Australian Financial Services Group (AFS) has hired a corporate management whiz to help its licensees build their business and increase profitability.
Wayne Turnbull, formerly group general manager for Apogee's largest practice, Gow-Gates Group, has been appointed AFS New South Wales and Australian Capital Territory regional manager. He replaces Maria Cheer.
"My aim is to make AFS an even larger organisation by bringing expertise to the management side. I want to add value to AFS practices by helping them reach their goals and their expectations," said Turnbull, who has 16 years' experience.
Last year the 90 practices licensed under AFS grew by 42 per cent on average - a figure Turnbull aims to increase by working with the 36 practices in his area.
AFS chef executive officer Peter Daly said: "Our whole objective is to grow the practices and make them more profitable. We are adviser owned and adviser driven."
In April AFS bought back shares owned by Zurich. It is now independent of institutional shareholders, Daly added. He aims to list AFS on the Australian Stock Exchange within five years.
AFS was established in 1996. It has 180 advisers with $4.5 billion in funds under management. Twenty-one practices joined the dealer group this year.
Former Zurich practice manager Dani Peer was recently appointed AFS head of strategic development.
