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There are significant tailwinds behind the financial advice industry at the moment, but some major obstacles are still preventing advice practices from taking advantage of surging demand according to a new study from CFS.
On the move in wealth management
It has been an incredible few months in markets, with the tech stock selloff, compounding into a crypto rout, all with the backdrop of the worst performance from bond markets in decades. Another reporting season has passed, and corporate Australia is looking much like the US, with the labour market busier than ever.
In this new column, I’ll provide an update on the key moves, appointments, obituaries and resignations occurring across the financial services, wealth management and advisory sectors.
Magellan Financial Group (ASX:MFG) – David George has been named as the new captain (CEO & MD) to steer Magellan Financial Group through troubled waters and into the future. He is a former deputy CIO for public markets at the Future Fund and has held senior roles at Mercer Investment Consulting. George will be responsible for the group’s investment functions as well as operations. Interim chief executive Kristen Morton will continue as dual chief operating officer and chief financial officer. George starts August 8.
Franklin Templeton Australia – Has appointed Michael Bowen as Sales Director leading several New South Wales based accounts, including private banks and independent financial advisers. Bowen comes from Pinebridge Investments, where he was Vice President, Wholesale and Private Wealth. Prior to that, he held senior business development roles at Shed Enterprises and the Rainmaker Group.
Global fixed income behemoth PIMCO has appointed Samuel Watkins as its head of business for Australia and New Zealand. Watkins had over 20 years of experience in the finance industry, including his previous role as managing director and head of equity finance product, Asia Pacific, at Goldman Sachs. Watkins would also oversee business management functions.
DASH Technology (former WealthO2) – Appointed Geoff Lloyd as its new chairman, effective from September. Lloyd was formerly chief executive of MLC Australia and Perpetual. Chairman of the Financial Service Council.
Spheria Asset Management – Appointed a new research head, Daniel Peters to cover domestic companies. Peters comes with over 20 years of investing experience, with 13 years at Schroders as a senior research analyst for ASX 200 companies and sectors.
Dante De Gori – The former CEO of the Financial Planning Association of Australia (FPA) has taken up a new position working as head of stakeholder engagement at the Financial Planning Standards Board (FPSB), the global equivalent of the domestic FPA.
Sally Loane – The former CEO of the Financial Services Council (FSC) has joined the advisory board of corporate advisory consultancy Orizontas. The firm is a boutique corporate advisory consultancy that solves business challenges through strategic advice and deep expertise.
J.P. Morgan Asset Management (JPMAM) – Has listed a number of new appointments to its Sales and Client Services departments., led by Mark Carlile, who has been appointed Head of Wholesale. His previous role was Head of Strategic Relationships at JPMAM. He has over 30 years’ experience in the financial services industry. Justin Sultana and Stephanie Harrison have joined as Client Advisors for the Norther and Southern states, they come from First Sentier and Vanguard respectively.
