Financial Planning Services Australia (FPSA) chief executive Mark Ryan resigned from the Melbourne-headquartered dealer group last Friday.
Ryan said his departure is the result of a disagreement with FPSA chairman of the board Michael Heine over the dealer group's performance.
"Michael had some expectations for performance that I didn't think were deliverable, so I thought it was best to shake hands, look each other in the eye and go our separate ways," Ryan said.
"I'm actually proud of what we have achieved. I think we've done a marvellous job with the team, restructuring and transitioning the group and rebuilding compliance," he said.
Ryan joined FPSA in 2008 to drive the expansion of the group's national footprint. The group currently has more than 62 financial advisers following the acquisition of Bridgeport Financial Services in January this year.
"We had some really good success in recruiting, so I was thrilled with it, but Michael had different expectations," Ryan said.
FPSA is owned by platform provider Netwealth Investments.
Michael Heine, who founded Netwealth and is the current managing director of the firm, has a different reading of the chain of events.
"There is a common view with Mark and myself that the structure of FPSA doesn't require a CEO moving forward," Heine said.
"We see ourselves as being better served in the future with a general manager."
The firm's current general manager, Fiona Madden, will lead the dealer group.
Heine said FPSA will focus less on recruitment now that the firm has acquired Bridgeport, which has also reduced the need for a chief executive.
