Damen Purcell has taken the role of COO with Australian Fund Monitors (AFM), joining the online information service provider from his most recent position as national distribution manager at Insync Funds Management.
He has a reported 23 years’ experience in the industry, having worked in roles including head of distribution at Australian Unity Investments, northern region manager at Ausbil and senior business development manager at Colonial First State.
Australian Fund Monitors’ founder and chief executive Chris Gosselin commented: “Damen’s experience across the financial services industry and the managed funds and advice sectors in particular will help grow AFM’s existing business, as well as enabling us to add significant new initiatives.”
He added the “ongoing changes and fragmentation in the financial advice industry [are] making it difficult for fund managers to [grow] their direct to investor client base”, but opportunities are also being formed alongside the challenges for independent financial advisers.
Mr Purcell said that the Hayne royal commission had been a “catalyst for change” across advisers, investors and fund managers.
“Nearly 80 per cent of advice AFSLs have five or less planners and this number is continuing to grow. Similarly, more than 50 per cent of fund [managers] in the Australian and global equities sectors have less than $300 million in [funds under management],” he said.
“Clearly firms are looking to forge an independent path away from the large institutions and the inherent conflicts they bring and I believe AFM can play a valuable role in helping facilitate this.”
