Wealthpoint review leaves Sanders with nowhere to go
Wealthpointchief executive officer Brett Sanders will be made redundant at the end of August following the execution of strategic plans to rationalise the businesses under theSt Georgefold.
Sanders says following the review of all the businesses within St George, conducted by the Bain consulting group, and the ensuing rationalisation program, he has effectively managed himself out of a future with the company.
“I have presumed for some time that the final act might be me throwing myself on my sword,” he says.
The rationalisation process, which included the elimination of duplicated services within Wealthpoint, effectively began last December with Wealthpoint’s sale of Hot Copper, Bourse Data and finally Faulkner Stockbroking
The most recent part of this rationalisation process has been the announcement of the integration of Wealthpoint with AdviserNet within Sealcorp.
“We have concluded on the program, and its now a case of what else is left to do,” Sanders says.
That said and with no firm date decided as to when Sanders will be leaving, he says there is still an element of restructuring activity that should keep him busy until at least August.
“No dates have been decided, but it looks like it is going in that direction,” Sanders says.
Sanders has been with the St George/ Sealcorp group for 14 years, with two of these as chief executive officer of Wealthpoint.
While he says the company did have a look around internally for another suitable position, Sanders says there is a limited number of senior roles within the group.
“It is just part of business. It is all very amicable,” he says.
Sanders says he is likely to take a couple of months holiday upon finishing with Wealthpoint and will decide then what his next challenge will be.
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