Costs for the compensation scheme are spiralling out of control, with the FAAA estimating another $4,165 will be added to every adviser’s CSLR bill – bringing the estimated total to $5,709 – if the funding model isn’t re-examined.
Real estate credit funds have firmed as an attractive source of alternative returns in the past few years. What matters, however, and what doesn’t, for these non-bank private credit lenders, has largely been left unexplored by investors. Â Â
BNK chief executive steps down
BNK Banking Corporation’s chief executive Simon Lyons has stepped down after over four years in the role. Lyons was chief executive of Goldfields Money prior to its renaming at BNK. The company’s deputy chair Don Koch has been appointed as interim chief executive while a search for a permanent replacement is undertaken. Koch has over 30 years’ experience in financial services and was previously the chief executive of ING Australia for three years and of ING Italy. He most recently ran a program for ING Asia as a joint venture with a large bank in China.
Centrepoint Alliance has appointed Brendon Glass as its chief financial officer. He joins from Strategic Collision Repairs Group where he was interim chief financial officer. He was previously chief financial officer at Pallion and general manager of finance at OFX. Prior to that, he was an executive director at UBS Wealth Management and chief financial officer of Macquarie Private Wealth, banking and financial services division.
Pioneer Credit’s chief financial officer Leslie Crockett has joined Cash Converters as its new chief financial officer. Crockett was in the role at Pioneer Credit since 2012 and oversaw its initial public offering in 2014 and the restructuring of its long-term senior debt facility. Prior to this, he was a financial controller at Mirvac.
WealthO2 has appointed Matthew Done as chief technology officer (CTO). He has over 20 years’ experience in technology roles and joins from global money transfer provider WorldFirst, where he was CTO of acquired FX Hedging company CurrencyVue. Prior to this, he was the system development lifecycle manager for SAI Global. Done will directly report to managing director Shannon Bernasconi.
Count Financial has appointed Chris Burton as a growth focused practice development manager. He will be responsible for growing the Count network by bringing in new firms, and to help existing firms grow by revisiting their revenue channels and business strategies. Burton was previously a key account manager at Affinia Financial Advisers and a practice development manager at Commonwealth Bank and a business partnership manager at AMP.
