Former Netwealth exec to help Suncorp advisers relocate

Speaking to ifa, Simon Micallef, former general manager of Netwealth Advice Group, said he will be helping Suncorp and its advisers in transitioning to "to new homes" over the next six months.

Now the director of business consultancy firm FinFocus, Mr Micallef said Suncorp approached him in mid-December to help the institution's advisers find new licensees and provide "strategic assistance" to those looking for their own AFSL.

While Mr Micallef said it is too early to say where most of the advisers will go, he added that a majority "need to find a new home".

Mr Micallef departed Netwealth - after three years with the company - following the completion of the merger between the company's dealer group Financial Planning Services Australia with non-aligned licensee Fortnum Financial Advisers.

In November 2015, Suncorp announced that it was "simplifying" distribution and would be walking away from the management of its Suncorp Financial Planning and Guardian Advice dealer groups.

As previously reported by ifa, Suncorp had put arrangements in place with three non-bank-aligned dealer groups, Centrepoint Alliance, Infocus Wealth Management and risk specialist licensee Bombora Advice to help its network relocate.