Falling from the Tower
The fallout from Tower Life Australia's merger with FAI Life has be-gun with several high profile departures.
The fallout from Tower Life Australia's merger with FAI Life has be-gun with several high profile departures.
FAI Life managing director Robert Swil has resigned his post, with the top job remaining with current Tower Life managing director Ken Boag.
Other casualties include Tower's Bill Wawn and Sue Sutton, as well as FAI's John McGee and Mason Little.
Newly appointed customer and adviser services director Craig Jameson says the rationalisation will continue in the short term.
"We're still in the process of finding the right people and we hope to pull together the best bits from both Tower and FAI", he says, though he admits the process "will not be as easy as it sounds".
Tower also expects to cull some products as a result of the merger, with a committee currently assessing which of the products will be kept, Jameson says.
Tower Life's Peter McNeil will take on the role of sales director, controlling the group's distribution arms. Reporting to McNeil as general manager for agents and brokers will be ex-FAI Life general manager of sales. Alex Kay.
Tower's distribution networks include Tower Employee Benefits and Tower Adviser Services, as well as direct clients and agent brokers from both the old Tower and FAI Life businesses.
Completing the executive team reporting to Boag is development di-rector Hennie Morkel and chief investment officer Mark Worthing-ton.
Recommended for you
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
As reports flow in of investors lining up to buy gold at Sydney’s ABC Bullion store this week, two financial advisers have cautioned against succumbing to the hype as gold prices hit shaky ground.
After three weeks of struggling gains, this week has marked a return to strong growth for adviser numbers, in addition to three new licensees commencing.
ASIC has banned a Melbourne-based financial adviser who gave inappropriate advice to his clients including false and misleading Statements of Advice.
