It’s been two decades of lost opportunities in Asia for Australian financial services says Rob Macpherson
Announcement posted by Joe Perri & Asociates 19 Feb 2019
As international financial service groups stream into Asia to establish operations, the self-imposed absence and withdrawal by Australia’s leading institutions are lost opportunities with long-term ramifications said Rob Macpherson after returning to Melbourne following an immensely successful career spanning more than two decades in the Region.
(A summary of his achievements follows below)
Commenting further Rob Macpherson said what makes the situation so disheartening is that decades ago pioneering Australian life insurance companies had foreseen the commercial opportunities and headed north.
They were literally ‘ahead of the game’ having obtained operating licenses, entered into JVs with local operators or set up offshore offices in countries that would soon be economic powerhouses in Asia Pacific.
“Unfortunately, during my years away, the industry in Australia went on a frenzy devouring itself. One household brand after another was lost in a steady stream of amalgamation and buy-outs that saw one group after another disappear until only the four major banks and AMP remained”, said Rob Macpherson.
“Not only did we lose long established groups like Colonial, Norwich, Scottish Amicable, Legal & General, T & G, Prudential, National Mutual, etc. – but in the consolidation process the ventures and operating licenses in Asia were jettisoned.
Instead of going on to become global players growing in parallel with the economies of Asia, Australian institutions retreated preferring to become big fish in a rapidly shrinking local financial services pond.
As Aussies exited, international players eagerly descended and filled the vacuum they left behind.
Rob joined the life assurance industry in 1973 and has worked as an agent, Unit Manager, State Sales Manager NSW and his Asia experience includes Assistant Vice President Hong Kong and Chief Agency Officer in China, Indonesia, Philippines, Vietnam, Hong Kong, Russia, Thailand, and most recently in Cambodia. A total of 10 countries including England and Australia.
As Head of Sales and Agency, Rob has overseen teams ranging from 2,000 to 50,000 with career spectacular results he’s delivered for start-up and established organisations in Asia.
Rob Macpherson continued, “The number of financial service groups from Europe and North America in the Region continues to grow and join the ranks of Japanese, Korean, etc. institutions that are also expanding their operations throughout Asia Pacific.
“The industry is contributing significantly to the GDP of economies in which they operate by providing employment / upskilling opportunities for the populace in the much needed professional and administrative sector and self-employment for financial advisers”.
In addition, the companies fund school programs that teach financial literacy to young people – sponsor community based personal safety awareness initiatives such as providing bike and motor scooter helmets for riders…and the list goes on!
Looking to the future, Rob is adamant there is a place for Australian financial services expertise and know how in Asia Pacific.
The fundamentals that acted as a beacon, attracting life companies’ decades ago are still present today for Australian financial services – especially in the latest rising star nations of Cambodia, Laos, Myanmar and Vietnam.
However, time is rapidly running out and failure by Australian financial service companies to embrace a regional mindset and come out of the self-imposed isolation will result in their ultimate demise affirmed Rob Macpherson.
Since his return to Australia, Rob has dedicated himself to giving back to the community – especially assisting and providing guidance to the next generation.
He has been invited to deliver presentations to students and school communities by Learning Curve Psychology (LCP), a family-centred paediatric psychology practice, located in Beaconsfield.
Michelle Cameron, LCP Director & Principal Psychologist said she was confident Rob’s life story of experiences, challenges and successes will make a positive difference to the young people and families that attend his presentations.
ENDS
Issued by Rob Macpherson
& Learning Curve Psychology www.learningcurvepsych.com.au
Media Enquiries: Mr. Joe Perri, Joe Perri & Associates
Mob: +61 412 112 545 Email: jperri@joeperri.com.au
About Rob Macpherson
Rob was born in London and emigrated to Australia aged 18 in 1969 (alone) to seek his fame and fortune. He joined the life assurance industry in 1973 and has worked as an agent, Unit Manager, Regional State Sales manager NSW.
Over the course of his career, Rob has lived and worked in 10 countries and his Asia experience includes Chief Agency Officer in China, Indonesia, Philippines, Vietnam, Hong Kong, Russia, Thailand, and most recently Cambodia.
As head of agency he has overseen sales forces ranging from 2,000 to 50,000.
Following below is a brief summary of his career over the past two decades
MANULIFE ASIA 2012 – 2018
Established the Manulife operation in Cambodia and was then responsible for sales recruitment, training and development of the agency force.
KOREA LIFE INSURANCE VIETNAM & THAILAND 2008 – 2012
Started up the new company and the operation was acknowledged as best start-up in Vietnamese insurance company ever exceeding sales target in excess of 300%.
Assistant Vice President Hong Kong
Providing strategic advice and guidance in planning and implementing sales and agency sales.
BAO MINH CMG LIFE INSURANCE COMPANY 2003 – 2008
National Sales Manager
Managed the agency sales force that consisted of over 6000 agents and sales managers, located in 56 offices nationally.
Over 3 years took market share from 1.5% to 8.2% and out-performed the industry. New premium income increased 63% (2002 /2003), 6.5% (2004/2003),22% (2005/2004), in a market that has had negative new business growth in each of the above years.
As at June 2006 sales were up 17% (YOY), with the market down a collective 13% over the same period.
CHINA LIFE CMG 2001 – 2003
Chief Marketing Officer
Responsibilities for Sales and Marketing including strategies in Shanghai China, recruiting/developing Sales Managers, sales training, etc
ALLSTATE INTERNATIONAL INSURANCE 1999 – 2001
Regional Sales & Marketing Director, Southeast Asia
COLONIAL (CMG)China Life 1998 – 1999
Consultant International Sales and Marketing