Akambo expands leadership team with new appointments

Akambo Financial Group has confirmed two new appointments to its board in Michael Happell as non-executive chairman and Kevin White as non-executive director.

Mr Happell and Mr White will bring a combined 50 years’ experience to the business – which provides market-leading investment solutions to the advisory market - with both holding a number of key leadership positions.

Mr Happell, who recently retired from PricewaterhouseCoopers after 24 years, currently serves as chairman of Supra Capital and director of emerging IT company, My Prosperity and Financial Crimes Solutions and president of the Melbourne Cricket Club.

Meanwhile, Mr White has previously led Freehills Patent Attorneys, Crowe Horwath Australasia and WHK Group.

Akambo managing director Anthony Kapetanovic welcomed the new appointments, saying that the advice industry is currently at a “crossroads” with pressure to attract financial advisers into the industry.

“In this competitive environment, the in-depth understanding and industry knowledge that Happell and White bring to the table will benefit the clients of Akambo and First Financial, making them invaluable assets in the merged company’s strategy to significantly expand over the next three to five years. Our goal is to grow significantly, both organically and via further mergers and acquisitions, over this timeframe,” Mr Kapetanovic said.

“They will also play important roles in ensuring we lead the industry in best practice governance, reflecting one of the key principles underpinning the merged entity – a 100 per cent commitment to fulfilling our fiduciary obligations to our clients, knowing we are the custodians of their life savings.” 

The news comes just months after Akambo confirmed a merger with First Financial.

In April, the firms said the main advantage of the merger will be that its advisers can use services across both firms including accessing specialist professionals in private wealth managers, investment teams, dealer services and licensing solutions, and compliance and governance.

“CEO of First Financial, Ben Rossi and myself saw a clear opportunity to excel as market leaders in the new post-Royal Commission environment, where licensing and advice is under increased challenges and pressure,” Mr Kapetanovic, said.

“Under the new structure, our 3,000 clients across Australia which make up 1,500 client groups and comprise in excess of $3 billion of funds under management for both Akambo and First Financial.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.