ING restructures distribution team
INGhas restructured its distribution management group into three strategic channels, resulting in the departure of the group’s current head of distribution, Les Clayton.
Clayton will depart ING at the end of this year after 18 years with the group, 10 years in his current position and 30 years in the financial services industry.
ING business heads Charles Smith, Mike Goodall and Tony Hartley will be promoted to executive director board level, effective from January 1, 2003, to head up each of the three distribution channels.
Charles Smith will become sales and national distribution executive director responsible for national firms and dealer groups, independent financial advisers and boutiques. He will also be involved with developing the future strategy for dealing with institutionally owned distribution.
Mike Goodall becomes aligned distribution executive director and will be in charge of ING Advice (Equity Distribution), the direct advisory centre and shared services, which will include business solutions and business development.
And Tony Hartley will take on the role of ANZ sales development and strategic alliances executive director and will work withANZ Wealth Managementto develop its advisory division as well as focusing on the development of strategic alliances.
According to Clayton, the restructure is part of ING’s plan to focus heavily on each of three different distribution channels.
“[The three distribution channels] are now bigger businesses, so need their own strategy focus. It’s a natural evolution, taking the businesses from one stage to the next,” he says.
After taking a break, Clayton plans to get involved in consulting work.
Until his departure in December, Clayton will work alongside Smith, Goodall and Hartley in the transition phase to ensure business consistency.
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.
