers, I encourage you to go beyond simply meeting expectations, immerse yourself in your clients’ shoes to genuinely understand the impact of your advice. Ask yourself: Would you feel comfortable with the advice you are providing if you were the client? Would you be willing to pay the fees you are charging? If the answer isn’t a clear yes, it’s a signal to reevaluate and strengthen your approach. Success comes from years of hard work and an unwavering commitment to client-centric excellence.