Dealer group Premium Wealth Management (Premium) has abolished its chief executive role following a company review.
The removal of the chief executive position has left the firm's chief Chris Saunders redundant.
Premium informed its advisers of Saunders' departure in a letter sent on Friday, Premium general manager Helen Bridgewood said.
"The board has reviewed the structure of Premium and has abolished the position of CEO," the letter to members said.
"As an interim measure, Chris's duties will be taken over by other Premium staff, with assistance from Michael Byrnes in a part-time role as executive director."
Bridgewood could not be drawn on the reason for the review or the reason behind Saunders' role being made redundant.
Premium chairman Simon Wu was unavailable to comment.
Premium has 22 member firms and $2 billion in total funds under advice.
