Multiport founder John McIlroy says his desire for an entrepreneurial working environment is behind his decision to join Crystal Wealth Partners as a director and shareholder.
McIlroy was chief executive of Multiport until mid-June but left around the time that AMP announced its intention to acquire The Cavendish Group and integrate its existing SMSF businesses into one business unit.
However, McIlroy denies he was forced out as part of this process, telling Professional Planner Online that his background in small and medium-sized companies means he prefers operating in a niche entrepreneurial environment.
McIlroy was the founder of self-managed superannuation fund (SMSF) and managed accounts business Multiport, which was purchased by AXA in 2009 and is now part of AMP.
His departure was first flagged in April.
Libby Roy, who was acting-managing director of Multiport after McIlroy left, was recently appointed as AMP’s director of corporate superannuation.
Look into the Crystal ball
McIlroy (right) believes Crystal Wealth Partners, a privately owned boutique financial advisory firm formed late last year, is well placed to offer a non-institutional alternative to advisers.
“I am excited about the new venture and looking forward to building on the organic growth of the business through acquisitions of appropriate high-net-worth-client books and recruiting or partnering with like-minded advisers and accountants,” he said.
“The trend towards direct investing and ‘self-directed’ retirement planning through SMSFs means that traditional adviser solutions need to change.”
Central to the Crystal Wealth Partners’ strategy is that advisers will be looking for more engaging client propositions post-FoFA.
“We have designed our managed accounts framework specifically to include discretionary and nondiscretionary direct-investment services that can accommodate varied client and adviser needs,” said Crystal Wealth executive director, Tim Wedd.
“To have John’s breadth of experience with high-net-worth clients across a range of investment structures, including SMSFs and managed accounts, will be a great asset for the business.
“Crystal Wealth Partners is not institutionally owned or affiliated and our view is that more professional advisers will be looking for these types of client solutions in the future.”
