Xplore Wealth has appointed Michael Wright as chief executive, joining from BT, as it embarks on a targeted growth programme.
Wright would join on 9 September and be paid $500,000 per annum, inclusive of superannuation.
He would also receive a sign-on bonus of $100,000 and up to $250,000 in cash for the full year 2020 subject to meeting performance objectives.
He joins from his role as general manager for Bank Financial Advice of BTFG where he was responsible for 200,000 clients and revenue of $150 million. Prior to this, he was state general manager for retail and business banking in Queensland.
Wright would be responsible for leading Xplore Wealth through its growth and development plans as the firm embarked on a targeted growth programme.
This was the first of two senior hires as the firm said it also intends to hire a head of distribution and marketing imminently.
Wright said: “The opportunity to lead Xplore Wealth during this formative time for the company is genuinely exciting as the wealth management and financial services sector is transforming, creating growth opportunities.
“The board has embarked on a targeted programme to grow and expand Xplore Wealth. I feel my experience and knowledge is well aligned with the qualities that Xplore Wealth requires to lead this expansion.”
Peter Brook, non-executive chairman of Xplore Wealth, said: “We are excited too welcome Mike as Xplore Wealth’s new CEO to lead this new era and work together to deliver on the full potential of the company and its refreshed product offerings. The board has set a realistic agenda for growth for the company and looks forward to the journey ahead.”