Lifespan senior executive departs

Lifespan Financial Planning will lose a pivotal executive this week with research manager William Tomac signalling his departure after more than eight years with group.

Lifespan managing director John Ardino says Tomac has fulfilled a number of important roles during his time with the group, which specialises in providing services to boutique accounting and financial planning firms.

“He has put together an astute approved products list which has responded well to market developments and relevant changes of all kinds at investment managers,” Ardino says.

According to Ardino, Tomac has also played a key role in portfolio construction and guidance of advisers across a range of planning issues.

“As general manager of Omniport, William also promoted this platform, which is now receiving increasing support from Lifespan advisers with $125 million under advice,” Ardino says.

Since the launch of Omniport back in November 1999 Tomac has been involved in the on-going development of the wrap platform.

In October last year Tomac announced the re-pricing of the platform, announcing a new tier - changing the fee structure for invested funds between zero and $500,000 - and adding to the wrap in the form of a separate fee being introduced for investments ranging from zero to $250,000 and investments between $250,000 and $500,000.

Until a replacement can be found, Lifespan adviser services manager Julien Kanagaratnam will caretake Tomac’s roles, with the group using the opportunity to restructures its activities.

Lifespan has almost $1 billion in funds under advice and 134 authorised representatives working in 100 offices across the country.