Paul Forbes

RFS Advice has announced chief executive Paul Forbes will step down from his role and retire out of the business after 13 years at the helm.

Founding partners Troy Theobald and Darko Zigic will maintain their majority shareholding, while Forbes will remain on board for a crossover period to allow a smooth transition, as well as remain CEO of Australian Advice Network which is the licensee for RFS Advice.

AAN is a privately-owned self-licensee group, comprised of four advice practices with Evalesco Financial, Centaur Financial Services and Guide Financial being the other three.

RFS Advice has been on a steep growth trajectory under Forbes’ watch, who will continue to run the licence. Funds Under Management has increased by over $500 million and the license via the model management to well under $1 billion.

Forbes has been in the role for 13 years and admits that it’s time to bring new energy into the role as the firm evolves.

“I believe that CEOs have a shelf life, and it’s time to step aside to allow for a fresh perspective,” he tells Professional Planner.

“It’s a bigger practice than when we first started, so we want to bring in someone with corporate acumen and strategy experience. This industry has taken me right around the world, and because it’s a young industry that continues to evolve, it’s always changing.”

RFS Advice encompasses financial advice, along with credit advice run through subsidiary Mortgage Elimination Service. Forbes will remain the CEO over the group.

Back in Black

Forbes will be replaced by Greg Black, who is currently the distribution manager for Copia Investment Managers, and will commence the role from 1 July.

Black worked as a financial adviser for Davidson Financial Group 20 years ago and more recently moved into business development roles, including with BT Financial Group.

He says he is moving back into financial advice because he believes he can make a positive difference being involved at the coalface.

“I’ve moved for the ability to work with a passionate group of people who understand the importance of what they do,” Black says.

“They are all on the same page and there is a great culture within the business.  I have known Paul, Troy and Darko for many years and have an enormous amount of respect for them professionally and personally.  I have big shoes to fill in taking Paul’s role and feel privileged.”

Black believes the next 10 to 15 years will be a time of great opportunity, and admits he’s looking forward to moving back into a people management role.

When asked about his first few critical tasks in the role, Black says he needed to crawl before running, and will be taking things slowly.

“Fortunately, I’m moving into a business which is very well run, has great systems and incredible people who have worked together for a very long time,” Black says.

“Initially, my focus will be on understanding the people side of the business and how things run. Paul will stay on for a short while to help bring me up to speed and Troy, Darko and myself already have a few things in mind for the future.”

Avid supporter of professionalism

Forbes started in the industry in 1985 and has held executive roles with Professional Investment Services, Guardian Financial Planning, IOOF, Macquarie Bank and ANZ Bank over the decades.

“When I first started, financial advisers banging on doors and finding their way as a profession,” he says.

Forbes has been a strong believer in the advice industry needing to move past the transactional approaches of many of the banking institutions to achieve more successful client outcomes.

He is relieved that education standards have improved and compliance and regulation has lifted.

“We needed to have better consumer protections in place and provide greater transparency over advice,” he says.

“I can see what Michelle [Levy, Quality of Advice Review lead] was trying to do and I can see where she was going with it, but I think it probably does need a little more structure. But I don’t see how we’re going to be better off with our current Minister [for Financial Services Stephen Jones].”

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