In a statement to shareholders at the company’s AGM last week, Mr Bucknell announced that Fiducian managing director Indy Singh will be taking on the role of executive deputy chairman, with a view to stepping into the chairman role within the next three years.
“With the continuing growth and increasing challenges of the business, the management team is likely to expand, as required,” Mr Bucknell said.
“Indy already chairs the Fiducian Investment Management and Fiducian Services subsidiaries. These are the first steps in the implementation of our succession planning strategy.”
The chairman said he expects funds under administration to grow following a number of strategic acquisitions for the company in the financial advice market.
“Financial planning businesses have been acquired with client bases of about $97 million for our salaried and franchise planners in Victoria and New South Wales over the past year,” Mr Bucknell revealed.
“As acquisitions continue to assimilate we expect increased revenue and earnings growth in accordance with our disciplined approach to balancing growth and returns.”
Might be worth one of Fiducian’s directors doing a Company directors course so they can learn from the mistakes boards have made in the past with strong personalities transitioning from MD to Chairs. It is always recommended that there be a two year hiatus between roles so the new MD or CEO can get settled in without the ex MD jumping back in continually and staying operational rather than strategic.
Indy has helped build a great business but if it is to survive him, they will need to empower management.