Klipin to exit ANZ amid changes at M3, FSP

Millennium3 general manager Richard Klipin.

04-Sep-2015

By Julie May

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The management teams of ANZ-owned dealer groups Millennium3 and Financial Services Partners will come together under a single coordinated structure from today.

In a note to staff, seen by financialobserver yesterday, the bank said no changes would be made to the organisational structure of its third licensee, RI Advice Group.

ANZ Wealth executive Neil Younger said in the communication that as a result of consolidating management teams, Matthew Brown had been appointed general manager of both Millennium3 and Financial Services Partners, after leading the latter for the past three years.

Meanwhile, Richard Klipin, who had been at the helm of Millennium3 for more than two years, would leave the business at the end of the week.

“Other management roles within these businesses have been impacted [and] many of the changes will result in reporting line changes only, however there will be some new roles created and a small number of roles that will no longer be required,” Younger said.

Further, he pointed to the changing financial advice environment and extra complexity in the post Future of Financial Advice world, saying there was an opportunity to achieve higher levels of growth by driving operational efficiencies across ANZ’s aligned advice model.

“Combining [Millennium3 and Financial Services Partners] will enable us to continue focusing our efforts on supporting aligned advisers in a sustainable way, where delivery of value by licensees has never been more important,” he said.

Under the new arrangement both licences and brands would be maintained, and ANZ would strive to preserve the uniqueness and strength of each business’s culture, with the bank emphasising there were no plans to merge the licensees.

Younger highlighted the new management structure would give the group greater strength, scale and capability, while allowing it to leverage best practice and broaden the service proposition to support its aligned advisers in both groups.

“I’d like to reassure you that our overall strategic focus remains the same and we remain committed to supporting our aligned advice businesses,” he said.

A spokesperson confirmed with financialobserver that RI Advice was not involved as it operated in a clearly defined segment and had a different operating model.

Meanwhile, the spokesperson said nine roles would be affected, including the respective general manager positions.

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