The organisation, which operates in Australia and New Zealand, said it is ramping up its wealth management business, tapping into a need for a new model in the wake of a change to the Australian industry wrought by a Royal Commission.

Findex Group, the Australian financial services firm, has made a number of top-line wealth management appointments. It said it intends to exploit opportunities stemming from a shakeup to the country’s wealth sector following a string of compliance failings.

Findex co-founder, Spiro Paule has appointed co-chief executives in company veterans Tony Roussos, chief operations officer, and chief financial officer, Matt Games.

Paule will focus on his role of managing director; this will involve continuing to lead the overall strategic direction as well as overseeing the group’s ambitious expansion plans, the firm said in a statement yesterday.

Findex, created in 1987, wants to triple the size of its wealth practice over the next five years, expanding from $17 billion in funds under management to upwards of $50 billion, it said.

The Haynes Royal Commission, created by the Australian government in 2017, recommended 76 actions and reforms to the country’s financial sector in 2019 following a raft of compliance failings and scandals at banks and wealth managers. The Australian Securities and Investments Commission, the country’s main financial regulator, has reported that more than 3,000 financial advisors have quit the wealth industry. (Here is a 2018 report on the Commission's interim recommendations.)

The upheaval creates a “ripe” opportunity for Findex to build a new wealth management model, Paule said, adding that: “The Hayne Royal Commission has had a seismic impact on Australia's Wealth Management sector.” 

Paule, who co-founded Findex more than 30 years ago with his brother Terry, said that Findex’s wealth accounting model, which provides clients with access to a broad range of advisory, financial planning, accounting and audit services via their accountant, along with deep connections into a broad cross-section of businesses and individuals, makes it competitively placed to grow its market share aggressively.

Findex, which operates in Australia and New Zealand, has grown through rapid M&A. Messrs Roussos and Games have overseen 63 acquisitions, including deals with Crowe Australasia and wealth management firm Centric Wealth.