Finsia business shift begins to unfold
The Financial Services Institute of Australasia (Finsia) has appointed an interim chief executive officer in Stephen Harrison, the first hint of restructuring since its decision to sell the training business to Kaplan was ratified by a member vote last month.
Finsia president Michael Shepherd said Harrison will be responsible for repositioning the professional association as “the new Finsia”, while incumbent chief executive Brian Salter will remain with the organisation to bed down the Finsia/Kaplan sale.
According to Shepherd, the new Finsia will be “a professional body centred on member service and industry advocacy”.
Harrison will lead development of Finsia’s new business plans and identify resource needs and structural changes needed to make the transition.
The sale of Finsia’s training business received approval from a majority of voting members in late June, despite a campaign mobilised by industry practitioners and Finsia members Giles Gunesekera, Stephen Chambers and John Livanas.
Concerns centred around what they described as a lack of details about the option of a sale versus a radical restructure of the training business, and the potential for a devaluing of member qualifications as a result of the switch from a not-for-profit model to one driven by shareholder profit.
They also raised questions about the voting process, referring to an error in the initial voting forms that incorrectly identified a number of members as associates only and, therefore, unable to vote.
Harrison said he is looking forward to taking on the role: “It’s a great time to be a part of Finsia as it is entering an exciting new phase of planning.
“It will be a rewarding time, helping Finsia to consolidate existing plans and formulate new membership services that will support both professionals and the wider finance community,” he said.
Harrison’s experience includes 13 years as chief executive officer of the InstituteofChartered Accountants, and 25 years with the University of Sydney in roles as teaching fellow, deputy principal and bursar.
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
