The chief executive of Industry Fund Services (IFS) Bill Danaher has departed to head up Melbourne-based advice boutique Paradigm Wealth Management as it makes inroads into the non-aligned space.
Paradigm Group co-founder and managing director Patrick Nalty made the announcement this morning.
"Paradigm had been seeking a leader of Bill Danaher's calibre for some time. He will be instrumental in Paradigm fulfilling the group's strategic objectives and leading the organisation through its next growth phase," a Paradigm statement said.
"Bill Danaher brings extensive experience to the role, having worked in various senior executive positions in both wealth management and banking. Most recently, he was chief executive of Industry Fund Services (IFS), a substantial industry body that provides a range of financial services to more than 15 industry superannuation funds."
Prior to IFS, he was general manager of Q Invest for 10 years and was also head of Commonwealth Financial Planning.
"I am delighted to be joining Paradigm at this stage, and excited about the opportunities for growth for Paradigm. The company has built a solid framework and an excellent range of services and I am looking forward to the opportunity to impart my knowledge and contribute to the further growth and development of its already proven business model," said Mr Danaher.
Having acquired and successfully integrated Portfolio Managers, a substantial planning business, Paradigm is now set to increase its scale and footprint in the non-aligned advisory sector.
Far from the post-FoFA era being a period of doom and gloom, Mr Nalty said he believes the opportunities will be immense for those professional advice businesses that can provide a truly holistic and comprehensive client-centric marketplace offering.
"This is now the time for Paradigm to harness the benefits of its reputation, institutional independence and operational efficiency," he said.
"With its size/scale and nimbleness, Paradigm is set to seize competitive advantages in the marketplace and collaborate with financial organisations with initiatives that will add value to all parties."
In welcoming Mr Danaher to Paradigm, Mr Nalty said: "Bill is acknowledged as an exceptional leader and highly regarded for his entrepreneurial leadership style, record of success and innovation in developing financial products and services.
"As CEO, Bill will drive Paradigm's overall strategic direction and broaden the group's capabilities that are essential to capitalise on business growth opportunities – specifically in the accounting and industry funds sectors."
The appointment will also allow Mr Nalty to take a more strategic advisory role within Paradigm and to enhance and build new alliances, particularly in its new division which provides an effective licensing solution to accounting firms, leading up to the removal of the accountants' exemption in July 2016. .
Paradigm commenced operations in 2003.
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