Matt Heine was appointed joint managing director of Netwealth and its subsidiaries yesterday.
Michael Heine described his son as "the driving force behind the business today".
"It continues to be of great personal satisfaction that Matt and I have worked so effectively together over a long period to build a successful and well-respected business," Michael Heine said.
"We have the advantage of being well resourced, debt free and profitable without the bureaucracy that afflicts most of our competitors. This permits us to be flexible, nimble and highly responsive to client needs," he said.
Netwealth chair Jane Tongs said the appointment of Matt Heine as joint managing director put a "clear succession plan in place for this key executive position".
"Matt has demonstrated his capability over many years and has been instrumental in developing the strategic direction of the group as well as its implementation," Ms Tongs said.
"It is also significant that the management of the group remains under family ownership," she said.
In a statement released yesterday afternoon, Michael Heine assured clients that he has "no intention of retiring".
The suite of Netwealth Group businesses comprises of Netwealth Investments Limited, Financial Planning Services Pty Ltd, Pathway Licensee Services Pty Ltd and Bridgeport Financial Services Pty Ltd.
