CPA Australia’s chief executive Alex Malley has spoken out after disclosing the salaries at his association, defending the financial advice business and saying he has engaged the police following a series of personal threats made against him.
Yesterday, ifa sister publication Accountants Daily reported that CPA Australia had disclosed the salaries of each director of the association and CPA Australia Advice.
It revealed that Mr Malley was paid $1,786,331 for the year ending 31 December 2016.
For their work with CPA Australia Advice, outgoing chair Tyrone Carlin, Michele Dolin and Richard Petty received $70,000. Former CPA Australia president Graeme Wade received $100,000.
As of May 29 this year, 25 members are authorised under the CPA Australia Advice licence, an increase of 14 since October last year.
Speaking to Accountants Daily, Mr Malley said the early stages of take-up are in line with expectations, and he had accepted that from the outset growing the advice arm would be a “long game.”
He likened it to a start-up business, with a time frame of three to five years before serious traction is made.
“If we had expected 900 advisers and we got 20, then maybe we have reasons to be concerned,” he said.
“But we never had that size in mind, we knew there would be a lot of interest that wouldn’t convert immediately. But the more we are in the market … the more people realise there are some safety mechanisms in working with their own membership body, the more people will sign up.”
Speaking more broadly, Mr Malley feels that CPA Australia has been unfairly targeted and scrutinised given its growth under his leadership, and when compared to the public treatment of other professional bodies.
“In contrast, the CA ANZ, whose record stands as our does publicly, has not had one comment about performance,” Mr Malley said.
The toll of the member rebellion and scrutiny of Mr Malley’s leadership has been significant, and has spilled into his personal and family life.
Mr Malley has received death threats, faeces in the mail and has employed security at his own cost to monitor his home. He has engaged with the police to deal with some of these matters.
“On the iceberg principle – people see a little point above the water. The enormity of what has been going on under the water, the impact on people, the impact on families, is absolutely unbelievable,” he said.
“I have seven children, they are all impacted by this, and I have a family that lives in a home that has now been publicly recorded and addressed. If anyone who has been critical of me thinks that’s OK, then I’m comfortable to say I agree to disagree with all of them.”
Earlier this week, in a communication to members, the president and chair of CPA Australia Tyrone Carlin announced he has handed over his role to his senior deputy, Jim Dickson. His resignation comes a few months earlier than anticipated.
Full remuneration disclosure of directors for CPA Australia and CPA Australia Advice is below, taken from a communication with members.
Assistant Minister for Superannuation, Financial Services and Fintech Jane Hume ...
AMP is set to make further sweeping changes to its wealth management division an...
ifa, in partnership with PIMCO, is pleased to announce the finalists of the Regi...