Family Business
Issue No. 49 - October/November 2009
Bayside puts trust in next generation
by Pamela Brombal
Volatility in sharemarkets gives investors little peace of mind, especially in the current financial climate. Trust has become vitally important.
“In times of uncertainty such as we have experienced, both new and existing clients are looking for reassurance,” says Melisa Daly, of Adelaide-based advisory firm, Bayside Financial and Insurance Services, who reports a 21% gain in new clients over the past 24 months.
A family business, including principal advisers Melisa and her father Michael, Bayside was formed in 1990 following Michael’s long career in high-level management positions in the financial and insurance industry.
Michael apart, the firm’s staff is all-female, including Michael’s three daughters, Melisa, Sharyn and Michelle, a “completely unintentional” situation which is showing how effective and flexible a family business can be.
The company employs nine staff – four financial planners, two paraplanners and three support staff. Michael is still involved in the business but transferred ownership to his daughters in March. He did so because his father, a wealthy man, left him nothing.
“He gave it all away. I (transferred control) now because I vowed I would never do that to my
children,” Michael says, noting the similar philosophies and work ethics of a “familial” business style strikes a
chord with clients.
“They are all extremely competent in their own areas of expertise and I have fu...
