In a communication to clients this morning, Wealth Enhancers' co-founder Sarah Riegelhuth has announced she will take over as chief executive as the company admits to staff turnover, leadership failure and client loss.
Ms Riegelhuth has served previously as chief xperience officer, while co-founder Finn Kelly was the chief executive.
In an email distributed by Wealth Enhancers (WE), Ms Riegelhuth conceded that the past year had been "challenging" for the business.
"I want to share with you some of the challeneges we've faced so far, my vision for the future, and take the opportunity to announce that I have stepped into the role of CEO of our community," she wrote.
Ms Riegelhuth also outlined some of the problems that the business had faced, including client loss.
"Due to both a poor recruitment strategy and a failure in leadership on our behalf, we suffered from staff turnover in 2014, and felt the ramifications of this last year," Ms Riegelhuth said.
"Rightly so, some of our newer members (clients) became disconcerted with the fact that the team members they were dealing with kept changing, and things weren't flowing as well as they could have been. Some of these members made the decision to leave."
Ms Riegelhuth added that over the past few months she had gone through the business with a "fine toothed comb", looking for ways in which to improve it.
"We've got a huge goal that definitely scares me, and I don't always know how we're going to achieve it, but I do know that we will," she said.
"I'm incredibly positive about the future of WE, and for the future of each and every person in our community."
It is unclear whether Mr Kelly will remain as co-chief executive.
ifa reported in July of last year that Wealth Enhancers made the decision to exit its dealer group Synchron to set up its own AFSL and move to limit its client base to "high-achieving, high-performing" young individuals.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Oct 2017Parliamentary insurance group formedBy Staff Reporter
- 20 Oct 2017Treasurer introduces BEAR legislationBy Aleks Vickovich
- 20 Oct 2017Westpac to refund $65m to customersBy Annie Kane
- 20 Oct 2017Survey tips independent takeoverBy Aleks Vickovich and Jessica Yun
- 18 Oct 2017AFA suffers budget blowoutBy Killian Plastow
- 18 Oct 2017ISA ups ante on governance lobbyingBy Aleks Vickovich
- view all