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.