Advice licensee CEO to depart after six years
Link Advice chief executive, Duncan McPherson, is to depart after six years in the role as the business restructures.
McPherson has been chief executive at the firm since April 2018 and was previously the CEO of Adviser Network for eight years, which was acquired by Link in 2017.
He also worked as the head of licensee productivity and development at MLC for almost two years.
Link Advice was established in 2004 and is owned by superannuation funds administrator provider, Link Group, which has been undergoing a restructure. It primarily focuses on providing intra-fund and scaled retirement advice via telephone and digital advice to over 5.5 million members of superannuation funds.
A Link spokesperson confirmed the move, and it is understood the Link Advice is being subsumed within the firm’s Retirement and Superannuation Solutions (RSS) division.
In a post on LinkedIn, McPherson wrote: “Following a recent restructure, my role as CEO has been made redundant, leading me to depart Link Advice with a range of emotions but foremost among them is pride and satisfaction.
“Throughout my tenure, Link Advice has been dedicated to helping everyday Australians make informed financial decisions, and I’m immensely proud of the strides we’ve made as a team and as a business.”
In a separate business move, the firm’s parent Link Group is being acquired in a $2.1 billion takeover by Mitsubishi UFJ Trust and Banking Corporation as the firm seeks greater access to Australia’s superannuation funds.
This received approval from shareholders on 24 April and was approved by the Supreme Court of NSW on 30 April.
The scheme is expected to become effective on 1 May, at which point Link will delist from the ASX and expected to be implemented on 16 May.
AUTHOR
Laura Dew
Recommended for you
The big four bank is set to see $40 million per annum in cost savings as it continues to migrate customers from its Asgard wealth platform to BT Panorama by FY26.
Advice licensee WT Financial has announced a 50/50 joint venture with the Australian subsidiary of a US financial advice investor.
Wealth managers will need to reach aggressive short-term goals to grow their assets under management, according to Natixis Investment Managers, but Asia-Pacific has the lowest expectations on their future growth.
With a rising number of licensees opting for bespoke managed accounts, a panel of experts has shared what firms need to know before going down the custom route.
