Finsia business shift begins to unfold
The Financial Services Institute of Australasia (Finsia) has appointed an interim chief executive officer in Stephen Harrison, the first hint of restructuring since its decision to sell the training business to Kaplan was ratified by a member vote last month.
Finsia president Michael Shepherd said Harrison will be responsible for repositioning the professional association as “the new Finsia”, while incumbent chief executive Brian Salter will remain with the organisation to bed down the Finsia/Kaplan sale.
According to Shepherd, the new Finsia will be “a professional body centred on member service and industry advocacy”.
Harrison will lead development of Finsia’s new business plans and identify resource needs and structural changes needed to make the transition.
The sale of Finsia’s training business received approval from a majority of voting members in late June, despite a campaign mobilised by industry practitioners and Finsia members Giles Gunesekera, Stephen Chambers and John Livanas.
Concerns centred around what they described as a lack of details about the option of a sale versus a radical restructure of the training business, and the potential for a devaluing of member qualifications as a result of the switch from a not-for-profit model to one driven by shareholder profit.
They also raised questions about the voting process, referring to an error in the initial voting forms that incorrectly identified a number of members as associates only and, therefore, unable to vote.
Harrison said he is looking forward to taking on the role: “It’s a great time to be a part of Finsia as it is entering an exciting new phase of planning.
“It will be a rewarding time, helping Finsia to consolidate existing plans and formulate new membership services that will support both professionals and the wider finance community,” he said.
Harrison’s experience includes 13 years as chief executive officer of the InstituteofChartered Accountants, and 25 years with the University of Sydney in roles as teaching fellow, deputy principal and bursar.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
