Frontier CEO resigns
Frontier Advisors chief executive, Damian Moloney, has tendered his resignation after six years at the helm.
Announcing the resignation, Frontier Advisor chair, Gabriel Szondy, said while the board reluctantly accepted the resignation, they understood the reasons and timing of the decision.
“There is absolutely no doubt Damian has succeeded in the task he was set by the board. Damian believes that, as his brief has been achieved, it is now time for someone else to apply his or her vision and take the firm further,” Szondy said.
Moloney will leave the firm in late December and has yet to decide his next move.
Frontier said Moloney was given the job of transforming the business from what was a successful advisory practice, with a stable of (largely) industry superannuation fund clients, into a more dynamic and sophisticated financial services consulting practice.
The board expresses its gratitude for Damian’s magnificent contribution to Frontier and its clients,” Szondy said.
“The specific enhancements and initiatives Damian has piloted through the business, along with his strategic vision and implementation thereof, have rebuilt Frontier into the leading asset consulting business operating in the Australian investment landscape today.
“Thanks to Damian, Frontier is now a modern, professional and dynamic business that offers a diverse range of products and services from a stable and confident foundation.”
Szondy noted that the Frontier board had already engaged an executive recruitment firm to assist in finding Frontier’s next CEO.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
