Joel Taylor, managing director of Fortnum Private Wealth, will step down to take on a business development role within the financial advice group.
Yesterday, InvestorDaily sister title ifa reported that Mr Taylor will be standing down and handing over the reins to Neil Younger, the current managing director of the broader Fortnum Financial Group.
A spokesperson for Fortnum said the change was a personal choice by Mr Taylor, wishing to focus more on recruitment and support of the group’s financial adviser network.
“Joel has been instrumental in Fortnum Private Wealth's [FPW's] growth and success over the past two years,” the spokesperson said.
“He has built and led a highly professional team at FPW and continues to be a valuable member of the team. It is business as usual at FPW.”
Mr Taylor joined Fortnum from NAB/MLC in 2014 and was promoted to managing director of the financial advice business in 2015 when Fortnum founder and executive chairman Ray Miles stepped back from the day-to-day management.
He has overseen the acquisition and integration of Financial Planning Services Australia (FPSA), formerly owned by Netwealth, as well as the licensee’s push into limited licensing for accountants.
In April, Fortnum recruited BT Financial Group’s Kerry Thomas to take on the newly-created role of head of advice.