A spokesperson for ANZ said the bank had advised staff yesterday that it was bringing the management teams of its licensee businesses “under one structure”.
“This change will help us simplify the aligned licensee model and enable us to provide efficient business solutions for our advisers,” they said.
“The brands and AFSLs of both businesses will remain the same. There are no plans to merge the licences of Millennium3 and FSP.”
As a result of the change, Millennium3 boss Richard Klipin – who had been at the helm since February 2013 – will be leaving ANZ, the spokesperson said.
Prior to joining ANZ as the boss of Millennium3, Mr Klipin was the chief exectuive of the AFA for seven years.
“Following a consultation process, Matt Brown has been appointed general manager of both Millennium3 and FSP,” they added.
“Matt is an experienced wealth professional with more than 20 years’ experience, and in this role will be responsible for driving future growth across these businesses.”
Commenting on the changes, ANZ general manager for advice Neil Younger said that with the changing environment and “additional complexity in a post-FOFA world”, the change in management will “strengthen” growth in its licensee businesses.
“Bringing together the management teams of Millennium3 and Financial Services Partners means we will be able to drive growth and provide enhanced business solutions for our valued advisers,” Mr Younger said.
What a joke. ANZ continues to display their total incompetence in the management of a Life Office and Fund Manager business. Their next step – the sale of all of OnePath, the aligned dealer businesses and mass sackings of personnel, whilst retaining the failures who hide behind accepting any responsibility. ANZ – this is your second attempt at funds management and another failure is looming in the near future. And a good call – bringing out another chief executive from the USA – didn’t you learn anything from the AMP debacle and the Telstra fiasco ?
How does removing a Dealer Group Head and merging the roles actually strengthen the business? I think the new GM is doing the job of two people and in actual fact weakens the proposition.