According to Plan B Group Executive of Product and Distribution, Paul Cramer, Plan B has always believed that the right way of focusing on clients’ best interests is to ensure its advisers share the company’s client-centric values. And working in a boutique, independent firm ideally positions them to do this.
 
“There has been a lot of talk in the market about advisers being enticed to move with large sign-on bonuses, but Plan B has never agreed with this approach. We are keen to build our advisory team, but only with dedicated advisers who want to make a difference to our clients’ lives,” he said. “It is hard to see how sign-on bonuses are in any client’s best interests, and they are certainly not the way to create a cohesive, successful team of advisers.”
 
The two appointments announced today will add further depth and talent to the Plan B team.
 
Des Luplau has over 25 years’ experience in financial services. Prior to his appointment to Plan B, Mr Luplau worked as a financial adviser for the Horizon Investment Solutions group. His other previous positions include as a General Manager for AE Hoskins and with Westpac Financial Planning.
 
Scott Harvey began his career as a manager for accounting practice, Nissen Hestel Harford, moving to Candor Financial Management in 2007 as Financial Adviser and Group Financial Controller.  Scott‘s background as an accountant has given him the technical skills with which to build a career in wealth management, where he specialises in taxation and superannuation.
 
“Plan B’s strategy is to grow our team, but with advisers who share the Plan B ethos,” said Paul Cramer. “We are very much looking forward to the contribution that Des, Scott and other coming appointments will make to our business.”

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Mr James brings additional strength and over twelve years’ experience in the financial planning industry to the Plan B team, where he will be responsible for building on Plan B’s partnerships with companies to help their staff reach their financial and lifestyle goals. 

Plan B Group Executive of Product and Distribution, Paul Cramer, said: “Kieren’s appointment is in line with Plan B’s growth strategy and is a testament to our commitment to providing strategic financial advice to executives and staff of our partnered companies as part of their employment benefits. 

“Kieren’s expertise in financial planning and his commitment to achieving real outcomes is essential to his new role as Business Development Manager and we welcome him to the Plan B Executive Advisory Services team.” 

Most recently, Mr James worked at Shadforth Financial Group as Private Client Adviser where he specialised in providing personal financial planning to high net worth clients. Prior to this, he spent over eight years delivering financial education and services for large employers and member-based organisations as Senior Financial Planner and Team Leader at Outlook Financial Solutions. 

Mr James returns to Plan B having worked as a Technical Adviser for the company over a decade ago when the company was previously known as Plan B Financial Services. 

Commenting on his appointment, Mr James said: “I feel very fortunate to be returning to the Plan B Group and to again be teamed with like-minded quality advisers and executives. I am looking forward to getting straight into the job at hand and strengthening our relationships and offering with key businesses throughout Australia.”

7 June 2012

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The purchase increases Plan B’s shareholding in the My Adviser business to 93% and strengthens its foothold in the eastern states. The remaining 7% is held by My Adviser’s Managing Director, Ms Philippa Sheehan, and will be acquired by Plan B subject to My Adviser meeting agreed performance hurdles.

The transaction is a significant growth initiative for Plan B under the leadership of Chief Executive Officer, Mr Andrew Black. An increased presence in the eastern states of Australia has been an important part of that growth strategy.

My Adviser comprises 62 advisory businesses with 134 Authorised Representatives and has approximately $1 billion in funds under advice.

“We’ve always known that My Adviser represented a great opportunity and a strategic fit for us. We share the same fundamental values and client-focused approach,” said Mr Black.

He went on to say that the timing was particularly opportune given the current industry uncertainty in relation to FoFA.

“We’ve been relatively comfortable with the unfolding changes because, in most regards, they align with what we’ve been doing at Plan B for some time. This move gives us the chance to realise operational efficiencies and provide support and benefits for both Plan B and My Adviser” he said.

Philippa Sheehan also welcomed the move. “As far as we are concerned, completing the transaction ahead of schedule has delivered greater certainty in the face of a changing environment by combining resources with a highly respected and like-minded organisation sooner,” she said. “We’re very happy with the direction in which Plan B intends to move and believe that the combined group will benefit both our Authorised Representatives and their clients.” 

Sixteen years after establishing My Adviser, Michael Summers said the change in ownership represented an ideal time for him to step down from his current position as Chairman and to retire from all executive functions. Mr Summers is pleased that the company is in the capable hands of the next generation of managers to carry it forward. He will work with the business for a transitional period and will continue to be involved in industry associations.

The total consideration for the purchase of $1.733 million, which includes $0.49 million that is subject to future performance hurdles, will be funded from a combination of drawing down against existing bank loan facilities and from Plan B’s existing cash reserves.

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Mr Nile brings extensive specialist experience in the operations, IT, risk and advice space to Plan B, with particular capability in major enterprise-wide project management. 

“Matt has an extraordinary track record in our industry and a demonstrated skill in bringing together the mission-critical streams of a growing business in a manner that ensures robust governance while driving organisational performance and efficiencies,” said Mr Black. 

“His appointment marks another step toward our strategic goals, ensuring that at the executive level we have the skills and strengths required to execute our plans and drive efficiencies within the business – despite the challenges of a rapidly changing and at times uncertain regulatory environment. 

“Many advice firms are in something of a limbo as FoFA unfolds – however that is far from the case for Plan B. Matt’s appointment is another sign of our commitment to move steadily ahead.” 

Matt Nile has built a reputation as a solutions-oriented performer with a passionate approach, and one who thrives on challenges. His career highlights to date include his role at BT Financial Group where he managed the risk integration of the wealth management businesses of Westpac and St. George – one of the largest mergers in Australian corporate history.  His most recent role was as Head of Program Management – Advice at BT, where he was involved in delivering efficiencies in advice and ensuring the business is risk and compliance ready. In the past he has also consulted to a number of high profile clients, in Australia and the United Kingdom. These include Aristocrat Leisure and Standard Life. 

In addition to his project management expertise in financial services and wealth management, Mr Nile has a strong background in information security management including consulting on a top-ten priority UK government project.

“My skills and interests are tailor-made for this position at Plan B and I relish the opportunity to be part of a dynamic and exciting growth story,” said Mr Nile. “There is real satisfaction in putting plans into action and seeing measurable outcomes, and this role is all about doing just that. It’s great to be working in a company that has such a strong vision for the future.” 

Mr Nile will commence with Plan B on Monday 9 January 2012.

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Mr Black welcomed the arrival of Mr Cramer, who will lead the firm’s critical areas of wealth management (advice) product and business development. 

“I am pleased to be able to attract an executive of Paul’s calibre to the team, and look forward to Plan B capitalising on the growth and development opportunities ahead of us. In talking to all of our advisers and staff in recent weeks I am even more confident that Plan B is uniquely placed to grow both as a business and a high quality advice provider to clients,” said Mr Black. 

Mr Cramer brings a distinguished track record with a number of quality financial services brands, including MLC, William Buck and Macquarie Private Wealth. He is a Certified Financial Planner and has held specialist senior management, sales management and business development roles. 

“I am delighted to be joining Plan B and returning to my roots in the financial advice sector,” said Mr Cramer. “The current environment in Australia supports the premise that holistic, ethical advice will continue to rise to the top, supported with quality financial products that are in the best interests of the client.”

Mr Cramer will officially start with Plan B on 21 November 2011.

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Mr Black joins the company at a critical juncture for the financial planning profession in Australia. Plan B’s client-focused heritage means the company is on a firm footing to embrace the proposed legislative reforms announced recently within the Government’s Future of Financial Advice (FoFA) package. 

The strong ethical base and client-focused values are a competitive advantage for Plan B, and one of the key reasons Mr Black was attracted to the role. 

“With the first tranche of FoFA now released, I can see a number of fresh growth opportunities for professional planning firms that offer quality, professional advice. In this respect, Plan B is one of our industry’s best kept secrets, in terms of its high quality service offering, client focus and organisational culture,” said Mr Black.

Plan B Chairman, Bryan Taylor, said: “We are pleased to welcome Andrew, and look forward to his efforts in helping us achieve our long-term strategic goals. The Board is confident that we have selected a CEO who truly understands the Plan B fiduciary heritage and client-centric approach.

“I can proudly say we are ahead of the game in terms of the proposed FoFA legislative standards and consumer protection measures. This means Plan B, under Andrew’s guidance, can focus on the growth opportunities the environment presents. Andrew’s commercial and business acumen will be most valuable in this regard,” he said.

Mr Black added: “Financial planning is a genuine service business. By its very nature it is also a people business, and so part of my role is to retain the high quality people at Plan B, while fostering a new generation of great people to carry our strong value proposition forward.”

Mr Black will officially start with Plan B on 19 September. He brings 30 years’ experience within the financial services industry, most recently as head of Skandia Australia Ltd when it was part of the global Old Mutual Group. He will report to the Board of Directors of Plan B.

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