Former Tribeca chief operating officer John Prowse has returned to education provision taking a majority stake in Pinnacle Financial Services Academy.
The company was founded just over 12 months ago by Certified Financial Planner (CFP) Cara Edwards. Edwards had been delivering training programmes as a contractor to other providers for many years before going out on her own last year.
She will retain a significant interest in Pinnacle and will remain a director. Prowse will be managing director. “We’re hoping to appoint an independent director soon, but will take our time on the selection,” Prowse said.
“The business is currently small and uses mainly external contractors and industry practitioners.
“We think that now Finsia and Tribeca have joined forces, the independents can provide some [alternative] choice and we also think the larger companies can’t service some of the niches in the way they should.”
Pinnacle’s main qualification offered will be the Diploma of Financial Services (Financial Planning) and the Advanced Diploma of Financial Services (Financial Planning).
Prowse left Tribeca after seven years as chief operating officer in March 2006.
Prior to that he was general manager of Integratec, which was bought by World School, which was later bought by Tribeca. From Integratec to Tribeca, Prowse oversaw the growth of the company from eight to 180 staff.
Last year, Prowse set up a business with Gavin Carpenter, called Financial Shoebox used Praemium software and targeted people who do not use advisers but want the benefit of wrap technology without asset-based fees. He remains actively involved but Carpenter will take the lead on this business while Prowse focuses on Pinnacle.
