Adam Youkhana is taking the role, with his experience including being the former general manager, Wealth at Yellow Brick Road, head of advice and wealth management at Westpac Private Bank and head of financial advice and investments at NAB Private Wealth.
Rod Bristow, chief executive of Clime, said the firm is fortunate to have an executive of Mr Youkhana’s capability to lead customer-facing teams in divisions including Clime Private Wealth, Clime Super (SMSF Administration) and its online stock research business, StocksInValue.
“As the wealth management market rapidly evolves due to changing capital and regulatory requirements, Clime is uniquely positioned to be able to capitalise on those opportunities,” Mr Bristow said.
“Over a long period of time, we have built significant trust in the community as a straight-talking adviser on all things financial for our clients.
“We’re looking forward to Adam being part of our leadership team to deliver Clime’s client-centric solutions.”
Hi There
Thanks for the posts and comments on this key appointment for Clime.
When we make these decisions, as I’m sure you do in for your business, we seek to ensure we attract and retain the right people to our organisation to deliver on our goals. In this case, Adam’s experience in terms of management and oversight of Private Wealth businesses and knowledge of the adviser market were critical factors in our decision.
Equally important, though, we sought to make sure we have the right leader for our Private Wealth and Distribution team; who knows what’s required to support and assist our incredibly talented and capable Private Wealth advisers to be the best they can be in delivering solutions for clients; while also ensuring corporate goals are met.
This is less about financial planning qualifications per se and more about the broader professional capability and personal ethos Adam brings to the role.
Getting this balance right is what the Royal Commission, for example, highlights is required in the industry. I refer to this as ‘social license’ – making sure the industry takes into account all of the stakeholders we have, including clients, the community, regulators, staff as well as shareholders. Having great leaders who understand this will be the key to success in future.
All the best
Rod.
Well Rod, when a possible issues of the credentials of your new hire was raised, the really smart move would have been for Adam to quietly go and update his profile. So your response here tells me quite a bit about your judgement.
1. The Industry does not need more unqualified “Execs” overseeing and supervising professional Advisers. That’s a big part of how we got into this mess now. So all existing AFSL staff will any new hires will face more, not less, scrutiny of their background and credentials.
2. In case you have not been following recent events, licensing Advisers will be mostly about qualifications and experience over the next few years (whether you like it or not and whether right or wrong). If “corporate goals” are not “financial planning qualifications per se” then you may not have any Advisers or the ability to interact with them after 2023. So good luck there. Moreover, the “social licence” now has an actual licence foundation (FAR, Code monitoring, National exam, 2023 qualifications requirement).
All the best to you too. I would never allow any new hire to proceed without making sure their CV and public profile was spot on as that is just so easy to do and would reassure any and all stakeholders.
Hi Again
Thanks for the management tips and update on what’s happening in the industry, glad I have had the benefit of your (anonymous) knowledge and expertise.
All the best.
Rod
lol all past bank managers and senior leadership people should be retired from the financial planning industry. You cannot teach an old dog new tricks.
Thanks for the comment. Please see qualifications:
• Financial Planning Association (FPA) – Certified Financial Planner (CFP)
• Financial Planning Association (FPA) – Advanced Diploma of Financial Services (Financial Planning)
• University of Western Sydney, Parramatta, NSW – Bachelor of Economics, with a second major in Banking and Finance & sub major in Law
• NSW Justice of the Peace – Justice of the Peace registered number – 189855
Great, but the FPA does not offer, and has never offered, an ADFS which is number 2 on your list above! So that’s BS and you might wanna double check that. Anyway might also wanna stick whatever you have on your profile and add the years completed! Any advice experience?
That’s terrific, congratulations on this “Executive” appointment. Except that the LI profile for Adam Youkhana shows no Financial Planning qualifications (or any qualifications actually) and no advice experience either – that is, not on the FAR – despite having been the “Head of Financial Advice” at NAB 07 to 09.