Vanguard Australia appoints new managing director

Frank Kolimago has been announced as the new managing director of Vanguard Australia, replacing Colin Kelton who has led the Australian business since 2015.

Mr Kelton will be taking up a new role for Vanguard as global head of marketing at the group's headquarters in Malvern, Pennsylvania.

Mr Kolimago, who is currently a principal and head of Vanguard Personal Advisor Services (based in Malvern), will take up his new role from August 2018.

Commenting on his appointment, Mr Kolimago said, “The Australian business was the first established by Vanguard outside the US more than 20 years ago.

“Given the growth in the business over that time it is an exciting opportunity to be joining the business and building on the work that Colin and his predecessors have done serving Australian clients across the institutional, adviser and individual investor market.”

Last month, United Capital founder and chief executive Joe Duran cautioned delegates at the Netwealth Study Tour that Vanguard had become “the Amazon of the [advice] industry” and that advisers will need to invest in client experience to compete.

“One hundred per cent of your future revenue and growth for the next decade will be driven by one thing and one thing only. And that’s your client experience,” Mr Duran said.