New broom at Sovereign
THE TWO people who founded Sovereign Assurance in 1981, Ian Hendry and Chris Coon, have announced their retirements from the company. Both men plan to leave at the end of the year.
ASB Group has appointed Simon Swanson as managing director designate of Sovereign. He is currently managing director of Commonwealth Bank’s financial services subsidiary in Fiji, Colonial. He will take up his new position in October.
Mike Walsh, who is currently group general manager, financial services and planning at ASB, will take over Swanson’s role in Fiji.
Hendry and Coon say the time is right to leave Sovereign as the company has successfully integrated its operations with Colonial and it is on a new growth path.
Hendry says it is the “right time for me to leave Sovereign and for a successor to take up the role of leading the company.”
“When Sovereign became part of ASB Group in 1998 I made the commitment to lead the company through the integration process. I felt two years would be about right to achieve the amalgamation.”
He says he delayed his resignation last year when Colonial became part of ASB Group and was consolidated into Sovereign.
“Sovereign is at the start of a new growth phase as a financial services company, and it is a good time for the next generation of leaders to be given their opportunity,” Hendry says.
Hendry has no future business plans, however Coon will become a consultant to Sovereign.
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
