High net worth advisory and wealth management firm Fitzpatricks Private Wealth has appointed John McMurdo as its group managing director to take the business to the next level in a time of industry evolution.
McMurdo was the previously the chief executive at Centric Wealth but left suddenly in July last year.
He said he had been looking across the entire financial planning and wealth management sector in Australia for elements and capabilities necessary to deliver to the high net worth market.
"I thought we might find various elements of different firms and we might even combine two or three firms to get the right combination together," McMurdo said.
"What I didn't expect was to find all of those elements under one roof."
In addition, Chris Cuffe, who built successful wealth management businesses at Colonial First State and Challenger Financial Services Group, is now a Fitzpatricks non-executive director.
"The pursuit of excellence and the pursuit of the client are absolutely front and centre," Cuffe said about the group.
"I felt for a long time that the wealth management industry needs more of that in a way that's completely unbiased. This is [about] being associated with the right firm at the right point in time."
The professional networks of McMurdo and Cuffe are expected to accelerate the group's growth record. It currently holds about $2 billion in funds under advice and has 30 advisers.
Among industry issues of the true professionalism of financial planners, the firm is "doing the right thing" in terms of its approach to its clients and portfolio construction model, McMurdo said.
"Chris and I have that passion for advice and wealth management to be done professionally in this market.
"After years of working in the style of environment with these types of clients, this is the right way to run a professional firm in this sector."
The group maintains a rigorous approach in its selection criteria for financial advisers as plans are being developed to expand the firm's national presence based on strict admittance conditions.
