Jeff Thurecht

NSW-based financial planning businesses Evalesco Financial Services (Evalesco) and Principal Edge Financial Services (Principal Edge) are pleased to announce a strategic merger, leveraging their combined expertise to offer unparalleled financial advice to Australian clients.

Evalesco CEO Jeff Thurecht will lead the combined business as CEO. Principal Edge Founder Bruce Kluk will remain on as a director, owner and financial adviser, focusing on long-term growth through the Principal Edge family office offering.

All staff from Principal Edge including its six advisers will remain in the business, and both brands will continue to operate side by side, while sharing their resources to unlock additional efficiencies, growth and opportunity.

Evalesco CEO Jeff Thurecht said, “Our merger is a natural evolution that aligns with our shared values and vision for the future; two teams committed to providing advice for a healthy, wealthy and happy life. Together, we are excited to build a stronger, more resilient advice offer that will continue to provide exceptional service to our clients,” he said.

The new senior leadership team will be led by Thurecht, alongside Director Marshall Brentnall and General Manager Belinda Marley-Wallace from Evalesco.

Principal Edge Founder Bruce Kluk said, “I am proud of what we have achieved at Principal Edge, over the last 36 years, and I’m confident that this merger will ensure continued success and growth. I look forward to supporting the new leadership team and contributing to our long-term vision,” he said.

“Bruce has built a firm that is an institution within its community and has made an immense contribution since the late 1980s. We are grateful to have his expertise as we bring together two businesses, with a strong growth trajectory, so we can continue to provide high quality advice for our loyal and growing client base,” added Thurecht.

The merger will also provide ongoing professional opportunities for both Evalesco and Principal Edge staff, ensuring they continue to have meaningful career paths within the organisation.

“Our people are our greatest asset, and this merger will create new opportunities for growth and development,” said Thurecht.

Evalesco is also proud to employ six talented female advisers, among a wider group of 17 female managerial and specialist talents. This ratio of female advisers is a unique standard in the financial planning industry.

“By providing ongoing support and opportunities, we ensure that our female advisers can build fulfilling and rewarding careers with us. We remain dedicated to fostering a diverse and inclusive workplace where everyone can thrive,” concluded Thurecht.

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Recipients of the 2019 round receive professional development packages, which include a 2019 AFA Conference registration, attendance at AFA events including Masterclasses and ongoing events, along with networking and support from MetLife Australia.

Amongst the winners is Cassandra Scoble, who applied for the grant because she recognised the opportunity to expand her skills in financial advice, along with other accomplished women in the finance industry. Commenting on the opportunity, Ms Scoble said: “I’m thrilled to receive this professional development grant from MetLife and AFA – I know it will be a great way for me to further my career and do the best I can for my clients. The client landscape for financial advice is changing and we need to keep pace with that. This is a great way to make sure women, who are still outnumbered by men in the industry, have the development opportunities they need to succeed. I’m really grateful for that.”

MetLife Progress was created to advocate for greater diversity in the industry by helping women in financial advice achieve their career goals.

AFA CEO, Philip Kewin said of the winners, “The AFA is proud to support the professional development of emerging female advisers and paraplanners with this grant. We are very impressed by the high standard of the grant applications we received and we are confident that both the profession as a whole and the recipients themselves will reap the rewards of this initiative.”

MetLife’s Head of Retail Sales, Matt Lippiatt said, “I want to congratulate the inaugural MetLife Progress recipients. They are a high calibre group of women who are each blazing trails in their own way within the profession. We are delighted to be able to partner with the AFA to bring this initiative to life. Not only will these advisers benefit from this opportunity, but so too will their clients.”

The other MetLife Progress grant recipients are Rhianne Rees, Rochelle Leese, Emma Fowler, Ewelina Barilka, Samantha Henry, Amanda Montesin, Indee Herath, Rebecca Maher, Errin McDowall, Angela Reade, Cara Williams, Melissa Robin and Katherine Hope.

The judging panel was made up of  Rachel Towell (MetLife), Jeff Thurecht (Evalesco Financial Services), and Natalie Kleibert (AFA).

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The working group will address issues such as the quality of advice, product design and remuneration structures which were raised in ASIC’s Review of Retail Life Insurance and Advice report released on 9 October.

As independent chair, Mr Trowbridge will convene the working group and facilitate industry and policy solutions. The group will specifically address retail life insurance product structures, financial advice and distribution practices.

Brad Fox, CEO of the AFA said: “Mr Trowbridge brings extensive knowledge of Australia’s regulatory system to the Working Group. This will be pivotal in assisting the group to develop sustainable and workable solutions for stakeholders.”

Mr Trowbridge’s experience spans the private and public aspects of the financial system and ranges from competition in retail financial services, to capital structure issues, system stability and regulation. From 2006 to 2010 Mr Trowbridge was one of three Members of APRA’s executive where he was responsible for life and general insurance and executive remuneration. He was a pioneer of general insurance actuarial work in Australia and held senior management roles with QBE and Suncorp. In 1981 he started Trowbridge Consultingwhich became a leading actuarial firm in Australasia and which merged with Deloitte in 2000. Also, after merging with a US firm (Tillinghast) in 1984, he gained extensive experience in life insurance and, on deregulation of banking.

Mr Trowbridge said: “The ASIC report points to some important issues for consumers and the broader Australian community. These are complex and difficult issues for the life insurance and advice industries to solve.”

“I applaud the Association of Financial Advisers and the Financial Services Council in taking the initiative to set up a Working Group which will make a concerted effort to find durable solutions in consultation with all stakeholders.”

“I am delighted to contribute to this initiative through leadership of the Working Group,” he said.

The Working Group will include three representatives from the FSC and three from the AFA. The FSC’s representatives will be: John Brogden – FSC CEO; Andrew Hagger – group executive, NAB Wealth and CEO of MLC Limited; and Geoff Summerhayes – CEO of Suncorp Life.  AFA representatives will include: Brad Fox – AFA CEO; John de Zwart – CEO of Centrepoint Alliance and Jeff Thurecht – AFA NSW State Director.

A public report on the group’s initial findings will be released in mid-December and a final report in February 2015. The Working Group will consult with the regulators and Parliament on its recommendations.

John Brogden, CEO of the FSC said: “We take the findings in the ASIC report very seriously.”

“It is important that consumer trust and confidence in financial advice and products is restored to ensure Australians have sufficient life insurance cover.”

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Deborah Kent

The Association of Financial Advisers (AFA) announced its new Board of Directors (the Board) at the AFA National Adviser Conference in Cairns yesterday, with former AFA Treasurer, Deborah Kent, appointed National President for a two-year term.

Ms Kent said the incoming Board is committed to the AFA Strategic Plan, and each member brings a range of different experiences and talents to the table.

“This Board comes to the helm at an incredibly challenging and exciting time for the advice profession,” she said. “All directors have clearly expressed their desire for the AFA to continue living up to our reputation as the association of choice for financial advisers.”

Every director on the AFA Board is required to be a practising financial adviser. “This contributes to the strong pro-advice advocacy the AFA provides on behalf of our members and their clients. It’s a strong, energetic team,” she said.

Ms Kent is also chair of the AFA Inspire initiative and was appointed to the role of AFA Treasurer earlier year from the role of NSW State Director. Ms Kent has owned her financial planning practice, Integra Financial Services, for over 18 years.

AFA CEO Brad Fox acknowledged the attributes Ms Kent brings to the role. “Deb has already made a significant contribution to the AFA and is well-equipped to lead the Association,” Mr Fox said. “She brings experience, enthusiasm and candour to what is a very demanding role.”

Mr Fox recognised the considerable achievements of outgoing board members, including Michael Nowak’s contribution as National President over the last two years.

“Michael’s contribution to the AFA in his time as National President has been instrumental to our overall vision for the future of financial advice,” he said. “He and his Board worked tirelessly to provoke new thinking and ideas to help the AFA grow, to develop professionalism in advice and to represent our members and their clients with authentic leadership and conviction in what has been a very challenging two years for financial advice.”

The AFA has welcomed three new Board members for a two-year term including 2013 AFA Adviser of the Year Jenny Brown to the role of Vice President, 2008 AFA Rising Star winner Chris Browne as Victorian State Director and James Ford as WA State Director. Former Victorian State Director Steve Crawford was elected to the role of Treasurer.

The 2014-2016 AFA Board:

Executive Directors

• President – Deborah Kent
• Vice President – Jenny Brown
• Treasurer – Steve Crawford

State Directors

• NSW- Jeff Thurecht
• VIC- Chris Browne
• QLD- Dianne Charman
• SA- David Slovenic
• WA- James Ford
• TAS- Matthew Hawkins

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