Online investment service Six Park has recruited a former AustralianSuper education development manager to its management team as the company consolidates its business-to-business activities.
Ha-Dieu Ford has joined the group in its newly created role, head of partnerships.
She is reported to have more than 20 years’ experience in the financial services sector, having held roles such as partnership manager at BT Financial Group and senior relationship manager at Westpac.
Six Park co-chief executive and co-founder Pat Garrett said the company is pleased to welcome Ms Ford to help accelerate its B2B activities.
“More and more adviser groups and wealth management firms are seeking efficient ways to implement digital investment solutions, so the timing of Ms Ford’s appointment is crucial,” Mr Garrett said.
Ms Ford said she was excited about being part of an industry-wide transformation.
“We’re in the middle of the most significant period of change that Australia’s financial services sector has ever experienced,” she said.
“Robo-advice is an important part of that change. Wealth managers are now understanding that robo-advice complements rather than threatens their business model and I’m looking forward to helping Six Park’s current and future partners embrace technology to transform their business models and importantly, provide investment help for the many customers who are in need of scaled advice.”
Meanwhile, the groups director of business development, Ted Richards, will move into a new position as head of distribution in another signal of the company’s continued growth.
Mr Richards said the opportunity for Six Park was clear, particularly as businesses aim to adapt to a post-banking royal commission environment and new FASEA framework during the COVID-19 pandemic. Six Park is positioning itself to serve the advice gap, he commented.
“We’re seeing an increasing number of advisers and wealth managers accelerating their plans for digital offerings – the cost of doing business is going up and at a time when more people than ever could benefit from any kind of financial advice, many advisers and wealth businesses are struggling to serve the available market in a cost-effective way,” he said.
Six Part co-CEO Nuvan Aranwela said: “Ted has done an exceptional job developing our business and his new role reflects our increased focus on a new phase of distribution both [direct-to-clients] (B2C) and through groups, platforms and other B2B partnerships.”
He added the demand for affordable advice was evident in the number of new day traders hitting the market in the last few months, with ASIC and the RBA warning retail investors about entering the market without guidance.
“Yet people taking aspects of their finances into their own hands will continue if they aren’t offered an alternative solution, particularly when the grandfathering of commissions ends in January next year and financial advisers are forced to reassess the viability of their client base moving forward,” Mr Arawela said.
Six Park recently reduced its minimum investment threshold to $5,000 and is waiving investment management fees for three months.
The new minimum investment and fee waiver will apply until 31 August.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].