Van Rooyen in second departure in three months
Thehead of retail distribution atColonial First State(CFS), Paul van Rooyen, has left the group after only three months in the role.
His role at CFS was newly created, with van Rooyen taking on responsibility for the distribution of CFS retail products through the Commonwealth Bank’s advisory network and third party financial planners outside the group.
However, the role did not touch upon the sales management and adviser relationship responsibilities of Frank Casarotti and master fund business development directed by Adam Coughlan.
Distribution general manager Michael Cant says the role will not be filled and the structure will revert to that before van Rooyen’s appointment, with himself and Casarotti taking on the duties held by van Rooyen.
Casarotti and Coughlan reported through to van Rooyen but will now report to Cant.
CFS says the departure of van Rooyen was mutually agreed upon and he had not followed a number of other CFS staff who have joined the previous chief executive Chris Cuffe at CPH Investment Corporation.
Van Rooyen says despite a number of positive developments going on at CFS, it was not possible for him to remain in the position.
“I still feel my reputation is intact but a long-term role at CFS was not to be,” van Rooyen says.
Van Rooyen was previously the head of business development at Westpac before moving across to CFS in November last year, a month after leaving Westpac.
Prior to his departure from Westpac, van Rooyen was involved with business development on the consumer customers’ side of the group and prior to that was head of retail business development withWestpac Financial Services.
AUTHOR
Jason Spits
Recommended for you
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
WIth only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
