Australian Financial Services Group Limited (AFS Group) has appointed Alan Logan as the national dealer group’s new chief executive officer.
Acting chief executive and director of AFS Group Phil Burke said Logan’s name was on an initial wish list of candidates who were then approached by a headhunter.
He will take over the reins at the dealer group’s Melbourne head office from Monday September 3 following the sudden departure of Peter Daly in late May.
AFS chairman Barry Stephen said the selection process had taken longer than anticipated, but this reflected the extensive process demanded by the board to appoint a CEO with the “right blend of leadership, commercial, personal skills and broad hands-on financial services experience”.
At the time Daly was forced out, Stephen told Professional Planner Online that the process of appointing a new CEO would begin in the latter half of June but he would not be drawn on a time frame for securing a permanent replacement.
“Alan has over 22 years’ distribution and general management financial services experience and is acknowledged for his track record of success in developing and implementing business improvement and transformational strategies,” said Burke.
He added that the AFS Group had not lost any advisers or practices as a result of Daly’s departure and subsequent resurfacing at Yellow Brick Road in late June.
Turbulence past, challenges to come
The appointment caps a turbulent 12 months for the dealer group, with rumours of shareholder dissatisfaction occasionally surfacing.
In November last year the Australian Securities and Investments Commission imposed additional licence conditions on AFS following a six-month surveillance operation.
This review process, including the implementation of recommendations, is likely to conclude at the end of 2012.
Logan (right) said he was excited to take up the challenge.
Prior to joining AFS Group he was director of Bombora Advice, a private consultancy specialising in distribution strategy, organisational redesign and technology-led transformation within the wealth management industry.
Previous to this, Logan was general manager for ANZ Advice and Distribution, ANZ Financial Planning, Apogee Financial Planning and in national practice management for MLC Advisor Solutions.
Earlier career roles included distribution leadership and management roles with BT Funds Management, Sealcorp Holdings, National Mutual and Capita Financial Group.
“This is an exciting challenge for me as I will be heading a successful independent dealer group committed to improving the performance and profitability of its advisers’ businesses,” said Logan.
“AFS Group’s foundations are strong and my focus as CEO will be to work with the board, senior management and the adviser network to strengthen the dealer group’s infrastructure and foster a more competitive, robust organisation capitalising on marketplace opportunities in the new FoFA environment.”
