Listed wealth management firm Plan B Group Holdings has appointed Andrew Black as its chief executive.
Black will earn a base salary of $450,000 a year and have short-term incentives of up to $150,000 for the 2012 financial year.
He will also receive a long-term incentive (LTI) with an initial target of $250,000. Full details of his LTI would be determined over time, Plan B said.
Under Black’s leadership, Plan B could focus on pursuing new growth opportunities, given the company was well positioned for the proposed Future of Financial Advice (FOFA) reforms, Plan B chairman Bryan Taylor said.
“I can proudly say we are ahead of the game in terms of the proposed FOFA legislative standards and consumer protection measures,” Taylor said.
“We are pleased to welcome Andrew and look forward to his efforts in helping us achieve our long-term strategic goals. The board is confident that we have selected a chief executive officer who truly understands the Plan B fiduciary heritage and client-centric approach.”
Black, who has 30 years’ experience within financial services, said part of his job would be to retain high-quality staff and foster a new generation to carry Plan B’s value proposition forward.
“With the first tranche of FOFA now released, I can see a number of fresh growth opportunities for professional planning firms that offer quality, professional advice,” he said.
“In this respect, Plan B is one of our industry’s best-kept secrets in terms of its high-quality service offering, client focus and organisational culture.”
Black was most recently head of Skandia Australia when it was part of the global Old Mutual Group.
Prior to this, he was St George Bank general manager for private bank, margin lending and direct shares.
He starts his new job on 19 September.
