The head ofMacquarie Adviser Services, Tim Farelly, will take a six month break from the industry after Macquarie Financial Services Group (FSG) announced a major restructure, splitting the group along two lines of service to direct clients and to advisers.
In announcements made to staff last night the group said Farrelly would stay to the end of October and work alongside Neil Roderick who will take responsibility for Macquarie Adviser Services (MAS).
MAS covers all the indirect client relationships including those with advisers as well as the FSG’s product management, technical service, adviser call centre and the group’s successful wrap account, which currently has $6 billion.
Roderick joined the bank side of the Macquarie group in late 1998 and has most recently worked on the wrap account.
Peter Coleman, current head of Macquarie Financial Services will cover all direct client relationships, including the servicing and administration for direct clients. Coleman has been with Macquarie Bank in late last year.
The roles of Peter Maher, the executive director of FSG is unchanged and the other roles will continue to report through to him.
The group also said that despite the changes most of the work was now over but had been driven by efforts to create necessary infrastructure for further growth.
Macquarie Financial Services has been through a number of key changes since being formed two years ago after the merger of the groups direct retail funds management business with its retail stockbroking business.
In April last year Farrelly’s role was expanded to include a broader role within adviser services to encompass adviser distribution, adviser broking services and Macquarie Portfolio Services.
However in January of this year the division reverted back to a state-by-state approach from a national model, resulting in the departure of financial services associate director, Kevin Johnston.
Johnston was one of the key figures involved in the launch of the division and at the time Coleman took on a greater role as joint head of Macquarie Financial Services and co-ordinated the financial planning division with executive director of the financial services group, Brett Spork.
Three months later the group also indicated it would overhaul its broking business to ensure its brokers became qualified financial planners.
