Geoff Lloyd

Financial services leader, Geoff Lloyd, has been named Chair of Entireti, Australia’s leading provider of licensing and services to financial advice businesses. Entireti is the parent company of subsidiaries including Akumin, Fortnum Private Wealth, Personal Financial Services and Entireti Alliances.

Lloyd replaces Ray Miles, Founder of Fortnum Private Wealth, who has served as Chair since 2009. Miles will remain on the Board as a Non-Executive Director.

Lloyd is a highly experienced and respected business leader whose previous roles include CEO of MLC, CEO and Managing Director of Perpetual, and Group Executive, Wealth Management at St George Bank.

His current directorships include Chair of Stake and Chair of DASH. He is also actively involved in the philanthropic and not-for-profit sector as Chair of The Fathering Project and a Non-Executive Director of Team Australia Challenge.

At Entireti, Lloyd will lead the Board and provide strategic advice to Entireti Group CEO, Neil Younger, and the group’s senior executive team.

“We are excited to have Geoff join and lead the Board at this pivotal time for Entireti,” Younger said.

“We have completed some significant M&A transactions in recent years and we’re now entering our next phase of growth. A key focus for the business is broadening our services and capabilities, and pioneering the deployment of AI-powered technology to build an Australian-first digital ecosystem platform for advice businesses.”

“Geoff brings extensive experience to the Entireti Board and his insights are invaluable. A key goal for us is to drive the productivity dividend inside advice practices and the Board plays an important role in assisting us to execute our strategy and realise our ambitions.”

For the past year, Lloyd has consulted to Entireti on strategic planning, governance and strengthening the group’s operating framework.

Throughout his career, he has been a vocal advocate for the professionalism of advice and improving the affordability and accessibility of advice.

“I’ve observed the evolution of Entireti with the greatest admiration for Neil and his leadership team, and I’m inspired by their commitment to pursuing business improvements and stepped change for advisers and the broader profession,” Lloyd said.

“Entireti has grown significantly, both organically and through M&A, and I’m excited to go on this growth journey together and support the business to solve the biggest problems facing advice businesses and deliver quality advice to more Australians.”

Younger also acknowledged Miles’ enormous contribution to the group for the past 17 years.

“Ray is arguably the strongest proponent of professional advice and the need to build strong advice businesses that this sector has known, and his stewardship has been critical in getting Entireti to where it is today,” Younger said.

“We thank him for his counsel and support for the business and the broader sector, and we feel fortunate that he will remain on the Board and continue to play an ongoing role in the growth and success of Entireti.”

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Perpetual Wealth Management has AU$21.9 billion in Funds under Advice as at 31 December 2025 and has been operating for more than 135 years. Perpetual Group’s wealth management business services high-net worth clients, not for profits, and private businesses through brands such as Perpetual Private, Fordham, Jacaranda Financial Planning, and Priority Life.

Geoff Lloyd, the former Perpetual Group CEO from 2012 to 2018, will become the Executive Chair of the business under Bain Capital’s ownership.

Australian-based Partners Mike Murphy and Charles Lawson have led the Bain Capital investment.

Mike Murphy said: “Perpetual Wealth Management is one of the best known wealth platforms in Australia. It has industry-recognised advisers and a highly respected brand. The business is underpinned by strong and defensive Funds Under Management; the depth of client relationships and the non-discretionary nature of trust funds set the business apart from competitors.

“The business has significant growth potential through targeted investment, including in systems and technology upgrades. Bain Capital will support management to deliver that growth.”

Charles Lawson said:“The Australian wealth sector is growing strongly, underpinned by macro trends including an aging population, wage growth, and the need to manage intergenerational transfers of A$5Tn+ over coming decades. Against this backdrop, financial advice in Australia remains highly fragmented and we believe there will be opportunities to help drive consolidation through the Perpetual Wealth Management business.”

Geoff Lloyd said: “Under Bain Capital’s ownership Perpetual Wealth Management will have the freedom to modernise, to innovate, and to grow, without losing sight of the values and heritage that define it. It is an exciting opportunity to create even more value for our clients and our people.”

The current intention is to complete the sale transaction towards the end of the 2026 calendar year subject to obtaining FIRB and ACCC approvals.

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Existing board members already include Geoff Lloyd, Peter Bobbin and Rodney Payne, and the addition of Goss brings further industry expertise to the role, as well as continued independence, strong guidance and more than a decade of recent experience with a number of the major insurers.

A former insurance executive, most recently Goss worked with MLC Life Insurance, where he was National Manager Debt Protection and Partnerships and a Regional manager, Bancassurance, Direct and Digital. Prior to this, he was Head of Adviser Distribution, Retail Advice at CommInsure where he was responsible for the businesses distribution strategy and managing the sales and support teams.

Goss was also Head of Insurance Retail Sales at ANZ Wealth and National Sales Manager, Life. Risk at Zurich Financial Services Australia.

According to iExtend CEO David Sarkis, the ability of iExtend to attract Board members of Goss’s calibre, demonstrates the integrity and value of iExtend’s proposition and its desire to bring the best people and opportunities to the table.

“We are delighted Kevin joins our Advisory Board adding further bench strength to our existing Advisory Board members who offer incredible industry insight and bring years of industry experience to the iExtend proposition and to understanding how it fits into a regulated market.”

iExtend launched last year and has been met with wide adviser support, offering them and their clients another option to the cancellation of life insurance policies.

“iExtend has a valuable role to play in ensuring the sustainability of life insurance, particularly in challenging market conditions such as now where the cost of living and rising premiums are making it harder for clients to view insurance as an asset,” said Sarkis.

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Geoff Lloyd

DASH Technology Group is excited to announce the appointment of Geoff Lloyd, as new Chairman of the Board commencing in September 2022. The group has also announced that Andrew Whelan will move into the permanent role of Chief Executive Officer.

Geoff brings over 25 years of leadership and extensive financial services experience working across employed and self-employed advice, dealer groups, platforms, asset management and both retail and corporate super.

Andrew Whelan said “we are thrilled to have Geoff Lloyd join as our new Chairman of the Board. He has unparalleled experience in accelerating sustainable growth of businesses and delivering innovation through a number of industry firsts.

“The fact that someone of Geoff’s calibre is joining DASH is a real vote to what we are trying to achieve with our strategy of being a true wealth management solutions partner.”

Andrew said, “The Board sees Geoff as the ideal person to lead DASH through its next phase of growth. He brings an extensive knowledge of platforms, corporate structuring and advice having led Asgard, AdvisorNetGain, BT Wrap, Perpetual and MLC. He is also highly respected by dealer groups and financial planners and led many advice businesses.

Mr Lloyd responded to the new role, said, “I am a true believer in the need to use technology and data to drive innovation across the advice and platform space and I am excited to join DASH as their new Chairman of the Board.”

Andrew said he is excited to lead what he thinks is the most innovative technology offering for advisers and broader wealth industry. He said the industry has been needed this for some time.

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Geoff Lloyd

Market entrant iExtend has made a number of senior appointments to its leadership and distribution teams, adding further experience and resources to support financial advisers seeking a more flexible and cost-effective way to maintain their client’s valuable life insurance.

Joining the iExtend team is former CEO of Perpetual and MLC, Geoff Lloyd who has been appointed to Chair of the Advisory Board, while industry stalwart and former Bankers Trust Australia Director and global partner of Bankers Trust NY, Rodney Payne is Chairman and Co-Founder – together bringing close to 70-years’ experience to the offer.

According to Geoff, iExtend is providing those Australians who need it most, a no-cost lifeline in terms of maintaining a portion of their life insurance cover.

“iExtend represents an opportunity for the insurance industry to demonstrate its innovation and commitment to being there for Australians by providing life insurance policyholders who are committed to cancelling their policies with another option.”

Rodney Payne also brings considerable industry experience, bringing together and running profitable customer-centric businesses from Bankers Trust Australia to having founded Zurich Capital Markets in early 2000.

“iExtend truly addresses a gap in the market, one which if addressed, can provide a lot more certainty and sustainability to insurance by helping Australians maintain valuable insurance life cover even when their circumstances change,” said Payne.

iExtend partners with life insurance owners to take co-ownership of the life policy, paying ongoing premiums on the cover which could have otherwise been cancelled. Co-owning a life policy with iExtend means policyholders can eliminate future premium payments from the percentage of the policy that was to be cancelled, providing a greater portion of any eventual claim for the policyholder’s family as well as greater financial certainty for them at time when they may need it most.

Joining the iExtend distribution team, Peter Clifford has been appointed QLD Distribution Manager. Peter has spent more than 30-years in the financial services industry and held several insurance specialist roles with insurance providers, adviser licensees and in corporate superannuation. Peter will work alongside Mark Stubbings, further strengthening iExtend’s national presence.

iExtend’s Head of Distribution Protip DasGupta commented, “The recent hires, not only expands our national presence but brings together a deep team presence with experience across wealth insurance and superannuation.”

Commenting on the appointments across the business, iExtend CEO David Sarkis said he was delighted by the calibre of talent who have joined the iExtend family.

“We have an exciting, fresh and innovative offer and it is great to see that not only advisers are responding enthusiastically, but also experienced industry professionals who know iExtend is filling a gap in the life insurance market. We are fortunate to have leading industry professionals at iExtend working to ensure advisers understand our offering and are provided the opportunity to retain and support clients in their best interest, despite having elected to cancel their life insurance.”

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David Sarkis

Market entrant iExtend will address a gap in the life insurance market by providing life insurance policyholders who are committed to cancelling their policies with another option, saving desperate Australian’s billions of dollars of cover forgone every year.

iExtend has launched an innovative new life insurance offer which partners with life insurance owners to share co-ownership of the life policy, paying ongoing premiums on the cover which would have otherwise been cancelled.

By co-owning a life policy with iExtend, policyholders eliminate future premium payments from the percentage of the policy that was to be cancelled, providing a greater portion of any eventual claim for the policyholders family as well as greater financial certainty for them at time when they may need it most.

Benefits of co-owning with iExtend include:

• the opportunity for policyholders to maintain cover where health conditions may be impacting their life expectancy
• greater certainty over the inter-generational transfer of wealth
• increasing consumer confidence in the life insurance industry that it will be there when Australians need it most.

Currently many Australians facing retirement on reduced disposable incomes are driven to cancel their policies due to increasing insurance premiums which can typically rise 10-15% per annum. According to KPMG, the average premium increase per policy for risk products in the 12 months to 31 December 2021 was 12% per annum and 24% over the past two years.^[1]

iExtend estimates it will return approximately $25-$50 million in life insurance claim benefits over the next ten years to ordinary Australians who would otherwise have been forfeited as a result of a reluctant cancellation.

According to iExtend CEO David Sarkis, central to the iExtend business model is the desire to lead through innovation, integrity and social prioritisation to address a forgotten segment in the life insurance market.

“iExtend wants to fill a gap in the insurance market and to partner with financial advisers and insurance providers to ensure policyholders can continue the valued relationship they have with them by accessing a flexible, innovative and alternative insurance option.”

iExtend is currently working with adviser networks across the advice industry, including self-licensed advisers which represent the largest adviser segment (24%) of the 17,351 licensed advisers in the market.^[2] Advisers are responding to this unique opportunity to maintain the valued relationship they have with their clients and to deliver on their ‘best interest’ obligations.

At the heart of the iExtend offering and its market approach is its leadership team which includes industry stalwart and a former Executive Director of Bankers Trust Australia, Rodney Payne, a cofounder, who has been appointed Chairman and former CEO of MLC and Perpetual, Geoff Lloyd who is Chair of Advisory Board.

“We are excited to be bringing this flexible and innovative life insurance option to the Australian market and to provide a social wellbeing and quality of life benefit to those we partner with whilst also helping the insurance industry provide sustainable products and continue to service this market segment,” said Sarkis.

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[1] KPMG Life Insurance Insights 2021
[2] Adviser Musical Chairs Report Q4 2021

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Mr Clarke joins MLC from Queensland Investment Corporation (QIC) where he has been Chief Risk Officer for the past seven years. He joined QIC in 2007 following four years with Macquarie Bank’s Financial Services Group. Earlier in his career he worked with Linklaters in London and Tokyo as well as Clayton Utz in Sydney.

MLC Wealth Chief Executive Officer Geoff Lloyd said Mr Clarke will join a newly formed and highly experienced MLC Executive Leadership Team which has created good early momentum in transforming the business while remaining focused on meeting client needs which in many cases have intensified during the coronavirus pandemic.

“While risk management is everyone’s business at MLC, we need strong and experienced leadership to ensure our enterprise risk management framework and culture is robust, fit for purpose, and enables us to meet the expectations held by all stakeholders including clients, regulators and our people.

“This requires modern leadership and contemporary risk management. David has a reputation for developing great teams and industry leading approaches to how risks are managed, encompassing all aspects of operational, strategic, emerging and external risk factors.

“We’re very much looking forward to David’s leadership contribution,” Mr Lloyd said.

Mr Clarke will commence at MLC in early October.

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Geoff Lloyd

Perpetual Limited (Perpetual) has delivered solid results for the six months to 31 December 2017 with statutory net profit after tax (NPAT) of $68.1 million, up 3% and revenue of $266.8 million1 , up 6% on 1H17.

The Board has determined to pay a fully franked interim dividend of 135 cents per share, up 4% on 1H17.

Chief Executive Officer and Managing Director Geoff Lloyd said, “We are pleased to have delivered another solid result, particularly at this time when consistency and returns are highly valued by shareholders and clients alike.

“Over the half we have maintained our steadfast focus on protecting and growing Perpetual for our clients – many of them multi-generational – our people and our shareholders.

“Across Perpetual Investments, Perpetual Corporate Trust and Perpetual Private our clients have continued to benefit from the focus and commitment of our team who diligently ensure client interests are served now and in the future.

“With our Lead & Grow strategy continuing to provide a clear strategic framework for the group, Perpetual is a strong business well positioned to face into changing and often unpredictable market conditions,” Mr Lloyd said.

Business Unit overview

Perpetual Investments

In 1H18, Perpetual Investment’s profit before tax was $58.1 million, which was $0.7 million or 1% down on 1H17.

“We are long term value investors and we look to provide value for our clients across a range of strategies including our highly regarded Australian Equities, Multi Asset, Credit and Fixed Income, and Global Equities products. We have a proven approach, a respected brand and a quality investment team focused on performing.

“We continue to focus on building out our global equities capability and our Global Share Fund has delivered above benchmark performance over 1, 2, 3, 5 and 7 years.

“Our credit and fixed income team has closed the half well with all strategies above benchmark over all time horizons.

“And we have recommended ratings across our suite of Multi Asset products, testament to the strong, stable and experienced team we have in place,” he added.

Perpetual Private

Perpetual Private’s profit before tax was $23.1 million, which was 24% higher than 1H17. The result reflects the business’ segmented high net worth strategy targeting medical specialists, professionals and high net worth individuals.

“In 1H18 Perpetual Private delivered its ninth consecutive half of net client growth, and importantly, all new clients were within our target segment.

“Fordham’s strong growth continued and it remained the largest referral partner to our advice business, highlighting their ongoing contribution to Perpetual Private’s overall strong result.

“Perpetual Private is a trusted brand with a strong heritage and clients spanning multiple generations. We will continue to execute on our strategy to find new opportunities and deliver growth for the business,” said Mr Lloyd.

Perpetual Corporate Trust

Perpetual Corporate Trust’s profit before tax was $19.8 million, which was 18% higher than 1H17, with strong revenue growth in both the Debt Markets Services and Managed Fund Services businesses.

“Perpetual Corporate Trust continues to be a strong and consistent contributor to the profitability of Perpetual, and the diversification within the business is proving successful.

“Our Debt Market Services division remains a clear market leader, and saw consistent growth in the first half. And importantly, the Managed Funds business was appointed to a number of significant roles in 1H18, which led to a greater contribution to PCT’s revenue growth,” Mr Lloyd said.

Key Points

•  NPAT of $68.1 million, up 3% on 1H17
• Fully franked interim dividend of 135 cents per share, up 4% on 1H17
• Solid results highlight the continued diversification across Perpetual Private, Perpetual Investments and Perpetual Corporate Trust

[1] Underlying revenue excluding net structured investments revenue of $2.5m.

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Mr Lloyd said, “It has been such a privilege to lead Perpetual. We have both fixed and grown the business. Perpetual is a profitable and growing business with a strong brand and reputation, a great team and terrific client relationships.

“As we started to build the company strategy for the coming three to five years, I felt I wouldn’t be able to commit over the long term and so now is an important time to hand over the leadership of Perpetual. I will leave as a friend and supporter of this great company,” Mr Lloyd said.

Perpetual Chairman, Tony D’Aloisio, said, “I would like to thank Geoff for his leadership and commitment to Perpetual. He has delivered strong results for our clients and shareholders through leadership, passion and determination to improve and grow the company.

“Geoff’s replacement will be appointed following consideration of internal candidates together with an external search. Geoff will continue in the role of CEO until 30 June 2018 and then remain available for a handover to his successor,” Mr D’Aloisio said.

Mr D’Aloisio noted the lead time and handover arrangements have been designed to allow for a smooth leadership transition.

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Geoff Lloyd

Highlights:

• FY17 NPAT of $137.3 million, up 4% on FY16
• Fully franked full year dividend of 265 cents per share, up 4% on FY16
• Perpetual Investments continues to deliver strong long-term investment performance
• Perpetual Private benefits from client growth in the high net worth market and Fordham expansion
• Perpetual Corporate Trust delivers strong results and expands digital offering

Perpetual Limited (Perpetual) has announced statutory net profit after tax (NPAT) of $137.3 million for the year ended 30 June 2017, up 4% on FY16, and revenue of $515.4 million, also up 4%.

A final dividend of 135 cents per share was determined by the Board, delivering a full year dividend of 265 cents per share, fully franked.

Chief Executive Officer and Managing Director Geoff Lloyd said, “Perpetual has achieved a solid result while continuing to invest in key areas of the business.

“We are pleased our financial performance and the strength of our business have allowed for an increased final dividend of $1.35 per share.

“Across Perpetual Investments, Perpetual Corporate Trust and Perpetual Private, this is a strong business which is delivering results while also being positioned for the future through our Lead & Grow strategy. We have good momentum across our new initiatives,” Mr Lloyd said.

Business Unit overview

Perpetual Investments

In FY17, profit before tax for Perpetual Investments was $116.5 million, 1% lower than FY16. This was largely driven by lower performance fees and partially offset by higher average funds under management due to higher equity markets.

“Our team in Perpetual Investments continues to deliver to clients,” Mr Lloyd said. “In spite of challenging market conditions for active value investors, 88% of our funds are in the first or second quartile over five years, 100% over seven years and 83% over ten years1 .

“For more than 50 years our teams of investment professionals have focused on long-term outperformance through active management. We are building our global equities capability and are particularly pleased with performance in the relatively new Global Share Fund, which has outperformed its benchmark by 4.8% over 1 year and 3.5% p.a. over 5 years2 .

“We have also seen strong consistent performance in fixed income and credit over all timeframes, and good client support resulting in market share growth,” he said.

Perpetual Private

Perpetual Private’s profit before tax was $40.5 million, 18% higher than FY16. This increase was a result of new client growth in target segments, as well as higher non-market related revenue and higher equity markets.

Perpetual Private’s targeted client segmentation strategy has now delivered eight consecutive halves of net new client growth.

“In line with our Lead & Grow initiative to expand Fordham, we have increased presence up the eastern seaboard and delivered significant revenue growth. Fordham is now a leading referrer for Perpetual Private’s strategic financial advice services. Additionally our medical education and advice business, The Private Practice is reaching a wide audience of medical professionals and attracted 70 new medical specialist clients during the year,” Mr Lloyd said.

Perpetual Corporate Trust

Perpetual Corporate Trust’s profit before tax was $36.7 million, which was 8% higher than FY16, driven by growth in Managed Funds Services, underpinned by strong commercial property and infrastructure markets.

“Perpetual Corporate Trust had a successful year. In securitisation markets FY17 was the highest year for issuance since the GFC, while our Managed Funds business grew strongly again on the back of inbound capital flows into Australian property and infrastructure.

“Perpetual Corporate Trust’s rich data set provides a springboard for new product innovation, and the team this year successfully launched ABSPerpetual Business Intelligence, a dynamic data analytics platform for existing and new clients. This opens new revenue growth opportunities as we help financial institutions with their lending, credit and investment strategies,” Mr Lloyd said.

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[1] Mercer wholesale surveys, quartile rankings, June 2017
[2] Perpetual Global Share Fund 3 and 5 year performance based on the Global Share Fund Class W (i.e. incubation version). 3 year track record of the Fund available September 2017

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