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Mercer hires Citi advice boss

By Madeleine Collins
2 minute read

Mercer has hired Citigroup's Scott Walters to start a new advice business.

Citigroup Wealth Advisers' financial planning boss Scott Walters has been hired by Mercer Wealth Solutions to roll out a new franchise business.

Walters, who was with Citigroup for two years, will start at Mercer on June 4 as the dealer group's financial advice leader.

He will run Mercer's face-to-face and phone-based financial advice business, which employs 53 advisers in 10 practices.

He will also begin a self-employed adviser channel to broaden Mercer's national client base and grow market share.

Prior to Citigroup, Walter was head of financial planning for Westpac.

"Our financial advice business is now one of the fastest growing areas of Mercer Wealth Solutions," Mercer's business leader David Anderson said.

"Scott will focus on strategies that accelerate...growth."

Anderson said the franchise is still in the planning stage but confirmed that Mercer will target planners who want to leverage Mercer's brand.

He said some of the group's existing planners may want to go down the self-employed route as well.

"There or two or three people who may want to make the switch," he said.

Funding will come from within Mercer and its parent firm, MMC Companies. A business plan is expected to be finished within three months.

"We're still working out the business case and getting the formal approvals," Anderson said.

Mercer operates from 11 locations in Australia. It has about 20,000 private clients and provides services to about 200,000 super fund members