Gone, but not forgotten...
IAN Pavletich, the once well-respectedHillrossfinancial planner who fell from grace and served jail time for using a client’s funds to feed his gambling addiction, is now believed to be a free and reformed man. Banned from advising for life and sentenced to three-and-a-half years jail, Pavletich, who also sat on theFPA’s Professional and Ethical Standards Committee, is reportedly singing with the Wesleyan Church, Pittwater, on the last Sunday of each month.
Others have exited the industry more gracefully. Tony Muston, former head ofRetireInvestand then non-executive chairman of RetireInvest officially retired in 1999 but served on the adjudication panel of the Financial Industry Complaints Scheme (FICS) until 2002. Also in retirement is Malcolm Robertson, former managing director ofAdvance Funds Management, who hung up his hat in 2001 and Lend Lease exec Dick Morath who also retired in 2001.
The industry also lost some valuable players permanently. In 1993, a man considered one of the founding fathers of financial services, Paul Terry, died in Hawaii as he was attempting his first solo flight. Terry founded The Paul Terry Group with Bob Morrison, which later became known asMonitor Money. He sold the group to Capita in 1986 in a move that made him a small fortune.
Jock Rankin, FPA chief executive from 1994 to 1996 and the man many credit with putting the FPA on the map, died on January 16 last year at age 52 after a short battle with cancer. Regarded as a man who spoke his mind, Rankin was the first FPA leader to take the association into the political arena. Michael McKenna, who left the top job at the FPA in 2000 also died suddenly on March 20 this year at the age of 61. He was FPA chief from 1998.
In 1989,AMP’s managing director was one Ian Stanwell. Stanwell went on to sit on numerous boards including Pioneer International, Munich Reinsurance, the Internet Travel Group and the Insurance Australia Group (IAG) formerly NRMA Insurance. He retired in March this year due to ill health.
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