Ms Berry is an accomplished director who has advised public listed entities and privately owned businesses with an emphasis on advice and regulatory expertise.

Her appointment replaces Mr Peter Brook, who formally departs the Board effective today.

Ms Berry currently serves as Director of the Tax Practitioner Board and as Director of the Future2 Foundation.

She was formerly Chair of a subsidiary company of ASX listed company CountPlus Ltd (ASX: CUP), Chair of the Financial Planning Association of Australia and Chair of the Institute of Financial Advisers in New Zealand.

Xplore Chairman Alex Hutchison said the Board welcomes Julie Berry, who, among her many business accolades, was also an Australian representative to the international Financial Planning Standards Board Ltd, the Global Standards Body for financial planners comprising some 32 member countries.

Ms Berry holds a Diploma of Financial Planning, is a life member and fellow of Financial Planning Association of Australia and is a graduate of the Australian Institute of Company Directors.

Following this appointment, the Xplore Wealth Board will have 4 Non-Executive Directors.

“Ms Berry’s experience demonstrates leadership, change management and stakeholder management skills,” said Mr Hutchison.

“These skills together with her broad financial services industry experience that includes financial advice, superannuation, not for profit, government and domestic and overseas regulation, are well regarded and the Board looks forward to her contribution for the mutual benefit of the Xplore Wealth business, its clients and shareholders”.

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Mr Wright joins the Company following an extensive executive search.

Formerly General Manager for Bank Financial Advice at BT, Mr Wright led and implemented the strategic direction of the business to promote growth through the provision of quality, compliant personal advice.

“The opportunity to lead Xplore Wealth Limited during this formative time for the Company is genuinely exciting as the wealth management and financial services sector is transforming, creating growth opportunities”.

“The Board has embarked on a targeted programme to grow and expand Xplore Wealth. I feel my experience and knowledge is well aligned with the qualities that Xplore Wealth requires to lead this expansion.  I also believe a strong business relies on empowering its people to bring to life a clear direction and vision, resulting in tangible benefits which will create positive results for its clients. I am energised to achieve these results by leading the highly capable team at Xplore Wealth, for the mutual benefit of the Xplore Wealth business, its clients and shareholders” said Mr Wright.

XPL has previously reported three corporate acquisitions, a broadening of the products and services that XPL offers and an increase in funds under management from $1 billion at time of listing (June 2014) to $13.5 billion.

Non-Executive Chairman Mr Peter Brook said: “The Board set a new direction and agenda for the Company, starting with the rebrand to ‘Xplore Wealth’ and now the establishment of a fresh, high calibre leadership team. We are excited to welcome Mike as Xplore Wealth’s new CEO to lead this new era and to work together to deliver on the full potential of the Company and its refreshed product offerings.  The Board has set a realistic agenda for growth for the Company and looks forward to the journey ahead.”

Xplore Wealth is also pleased to advise that a further announcement regarding the appointment of the new Head of Distribution and Marketing at Xplore Wealth is imminent.

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Peter Brook

Xplore Wealth Limited (ASX: XPL) has announced the sale of its 50% equity holding in the highly successful, Queensland-based financial planning practice McGregor Wealth Management.

Xplore Wealth has signed a binding agreement to transfer its shareholding back to an entity controlled by Rob McGregor for a consideration of $500,000 plus the repayment by this entity of $225,000 in loan funds.

McGregor Wealth Management is a financial advice business founded by Mr McGregor, one of Australia’s leading financial planning practitioners and industry entrepreneurs, having also co-founded the highly successful GPS Wealth.

The equity sale follows a request by McGregor to buy back the Xplore Wealth shareholding in his firm.

Strategic direction

The separation of advice from investment administration services is aligned to the broader industry trend of de-coupling advice from product and enables Xplore Wealth to focus on its strategic vision to support high quality advice practices with its platform solutions.

“Xplore Wealth was pleased to support Rob establish his business, and we’re proud to see it up and running successfully today. We look forward to continuing to support Rob and his team through our platform solutions”.

“We thank Rob for his professionalism and wish him the very best in his future endeavours as a provider of high-quality financial planning services in Australia,” said Peter Brook, Xplore Wealth Limited Non-Executive Chairman.

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Peter Brook

Xplore Wealth Limited (Xplore Wealth) ASX:XPL has announced the launch of a new wrap platform solution for discretionary investments, superannuation and pension monies.

The wrap delivers enhanced functionality and investment market access to advisers operating across a broad range of business model, client type and super/ non super client needs.

Called Xplore Wrap, the wrap platform is the first to be launched under the recently rebranded Xplore Wealth. Promising a ‘world of investments’ Xplore Wrap offers true multi-currency and multi-market investment access and trading through your broker of choice, among a number of other key benefits for investment, superannuation and pension investors.

Commenting on the product launch, Xplore Wealth Non- Executive Chairman Peter Brook said: “Xplore Wrap was developed partly to help transform client and adviser relationships. It offers advisers a genuine range of investment solutions to meet a choice of client need”.

“For example, advisers can provide clients with the advanced benefit of a consolidated view of investments, access to managed funds, international securities and portfolio rebalancing under a single instruction,” Mr Brook said.

Xplore Wrap delivers access to a range of managed funds, ASX listed equities, international securities on 28 exchanges and a range of cash investment products. It is managed via a single ecosystem with streamlined reporting and can support both adviser and investor-led investment decisions.

“The Xplore Group is delighted to be introducing this new wrap solution, which complements the existing managed discretionary account (MDA) capabilities.It helps to support an evolving market landscape and the more sophisticated client investment need prevalent today,” said Mr Brook.

“Increased transparency in the investment decision-making process, combined with Xplore’s deep industry expertise and administrative track record has enabled us to deliver the first of several planned new products offering a simplified and clear approach that efficiently supports our loyal advisers and their clients.”

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Mr Giffin joined the group in 2016 as a consultant and most recently held the role of Head of Risk Management, Legal and Compliance. He has over 30 years’ experience in executive director level business management roles.

In addition, Mr Giffin has extensive global experience having held executive regional and global roles in risk management and compliance at Nikko Asset Management Limited, Barclays Global Investors, Fortis Investments, BNP Paribas and St. George Bank.

The group also announced the appointment of Sanja Petrovic as Head of Information Technology responsible for aligning the technology strategy and solutions with the Company’s business plan. Ms Petrovic joined the group in 2008 as a Programmer Analyst and most recently held the position of Head of IT for the MDA division.

Ms Petrovic has extensive IT experience across various aspects of the IT function including vendor management, infrastructure migration, software development and integration as well as data migration.  Ms Petrovic is dedicated to delivering client-centric solutions and to aligning the technology and business strategies.

Mr Peterson has been promoted to the role of Relationship Manager within the Distribution team effective July 1, 2019. Mr Peterson joined the group in 2012 and most recently held the role of Client Service Officer.

“The calibre of these internal promotions is testament to the breadth of experience we have within the business,” said Peter Brook, Non-Executive Chairman.

“These appointments, complemented by the recent announcement that Bruce Hawkins will be joining as CFO, strengthen the Company’s plans for future growth.”

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*Shareholders of Managed Accounts Holdings Limited will vote on the new name Xplore Wealth Limited on 12 April 2019

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A well-regarded finance executive and member of pioneering executive teams within the investment platform sector across the Australian superannuation and wealth management industry, Mr Hawkins brings more than 25 years’ experience to his new role.

His organisational experience includes change management, consulting and leadership roles with prominent organisations in the wealth arena including MLC/National Australia Bank, Aviva Australia and ESS Super.

“The chance to join the Company during this period of brand, platform and operational renewal and guided by a Board focused on growth opportunities is somewhat rare. I of course accepted with both hands.  I am looking forward to playing my part in the 2019 growth strategy including the launch of the new Wrap platform expected in Q2 2019,” Mr Hawkins said.

Chairman Mr Peter Brook said: “We are delighted to welcome Bruce Hawkins in the critical CFO role and to also benefit from his sector expertise. The Company believes the appointment adds to its breadth of executive leadership at a pivotal time for the business and its customers”.

“The experience Bruce brings is difficult to replicate, particularly his hands-on knowledge with business transformation and customer experience within platform administration and superannuation.  Combined with his financial and strategic acumen as CFO, we feel encouraged that Bruce will play a part in the future growth plans of the Company,” Mr Brook said.

“Supported by new executive and operational people with great industry experience, the Company is reaffirming its commitment to its customers and endeavouring to maintain its place as a leading independent platform provider in the Australian market,” Mr Brook concluded.

Shareholders of Managed Accounts Holdings Limited will vote on the new name Xplore Wealth Limited on 12 April 2019

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This strong brand was chosen to reflect the company’s universal growth purpose and underline its offering as a leading independent investment platform solution for wealth management professionals.

The brand refresh will be accompanied by a program to familiarise the market and clients on its integrated offering and competitiveness to service advisers and their clients’ needs.

“The directors believe that the business is well placed for growth.  Our renewed focus is on offering advisers and their clients a world of investments within a diverse, but simple platform solution,” said Xplore Wealth Chairman Peter Brook.

Xplore Wealth offers investment platform solutions to meet all business models, including superannuation and non-superannuation, discretionary and non-discretionary, custodial and non-custodial, self-managed or adviser-managed portfolios and international or domestic shares. The firm will also shortly launch both a superannuation and non-superannuation Wrap solution.

“As business and industry challenges become more complex, we seek to offer our customers the opportunity to purpose-build the business solutions that best suit them and their clients, backed by access to a diversity of asset classes, transparent fees and competitive structures and an integrated platform solution,” said Mr Brook.

“The new brand also underpins a consolidation and simplification of our market offering. Xplore Wealth will partner with its clients with agility, decisiveness and flexibility to deliver investment management solutions that fundamentally support their businesses and growth opportunities and their own clients’ needs and aspirations.”

Xplore Wealth recently made several key strategic acquisitions, appointments and management changes which have enabled the business to extend its offering and refocus its efforts on client delivery and shareholder returns.

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Mr Heather has been with MGP and its predecessors for over 10 years and CEO since February 2014.

Following a period of rapid growth and expansion, with three corporate acquisitions, a broadening of the products and services that MGP offers and an increase in funds under management from $2 billion to $13 billion, Mr Heather leaves by mutual agreement as the Company embarks on its next stage of growth and development.

The Board has commenced a search for an appropriately qualified and experienced executive to fill the CEO role, complete the integration of acquired businesses and capitalise on the opportunities emerging in the financial services market.

Non-executive chairman Peter Brook said the Company had reviewed its market position and determined that the next growth phase required a fresh leadership approach and the energy to capture a range of market opportunities.

Mr Brook noted the contribution of Mr Heather to the Company and welcomed his continued tenure until his departure in May, working on key projects and assisting in a smooth transition.

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Peter was the former chief executive and managing director of major superannuation administrator Pillar Administration, a NSW government-owned entity. He successfully lead the overhaul of its operating model, technology and member services.

Pillar managed 1.1 million member accounts holding $110 billion in funds. Peter’s 40-year career also includes executive and director roles at StatePlus, Alinta Energy, Challenger Financial Services Group, MLC and Grant Thornton.

Peter replaces Don Sharp, who has advised the Company of his desire to step down as Chair of the Board due to his increased executive responsibilities. Don will continue in his role as Executive Director of the Company.

The Company has previously notified that its Chief Financial Officer has resigned and that Don Sharp is acting in this role until a replacement is appointed.

Accordingly, the Board today resolved that Don Sharp’s remuneration be temporarily increased to $240,000 per annum (plus superannuation) during the period he performs the duties of Chief Financial Officer of the MGP group, in order to compensate him for the additional duties. This remuneration is equivalent to the salary being offered during the current recruitment process to obtain a new Chief Financial Officer and includes his remuneration as Executive Director.

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