Outspoken financial planning academic and accountant Adrian Raftery has been appointed chairman of the Association of Independently Owned Financial Professionals, replacing Linchpin director Peter Daly.
Dr Raftery – who first joined the AIOFP board in November 2017 – was unanimously appointed as chairman of the association by his fellow board members yesterday, ifa can exclusively reveal.
He is a lecturer and head of financial planning at Deakin University and principal of boutique accounting firm Mr Taxman, as well as a vocal social media participant and charity fundraiser.
Sam El Shammaa, director of Sydney advice firm Capitalwise, has been appointed a board director to fill the vacant position.
Mr El Shammaa narrowly lost an election in November, when Lifespan adviser Halle Yilmaz was appointed to the board.
The board reshuffle follows the resignation of long-serving chair Peter Daly due to the scandal surrounding his business interests.
Mr Daly is executive director of Linchpin Capital, which is now facing receivership following proceedings commenced against it by ASIC and allegations that the company used funds of clients advised by its licensee subsidiaries to bankroll business growth.
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