After a decade at the helm of Matrix Planning Solutions, Rick Di Cristoforo says it was obvious the time had come for a change.
Di Cristoforo delivered Matrix from the teeth of the global financial crisis (GFC), and then guided it through the upheaval of the Future of Financial Advice (FoFA) regulatory reform and the travails of the search for a buyer of the business. He decided a month ago next Friday that his time was up and that he believes he has taken the business as far as he can.
“I think for my particular portion of my career, yes,” he says.
“I looked at the things I’ve done. Obviously, as managing director you take responsibility for lots of things, but when I looked at the specific things that I’ve done, where I’ve led them myself or created them myself or designed them myself, this is a good list. I’m very proud of it, and to a greater or lesser extent, these things are part of the reason why the company is on the other side of FoFA and on the other side of the GFC, with a healthy balance sheet, and profitable. That’s one of those things where you say, ‘That’s good’.”
Di Cristoforo says whoever next leads Matrix will be completely committed to its strategic direction.
“I think there’s a point where you need to be 100 per cent aligned, and I think it’s now time to say let’s just call that,” he says.
“I am aware of some things that make it the appropriate time to leave.”
Retaining an interest
Matrix advisers own about 88 per cent of the business. Senior executives, including Cristoforo, own the remaining 12 per cent. Cristoforo plans to retain his interest.
“Looking at the future, and where Matrix is directed – they’re probably the two main things; taking stock of where I’m at,” he says.
“The hard part for me over the last few weeks especially was, is there ever a good time. It took me a while to work out that there is never really a good time when you’re managing director.
“And at the same time it also wasn’t appropriate for me to go and seek other opportunities whilst I was utterly embedded in the Matrix group.”
Di Cristoforo says he’s satisfied with how Matrix has developed under his leadership.
“It’s pretty public what I’ve been doing, and pretty public how we’ve conducted ourselves through the GFC and FoFA – I am very proud of that, and I think it’s time to look at the world and the opportunities out there and talk to good people…and get input and think about things,” he says.
Di Cristoforo says it’s easy to lose perspective on where the industry is heading and where the opportunities may lie when “you’re bound up in the middle of working very hard and being utterly dedicated to the company you’re with”.
A logic to it
“I made the decision, pretty much a month back from next Friday – so there’s a logic about it,” he says.
Di Cristoforo will have no direct involvement in choosing his successor.
“The short answer is no. I think Matrix will have to have to come to a view as to what it does in that space,” he says.
He says he’s already speaking to “lots of people, which is nice, about opportunities, and lots of people about thoughts for the future, with what’s happening in the industry, looking at the opportunities in advice and just generally in financial services”.
“And during that period, of course, having a bit more time with my family than ever been able to have, certainly in the last six years anyway,” he says.
“It’ll be an alternation between lots of time with the family, and lots of time talking to people in the industry and making sure the next opportunity is the right one.”
