If Industry Super Network has ended 2011 as the industry's big winner, it came at the expense of the financial planning industry.
1. Industry Super Network
It seems as though the Industry Super Network (ISN) won where the financial planning industry lost.
Not only does the ISN still run its fairly successful and well known “Compare the Pair” advertising campaign, the body also had the Government’s ear with respect to crucial parts of the Future of Financial Advice reforms, such as the removal of financial adviser commissions and the introduction of the controversial opt-in proposal.
Despite the financial planning industry’s opposition to research and arguments presented by the ISN for the introduction of such proposals, Prime Minister Julia Gillard still praised the ISN chief David Whiteley for standing “with us from the earliest days in our determination to secure a better retirement for all Australians”.
2. BT Financial Group
The reason why BT Financial Group grabbed a spot on this year’s Top 5 winners list is because it was the only wealth management division owned by a major banking group – the other three being MLC, Colonial First State and the relatively young ANZ Wealth – which did not struggle over the year, despite the ever volatile markets and falling investor sentiment.
In fact, it was BT’s strong performance over the year that drove Westpac to a strong full-year finish.
According to the banking group’s chief executive, Gail Kelly, the division welcomed over 70,000 new customers onto the BT Super for Life platform over the year, and there had also been a strong uplift in the cross-sell of wealth and insurance products.
3. Marianne Perkovic
Marianne Perkovic was another winner this year, as her career at Colonial First State keeps blossoming. Perkovic moved from her position as chief executive officer of Count Financial to Colonial First State in 2009, where she first performed the role of general manager, distribution.
She rose through the ranks earlier this year and was promoted to general manager of Colonial’s financial advice business following Paul Barrett’s departure.
As her role involves responsibility over Commonwealth Bank-aligned dealer groups, Perkovic was reunited with Count following the bank’s successful acquisition bid, and she will also serve as a director on the dealer group’s board.
4. Avoca Investment Management
In April this year, John Campbell and Jeremy Bandeich left their roles at UBS’s Australian Small Companies Fund, and after a month’s break, emerged with Avoca Investment Management – the most high profile new boutique funds manager on the market.
They took with them another UBS team member, Michael Vidler, and gained additional backing via their partnership with boutique incubator Bennelong Funds Management.
Campbell and Bandeich, after leaving UBS, are now majority owners of their own boutique, and this brave move scored them a spot on this year’s winners list.
5. Barry Lambert
While the independent dealer group sector just lost one of its major players to an institution, one clear winner has emerged from CBA’s acquisition of Count Financial – its former executive chairman and founder, Barry Lambert.
When the transaction between the banking group and Count is finalised, Lambert will walk away with around $249 million in his pocket.
He founded Count Wealth Accountants in 1980 after 19 years spent at the Commonwealth Bank. Lambert will remain on the Count board as a non-executive director.
