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INDUSTRY NEWSLETTERAPRIL 2018
Superannuation | Life Insurance | Investments
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
QUARTERLY
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
2018QTR 2
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
Welcome to the second Quarterly Newsletter of 2018.
We’ll kick off with an article written by our specialist consultant, Robert Hudson, then into the standard industry news and moves. We also want to share the highlights of our recent Thought Leadership Breakfast from early April!
As usual, if you have any feedback or suggestions, please do not hesitate to contact us.
John and Adrian
TABLEOF CONTENTS
QUARTERLY NEWSLETTERQTR 2, 2018
IN THIS ISSUE:
I want to be an Analyst... Consultant... Relationship Manager! 3You’ve just finished University or you’re early on in your career or maybe you’re looking for a change. You’ve figured out what you want to do. Now what does this mean and how will you get there?
Market Recap 4-5What’s happening in the wealth management world
Significant Industry Moves 6-8Prominent people movements, including appointments and departures within wealth management
3rd Thought Leadership Breakfast 9B & K are joined by Kirby Rappell, CEO of SuperRatings to hear his thoughts on the current state of the superannuation sector
B & K Catchup 10We are always keeping up with the industry. Check out what we’ve been up to this quarter
Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
Areas of Expertise
Superannuation• Technical Operations• Product• Sales/ Distribution• Consulting
Life Insurance• Product• Claims/ Underwriting• Sales/ Distribution• Actuarial
Investments• Sales/ Distribution• Consulting• Front Office
Temporary/Contract
Page 2
*Disclaimer: Information from this newsletter came from multiple reputable online news sources including The Financial Standard, The Australian Financial Review, Industry Moves and Australian Securities & Investments Commission to name a few. Each bullet point contains a link to the source article.
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
I WANT TO BE AN ANALYST... CONSULTANT...RELATIONSHIP MANAGER!
You’ve just finished University or you’re early on in your career or maybe you’re looking for a change. You want to be an Analyst, Consultant or Relationship Manager! First of all, I like the passion, I hear you! This is something that gets said to me a lot. More common with people at the start of their career but I still hear it from people with a couple of years’ experience looking to take a different direction. However, let’s put the brakes on a bit; what does this mean and how are you going to get there?
As an example, you may want to be Relationship Manager in finance, but what area of finance, what relationships, what products, and what is your current exposure to that field? At this stage, I might hear “High Net Worth clients, private banking”, but people can rarely give me any more than that.
My tips for the journey and some points to think about are:
You might need to think long game.
Find the career route to your desired role if you can’t go straight in. Gary Vanynerchuk says “You can’t expect 30 years of results from 30 minutes work.” Now, that’s extreme but he has a point (I don’t agree with all the stuff he says either). A business in the wealth space is unlikely to let you loose on their top clients, with no track record or experience. When you think about it, why would they?
Career route.
Some of the most successful people I know in Relationship Management positions did their time in the engine room or on the front line. Investor Services or Client Services in a wealth business is a great place to start your journey to Relationship Management. It’s hard; you’re taking 60 calls a day, you may get asked the same question repeatedly, and not everyone is “High Net Worth”. The pros; you will become resilient, you will be able to think on your feet, and you will increase product knowledge and personal brand.
Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
Repetitiveness.
This follows my last point. For Junior Analyst roles for example, face the fact that you might be working with lots of data but not necessarily doing any ground breaking financial modelling. Only by doing the ground work here, will progress you to the more complex aspects.
Move fast and work hard but don’t worry about the years, whilst not using your days.
Simply existing in your roles up to the point you want to be in your desired role isn’t enough. Simply doing the time doesn’t mean you’ve earned it. Engage with your leaders, suggest improvements in process, and ask to take up more strategic responsibilities. Don’t just meet your targets, exceed them. These traits are indicative of a future leader.
The dreaded s.... word.
On your route to the holy land, don’t shy away from sales focused roles. The reality is you will be working in a very commercial business. The higher you get, the more likely you will be tasked with driving revenue and retaining business. Sales focused roles in your junior days can help you look at work with a more commercial focus. You might even enjoy this side of the business.
Personal brand.
Put yourself out there. If there is a role you are keen on within your business, ask to shadow a person who works in that area. Be prepared to do it during your own time and sacrifice a couple of lunch breaks per week. Short term pain for long time gain.
I’m the first one to admit this isn’t a perfect science. I also concede there are probably a few more bullet points to add. You might get on that graduate scheme and it gets you fast tracked or you might be in the right place at the right time. However, I truly believe using some of these points will ensure you move in a positive direction.
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B&K QUARTERLY NEWSLETTER 2018QTR 2
WITH ROBERT HUDSON
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
MARKET RECAP
B&K QUARTERLY NEWSLETTER
• An increased appetite for portfolio diversification has seen investors increase their exposure to managed funds, according to Investment Trends research. more >
• Macquarie customers will be one of the first to test the new open banking regime with the help of a fintech. more >
• Hub24 has added a number of new features to its platform, including a super contributions tracker and an integrated records of advice service. more >
• SuperConcepts has undertaken a digital transformation strategy to fundamentally redesign the foundations of the business, says its chief technical officer. more >
• Using the telephone was the most popular means of purchasing life insurance policies in the last year to November, the latest Roy Morgan survey shows. more >
• More than 40 financial advisers joined IOOF in the 12 months to 31 December 2017, adding $1.6 billion in funds under advice. more >
• Australia’s pension system has been the fastest-growing of 22 countries surveyed over the past 20 years, according to Willis Towers Watson. more >
• ClearView has launched an online payment facility that will allow advisers to charge their clients a flat fee for life insurance. more >
• IOOF has acquired a minority stake in digital superannuation fund Grow Super. more >
• SuperConcepts has acquired its competitor More Super. more >
• From May 2018, AustralianSuper and TAL will decrease life insurance premiums by 14% for death cover; 6% for total and permanent disability (TPD); and 20% for income protection. AustralianSuper also signs up to the Insurance in Super Code of Practice. more >
• LGIAsuper reappointed J.P. Morgan as its custodian for another three-year term. more >
• The ATO is closely monitoring self-managed super funds (SMSF) that breach the transfer balance cap and has already issued several alerts to members close to breaching the cap. more >
• ANZ will be the first bank-owned retail superannuation fund to adopt the voluntary Insurance in Super Code of Practice. more >
Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
Page 4
2018
Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: [email protected]
John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: [email protected]
Robert HudsonSpecialist ConsultantPermanent Superannuation,Life Insurance, & InvestmentsE: [email protected]
Conor WalshSpecialist Consultant Permanent Superannuation, Life Insurance, & Investments E: [email protected]
Carly RoopSpecialist Consultant Contract and Temporary Superannuation, Life Insurance, & Investments E: [email protected]
QTR 2
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
B&K QUARTERLY NEWSLETTER
• KPMG offloads super admin to OneVue. more >
• Lonsdale Financial Group has launched Managed Portfolio Service on the Asset Administrator platform, its white label of BT Panorama. more >
• HUB24 has seen its largest increase in funds under administration to date as a result of numerous new distribution deals with licensees and the addition of 123 new advisers, half-year results show. more >
• Yellow Brick Road’s (YBR) wealth business and its digital advice strategies have helped boost the firm’s 1H18 performance. more >
• Fund administration giant Link Group is sizing its opportunity to enter the UK pension market following the successful acquisition of Capita Asset Service. more >
• Hostplus and First State Super have invested in Bugcrowd, a security platform offering bug bounty services. more >
• ASIC has welcomed the Productivity Commission’s recommendation that the corporate regulator be granted a “broad, proactive competition mandate.” more >
• Merger partners Kinetic Super and Sunsuper were jointly awarded the prestigious overall prize for Fund of the Year at the Conexus Financial Superannuation Awards 2018. Check out all the winners here >
• Statewide Super has selected IRESS’s Acurity platform to replace the fund’s existing online services providers. more >
• Zurich will keep the OnePath brand following the completion of its acquisition of ANZ’s life insurance business later this year. more >
• Sunsuper strives to become the first fund to be fully compliant with the Voluntary Code of Practice AND drop TPD insurance premiums by an average of 20% at the same time. more >
• A new superannuation fund, Student Super is aiming to address the needs of Australian university students and young professionals. more >
• Australian custodians hold $3.49 trillion in assets on behalf of Australian investors, with JP Morgan holding the largest share with 22 per cent of the market. more >
Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
Page 5
MARKET RECAP CONTINUED
2018
Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: [email protected]
John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: [email protected]
Robert HudsonSpecialist ConsultantPermanent Superannuation,Life Insurance, & InvestmentsE: [email protected]
Conor WalshSpecialist Consultant Permanent Superannuation, Life Insurance, & Investments E: [email protected]
Carly RoopSpecialist Consultant Contract and Temporary Superannuation, Life Insurance, & Investments E: [email protected]
QTR 2
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
January 2018 Accouncements:
• Meagan Birch has confirmed her departure from Australian Ethical Investment, where she was executive officer of superannuation. more >
• REST Super confirmed the departure of board member, Sue-Anne Burnley. She has been replaced by SDA national assistant secretary, Julia Fox. more >
• VicSuper appoints Sandra Barns as CTO. more >
• Vision Super, announced the appointment of Emma Brennan as its new head of human resources, replacing Fiona Fleming. more >
• Vision Super also appointed Bryan Collins as newly created Head of Finance. more >
• QIC announced the appointment of Allison Hill to the newly-created role of director of investments within its global multi-asset (GMA) division. more >
• HESTA appointed Saranne Cooke as an employer representative on the $43 billion industry fund’s board, replacing Valerie Lyons. She is joined by fellow new board member, David Smith, who joins as an employee representative from the Australian Services Union. more >
• KPMG appointed Tim Thomas as partner, KPMG global strategy group (insurance and wealth management). He is joined by Maurice van den Heuvel, a senior leader in Thomas’ team. more >
• AMP Capital confirmed Matthew Hoult, head of global listed real assets, is departing the firm. more >
• IOOF appointed Mark Horton Andrews to the newly-created role of head of adviser standards, client care and retention. more >
• Terry Winder joined CBA as group treasurer, replacing Paolo Tonucci. more >
• CBA appoints Stephen Halmarick for newly-created managing director, head of global markets research. more >
• BTFG confirmed the departure of Kelly Power as head of platforms. Power will be joining Colonial First State in March 2018 in a platforms-related role. more >
• REST Industry Super has announced the appointment of Vicki Doyle as the $45 billion fund’s new chief executive officer. Doyle succeeds Damian Hill. more >
• CareSuper appointed Jeremy Johnson as an employer director on the $13 billion fund’s board. more >
• Suncorp announced the appointment of Lindsay Tanner as a non-executive director on its board. more >
Page 6
INDUSTRYMOVEMENTS
Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: [email protected]
John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: [email protected]
Robert HudsonSpecialist ConsultantPermanent Superannuation,Life Insurance, & InvestmentsE: [email protected]
Conor WalshSpecialist Consultant Permanent Superannuation, Life Insurance, & Investments E: [email protected]
Carly RoopSpecialist Consultant Contract and Temporary Superannuation, Life Insurance, & Investments E: [email protected]
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
February 2018 Accouncements:
• Mercer has announced the appointment of William Burkitt as a leader for innovation in Mercer’s wealth business, focusing on post retirement, senior care and living in Australia. more >
• Life insurance specialist TAL has announced the appointment of Lisa Larkin to the role of national manager, strategic business development - Group Life. more >
• CareSuper has confirmed to Industry Moves the appointment of Jeremy Johnson as an employer director on the $13 billion fund’s board, effective 1 January 2018. more >
• StatePlus re-appointed Gavin Ashdown as general manager, business finance. more >
• ClearView appointed Kathryn Williamson to the newly-created role of head of distribution strategy. Michael Fox replaces her as state manager for NSW/ACT. more >
• Australian Ethical named Rob Plow as COO, following restructure. Mark Simons has been appointed as the firm’s new CFO. more >
• The SMSF Association has announced the appointment of Deborah Ralston as its new chair. more >
• Sunsuper appointed Andrew Fraser as the $50 billion fund’s new chair, replacing Ben Swan. more >
• Christian Super announced the appointment of Ross Piper as its new CEO, replacing Peter Murphy. more >
• AMP has announced the appointment of Jenny Fagg as its new chief risk officer, replacing Saskia Goedhart. more >
• Lonsec Group CEO, Amanda Gillespie, joins Perpetual Investments as general manager. more >
March 2018 Accouncements:
• Lonsec’s CIO - Lonsec Investment Solutions, Lukasz de Pourbaix, will step into the role of acting CEO - Lonsec Research. He replaces Matt Olsen, who recently left the firm. more >
• First State Super appointed David Evans as head of insurance, replacing Sarina Aarons. more >
Page 7
Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
INDUSTRYMOVEMENTS
Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: [email protected]
John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: [email protected]
Robert HudsonSpecialist ConsultantPermanent Superannuation,Life Insurance, & InvestmentsE: [email protected]
Conor WalshSpecialist Consultant Permanent Superannuation, Life Insurance, & Investments E: [email protected]
Carly RoopSpecialist Consultant Contract and Temporary Superannuation, Life Insurance, & Investments E: [email protected]
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
• Vision Super appointed Lisa Darmanin to its board. more >
• Energy Super employer director, Mark Williamson, has departed the board. Williamson was succeeded as Energy Super chair by Scott Wilson, and on April 1 he was replaced by new employer representative Sarah Zeljko. more >
• Milliman appointed Andrew Whelan to the position of director, adviser services. more >
• Westpac appointed Michael Correa as general manager, Asia Pacific. more >
• NGS Super announced the promotion of Ben Squires to the newly-created role of chief investment officer. more >
• Westpac appoints former KPMG Partner, Peter Nash as Independent Director. more >
• Zurich appointed Matthew Drennan (previously IOOF) to the newly-created executive role of head of savings and investments within its Life and Investments business. more >
• NGS Super confirmed that senior manager, governance, Laura Wright, will step into the role of acting CEO following the retirement of Anthony Rodwell-Ball. more >
• ANZ names Kevin Corbally as new chief risk officer. more >
• Cbus announced the promotion of Joe Youssef to the newly-created senior leadership role of chief operating officer – investments. more >
• FSC appointed Marianne Perkovic to its board. more >
• Also appointed is Brian Benari as co-deputy chair. more >
• CBA appointment Anne Templeman-Jones as an independent board director. more >
• Mercer appointed Darren Stevens as head of superannuation (product and platform strategy) - Pacific, effective 9 April 2018. more >
• Yellow Brick Road confirmed appointment of Glenn Gibson as its new general manager, effective 9 April 2018. more >
• Rice Warner appointed Tim Jenkins as executive general manager, superannuation, effective 9 April 2018. more >
Page 8
Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
INDUSTRYMOVEMENTS
Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: [email protected]
John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: [email protected]
Robert HudsonSpecialist ConsultantPermanent Superannuation,Life Insurance, & InvestmentsE: [email protected]
Conor WalshSpecialist Consultant Permanent Superannuation, Life Insurance, & Investments E: [email protected]
Carly RoopSpecialist Consultant Contract and Temporary Superannuation, Life Insurance, & Investments E: [email protected]
In the 3rd of the B&K Thought Leadership series, we were very fortunate to have Kirby Rappell, CEO of SuperRatings present his thoughts on the current state of the superannuation sector.
Being a client to many industry super funds, it was interesting to hear Kirby’s thoughts on topics such as the current regulatory environment, fund scalability and the need for a changing approach to financial advice in order to drive better member outcomes.
Kirby was able to combine effective use of real-time data and more off the cuff market commentary in what was a fascinating overview of the industry during a time of real change. It was great for us to see individuals from the superannuation, life insurance and investments community attend, some existing clients and many new faces included.
News on the 4th Thought Leadership series topic coming soon!
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
THOUGHT LEADERSHIP SERIESTHE B&K
Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
WITH KIRBY RAPPELL
2018QTR 2
B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia
WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS
B&K CATCH UP
BEEN UP TOTHIS QUARTER
What we’ve
Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753
JanuaryJanuary marks the third B & K Anniversary of our Office Manager, Cindy Stettin.
FebruaryOn 15th February, we attended the Women in Super Lunch with Chris Cuffe, investment industry leader and philanthropist. Some of the major messages from the talk were “if it ain’t broke, don’t fix it” regarding superannuation and Chris stressed the need to have specific superannuation industry knowledge and expertise on industry superannuation fund boards.
On 27th February, we attended ASFA’s second annual Spotlight on Insurance event at the Wentworth Sofitel. It was a highly topical day with a series of panel sessions focusing on the current and potential future state of insurance inside superannuation.
MarchB & K was meeting the future of Wealth Management at the Macquarie University Graduate Careers Fair on 15th March. As usual, our slushie machines were a hit on a beautiful hot and sunny day!
AprilOur Thought Leadership Breakfast featuring Kirby Rappel was on 5th April!
The team at B & K has registered to fundraise and run in the Women In Super’s Mother’s Day Classic. To support the B & K team, click here > Since 1998, the MDC has raised over $33 million for breast cancer research. more >
Macquarie University Graduate Careers Fair
Women in Super Lunch
The B & K team training for the Women In Super’s Mother’s Day Classic Run
ASFA’s Spotlight on Insurance event at the Wentworth Sofitel
Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: [email protected]
John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: [email protected]
Robert HudsonSpecialist ConsultantPermanent Superannuation,Life Insurance, & InvestmentsE: [email protected]
Conor WalshSpecialist Consultant Permanent Superannuation, Life Insurance, & Investments E: [email protected]
Carly RoopSpecialist Consultant Contract and Temporary Superannuation, Life Insurance, & Investments E: [email protected]
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