Finsia merger process now complete
The recently formed Financial Services Institute of Australasia (Finsia) has formalised the make-up of its board, adopted a new constitution and legally confirmed its change of name following its first annual general meeting.
Finsia was created following a merger between the Securities Institute of Australia and the Australasian Institute of Banking and Finance, receiving member approval in June last year. For the past 12 months, a joint board of directors from both associations has been involved in implementing the merger process.
The new board will comprise 11 directors, down from 16, and will be led by former joint vice-president Michael Shepherd, who is currently vice-chair of the Australian Stock Exchange.
Shepherd said: “Our united expertise strongly positions us as a leading educator and membership body, building careers and raising standards in financial services.”
Chris van Aanholt, Westpac Banking’s head of portfolio management, business services, has retained his role as vice-president.
Finsia CEO Brian Salter said: “The AGM was a wonderful culmination to a very fulfilling 2005. We are now Finsia in every way — physically, emotionally, and by legal name and deed. And we are very fortunate to have such a capable and committed group of directors to guide us through the year ahead.”
Finsia remains a not-for-profit organisation with 20,000 individual members, and 19,000 students.
The merger means the combined entity has created one of the largest financial services organisations in Australia and New Zealand.
During 2006, the organisation will offer 12 qualifications and other programs in conjunction with partners including the Financial Planning Association, Australian Stock Exchange and Institute of Chartered Accountants of Australia.
Recommended for you
A strong demand for core fixed income solutions has seen the Betashares Australian Composite Bond ETF surpass $1 billion in funds under management, driven by both advisers and investors.
As the end of the year approaches, two listed advice licensees have seen significant year-on-year improvement in their share price with only one firm reporting a loss since the start of 2025.
Having departed Magellan after more than 18 years, its former head of investment Gerald Stack has been appointed as chief executive of MFF Group.
With scalability becoming increasingly important for advice firms, a specialist consultant says organisational structure and strategic planning can be the biggest hurdles for those chasing growth.
