More Colonial execs join Norwich
The ‘Colonialisation’ of Norwich has continued with more appointments being filled by former members of the senior management team at Colonial.
Former head of the franchised financial planing operation at Colonial, Alan Griffiths, is joining Norwich Union as managing director of the life business.
Griffiths with his extensive distribution background would be regarded as a catch for Norwich. He joined Colonial in 1991 and has held a number of senior positions.
The other ex-Colonial associate joining Norwich Union is Grant Salmon who will be heading up Norwich's IT operations. Again, this is another significant appointment as Norwich is investing more than $20 million in upgrading Navigator in the next few years, the bulk of that spend being on IT.
Salmon has worked as an IT consultant to Colonial as well as being involved in the development of Norwich's Project Eclipse, a new risk insurance platform.
Norwich Union chief executive officer Rob Garnsworthy says the new appointments were to enable the company grow its sales and distribution through e-commerce. He sees Griffiths' appointment as a key part of this push for growth.
"Griffiths will be responsible for aggressively building our presence across our risk, superannuation and retirement businesses," he says.
"He has a great deal of credibility within the industry and is a valuable addition to the management team."
In a further shake-up of the distribution side of the company, Norwich has combined superannuation, retirement and risk product development, marketing and distribution into one operation.
Doug Sumner has been appointed general manager products and marketing while Shaun Williams becomes general manager sales and distribution. Both positions report to Griffiths.
With the reshuffle, a number of managers are now leaving Norwich. These include Michael Laing who has run business development, Phil Hill who was life risk manager and Sue Homewood who was general manager investment products and services. Some of these appointments were from the MacKenzie era, the previous chief executive officer.
Recommended for you
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
Integrated wealth and financial services group Rethink has launched a financial planning arm called Rethink Wealth to expand beyond property investing and into holistic wealth management.
While adviser numbers continue to slowly creep back up, the latest Wealth Data analysis reveals they would actually be in the green for the calendar year if it weren’t for so many losses in the limited advice space.
Iress has appointed a chief AI officer to spearhead the fintech’s strategic focus on AI, with chief executive Marcus Price describing how the technology opens the doors to a “new frontier for wealth advice”.
