Clime welcomes new CFO

Tushar Kale has been named chief financial officer at Clime Investment Management, effective 4 September 2023.

He takes up the role from Andrew Plum, who was the acting CFO pursuant to a six-month probation commencing in December 2022. 

Plum departed the company on 30 June; the firm subsequently announced a new CFO search was underway.

Kale brings more than 15 years of financial and operational leadership experience to the team spanning financial advice, investment management, superannuation and insurance. 

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He joined Clime as strategy and commercial manager in May.

Prior to this, he was a general manager, advice enablement, for over two years at Australian Unity Wealth.

He was also the head of finance and operations at IOOF (now Insignia Financial) for two years, where he led the delivery of the structured client remediation program for IOOF financial advice licensees. He had been a senior member of the Financial Services Partners (FSP) licensee leadership team responsible for delivering the value proposition to over 150 self-employed advisers and overseeing all day-to-day operational and financial management matters.

Kale spent more than a decade at ANZ. For four-and-a-half years, he was the chief financial officer and COO of FSP Group, overseeing five AFSLs including a financial advisory licensee of 200 advisers, super fund, platform operator and funds management business. He later became the firm’s national manager for finance and operations for more than six years. 

In the year to 30 June 2023, Clime reported a $15.4 million revenue, rising from $13.7 million in FY22.

However, it saw a pre-tax operating loss of $0.9 million and said it was greatly affected by non-cash amortisation and depreciation changes. In FY23, the charge was $1.5 million compared to $1.1 million FY22, which swelled the reported loss to $2.3 million.