AFS head seeks greener pastures

Australian Financial Services Limited(AFS) managing director Geoff Moore has resigned after eight years with the group.

Moore will be taking a break before pursuing other opportunities, but has not yet made definite plans, according to AFS chairman Barry Stephen.

The AFS board will soon begin searching actively for a replacement, with Moore “leaving big shoes to fill”, Stephen says.

As the first employee of the group, Moore oversaw the growth of the group to its existing size of over 100 representatives in more than 50 offices across Australia, and says he was proud of achieving profitability within the constraints of AFS’ cooperative ownership model.

“It’s one of the hardest things to accomplish - when advisers are both owners and clients of the business,” Moore says.

Zurich, with 37 per cent, is a major shareholder of AFS, with advisers accounting for the remaining stakeholding of the group - a key selling point of AFS, according to Stephen.

“The ability for advisers to hold equity in the dealer group and be involved in the future direction continues to be a major attraction,” he says.

Despite Moore’s departure spelling a “big change for the organisation”, Stephen says the group is well placed for continuing success, and the transition to the new Australian Financial Service Licence is running smoothly.