INDUSTRY NEWSLETTERJULY 2020

Superannuation | Insurance – Life & General | Investments | Banking & Credit

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

QUARTERLY

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Office: 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

2020QTR 3

2019QTR 3

Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: adrian@bkcon.com.au

John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: johnm@bkcon.com.au

Robert HudsonSenior ConsultantLife Insurance & SuperannuationE: rob@bkcon.com.au

Elaine Lopez Specialist ConsultantBanking & Credit, Superannuation and Life InsuranceE: elaine@bkcon.com.au

Conor WalshSpecialist Consultant Investments, Superannuation, & Life InsuranceE: conor@bkcon.com.au

Welcome to the third B & K Newsletter of 2020!

It’s already mid-year and yet, does anyone else feel like most of 2020 has been written off? Despite the challenging few months, we are pleased to see the job market picking up again as more offices open up and people head back into work. It’s been a tough few month for everyone and we are all looking forward to some normality (hopefully soon).

It’s times like these that we are even more grateful for our candidates, clients, friends, and family.

Should you require any assistance with hiring or finding roles within the wealth management, know that we are here to provide you and your organisation the same personalised service, commitment and support. We hope you enjoy our latest newsletter and as always, feel free to call on any of us if you would like to talk.

Click here for all of our contacts >

Stay safe and healthy.John & Adrian.

QUARTERLY NEWSLETTERQTR 3,2020B & K

IN THIS ISSUE

What do Candidates Want and Clients Need to Know About Hiring post COVID-19 by John Molony 3As people and businesses come to terms with the huge effect of COVID-19 on everyone’s lives, there’s been a lot of talk about the “new normal” and what the workplace of the future will look like.

While we cannot predict the future, our director, John Molony shares insights into his interactions with candidates in the following article. He delves into the top 4 things candidates want in a new role and what clients will need to know about hiring post COVID.

Market Recap 4-6What’s happening in the wealth management world

Significant Industry Moves 7-9Prominent people movements, including appointments and departures within wealth management

B & K Catchup 10We are always keeping up with the industry. Check out what we’ve been up to this quarter

*Disclaimer: Information from this newsletter came from multiple reputable online news sources including The Financial Standard, The Australian Financial Review, Industry Moves and Australian Securities & Investments Commission to name a few. Each bullet point contains a link to the source article.

PAGE 2

BY JOHN MOLONY, DIRECTORAs people and businesses come to terms with the huge effect of COVID-19 on everyone’s lives, there’s been a lot of talk about the “new normal” and what will the workplace and working experience look like when COVID-19 finally leaves us. It hasn’t yet and recent cases in Victoria shows we are far from clear of it. Whilst I’m a recruiter, not an economist and I don’t know what the future will look like, in doing the job we do and interacting with people every day, I have picked up some clear vibes around what candidates (and clients) are looking for going forward within the wealth management world;

CLARITYI think after this period of being at home (if you have been), everyone wants clear and honest communication when they come back to work. Employees genuinely understand that it could be that their business has taken a profit knock or is losing money - maybe they’ve had colleagues who have been let go or their workload has decreased/increased. What everyone wants after a period like this, regardless of whether they’re a manager or team member – is openness and transparency (as much as is possible). Even if that means that you can’t guarantee employer safety of role or businesses have to outline what they tangibly need their staff to achieve to stay employed – they’ll accept it as long as it’s explained candidly. Businesses with strong, authentic leaders who can deliver a clear message are those the best candidates will gravitate towards.

CULTURENever has this word been more important and employees are analysing their employers as they need the reassurance that they’re in a good home. Companies have to really explore their culture and what it means as it will be the bonding agent which staff need to build companies back up. Clients need to walk the walk around their culture as candidates are looking for real ones.

In a conversation I had with a candidate in the life insurance industry recently, he said “I just need out, everyone is

jockeying for position and it’s like the Hunger Games in there right now”. This is a sign that the business’s culture is failing or there wasn’t one in the first place and shrinking sales have revealed it.

TARGETSI have recently worked on sales roles and what candidates I am speaking to want are clear and realistic targets. Once we do return to normal, there’s a danger that companies will attempt to recoup lost profits by increasing targets to an unsustainable level which will worsen the customer experience. Seasoned, successful professionals who have built long-term trusted relationships will react negatively to this approach.

I spoke with a candidate in a senior marketing role recently who has been asked to completely switch strategy to a target driven customer acquisition focus, which then resulted in her looking externally as it’s not what she is passionate about. If targets are set in line with when the company was larger (if redundancies have been made) then this is also a dangerous path as staff will leave or be very unhappy and overworked.

FLEXIBILITYAs a wealth management recruitment business, we were regularly asked by candidates even before COVID-19 about company flexibility as a key factor in joining a new company. With the majority of businesses in financial services now finding a way for their staff to work effectively from home, many want to continue or at least a split between work and home. If clients aren’t realistic or accepting of this then they are potentially going to look rigid and outdated.

Alternatively, some candidates are going stir crazy and can’t wait to get back into the office so what will that look like when there’s far less people in it? Flexibility pretty much is the new normal but it comes with business challenges too.

There are a number of other themes around the post COVID-19 working world that have come up from conversations with candidates and clients but these four have emerged regularly. It’s been an unbelievably challenging time for all but it has also allowed people to really think about where they work and what they now want.

In my opinion it’s definitely going to be different when we all go back and who adjusts best, wins.

B&K QUARTERLY NEWSLETTER

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Phone 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

WHAT DO CANDIDATES WANT AND CLIENTS NEED TO KNOW ABOUT HIRING POST COVID-19

2020QTR 3

PAGE 3

MARKET RECAP

B&K QUARTERLY NEWSLETTER

Announced April• Northcape Capital partners with Warakirri Asset Management. more >

• APRA suspends issuing new insurance, superannuation, and banking licences for minimum 6 months. more >

• CBA receives further payment from AIA for CommInsure sale. more >

• FairVine Super slashes fees for members who have lost their jobs. more >

• BetaShares closes unlisted fund and moves investors to newly-established fund. more >

• ASIC takes Mayfair 101 companies Mayfair Wealth Partners, trading as Mayfair Platinum and Online Investments, to court. more >

• Wheelhouse Investment Partners to acquire Bennelong’s stake to pursue independent growth. more >

• Westpac expects money laundering scandal to cost >$1 billion. more >

• ASIC eases some of its regulatory activities to provide relief during pandemic. more >

• BNP Paribas Securities Services and BlackRock Solutions announce strategic alliance. more >

• LGIAsuper slashes unlisted asset values. more >

• Roy Morgan research shows customer satisfaction is down for industry & retail super. more >

• Fidante ends partnership with Latigo Partners. more >

• QSuper and Sunsuper merger has been delayed. more >

• CBA enters agreement to sell CommSec Adviser Services. more >

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Phone 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

2020QTR 3

1

Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: adrian@bkcon.com.au

John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: johnm@bkcon.com.au

Robert HudsonSenior ConsultantLife Insurance & SuperannuationE: rob@bkcon.com.au

Elaine Lopez Specialist ConsultantBanking & Credit, Superannuation and Life InsuranceE: elaine@bkcon.com.au

Conor WalshSpecialist Consultant Investments, Superannuation, & Life InsuranceE: conor@bkcon.com.au

PAGE 4

B&K QUARTERLY NEWSLETTER

Announced May• AMP and AFL Players’ Association extends partnership. more >

• Big four banks weather recession storm at the cost of their dividends. more >

• RBA announces decision on monetary policy. more >

• Energy Super chooses OnePath as its life insurer, effective 1st July. more >

• JANA expands into retail market. more >

• Commonwealth Bank restructures its private wealth advice arm. more >

• Pacific Infrastructure Partners acquire Sargon super entities. more >

• Risk insurance market inflows declined in 2019. more >

• Government announces deferral to the implementations of banking, super, and financial services commitments associated with Royal Commission into Misconduct by 6 months. more >

• T. Rowe Price launches new fund. more >

• Integrity Life invokes measures to help clients who have been affected by COVID-19. more >

• CBA to sell a majority stake in Colonial First State. more >

• HESTA awards mandate to GoldenSource Nexus. more >

• AMP launches new MyNorth sustainable managed portfolio. more >

• QSuper to manage own socially responsible investment option as of July; updates pandemic definition. more >

• Pendal Group awards mandate to Mainstream. more >

• State Super awards global equities mandate to Neuberger Berman. more >

• Legg Mason boutique launches sustainable Australian equities strategy. more >

• J.P. Morgan partners with Calastone to introduce automation of settlements. more >

• Government delays retirement income covenant. more >

• APRA puts pressure on funds to merge. more >

CONTINUED

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Phone 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

MARKET RECAP

2020QTR 3

Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: adrian@bkcon.com.au

John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: johnm@bkcon.com.au

Robert HudsonSenior ConsultantLife Insurance & SuperannuationE: rob@bkcon.com.au

Elaine Lopez Specialist ConsultantBanking & Credit, Superannuation and Life InsuranceE: elaine@bkcon.com.au

Conor WalshSpecialist Consultant Investments, Superannuation, & Life InsuranceE: conor@bkcon.com.au

PAGE 5

B&K QUARTERLY NEWSLETTER

CONTINUED

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Phone 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

MARKET RECAP

2020QTR 3

• Class action against IOOF has been resolved. more >

• ING’s Living Super adjusts super offering and closes balanced option. more >

• NAB more than doubles latest raising to $1.25 billion. more >

• REI Super to remediate members after finding discrepancies in cash and bond holdings. more >

Announced June• IRESS makes offer to acquire OneVue. more >

• Janus Henderson to provide local investors access to their multi-strategy fund specialising in diversified alternatives. more >

• Clime Investment Management purchases Madison Financial Group. more >

• Magellan launches listed active ETF fund that reduces investor friction and cost. more >

• Commonwealth Bank hit with a class action for selling “worthless” products to customers. more >

• First State Super refutes claims that merger will see advice fees increase. more >

• Morningstar data names the best equities funds in the 12 months (ending 31st May). more >

• Australia’s banks saw a 14.1% dip in profits. more >

• Westpac sells remaining Pendal stake. more >

• Sargon liquidators enter talks with a litigation funder. more >

• ASIC sues CBA and CFS over conflicted remuneration issues. more >

• Australian Catholic Superannuation and Retirement Fund increases insurance premiums. more >

• Franklin Templeton cuts management fees on 6 funds effective 1st July. more >

• Media Super and Cbus confirm merger talks. more >

• Warakirri Asset Management enters partnership with Flinders Investment Partners. more >

Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: adrian@bkcon.com.au

John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: johnm@bkcon.com.au

Robert HudsonSenior ConsultantLife Insurance & SuperannuationE: rob@bkcon.com.au

Elaine Lopez Specialist ConsultantBanking & Credit, Superannuation and Life InsuranceE: elaine@bkcon.com.au

Conor WalshSpecialist Consultant Investments, Superannuation, & Life InsuranceE: conor@bkcon.com.au

PAGE 6

Announced April• Westpac names Peter King as new CEO. more >

• Maple-Brown Abbott’s head of institutional and strategic relationships, Christine Cameron, departs. more >

• Mercer appoints David Bryant as Australia CEO and Pacific zone leader. more >

• AMP hires Scott McIsaac as risk and regulatory lead. more >

• Count Financial appoints Phil Creswell its new head of professional standards. more >

• Tasplan appoints Tom Lynch to board. more >

• Xplore Wealth appoints Neil Gellett as new head of product. more >

• FSC appoints Blake Briggs as deputy chief executive. more >

• Vanguard appoints Rachel Reynolds as head of operations, superannuation. more >

• HESTA appoints Luke Galloway as its general manager of strategic tilting. more >

• AFCA appoints Natalie Cameron as lead ombudsman for investments and advice, and Heather Gray as lead ombudsman for superannuation. more >

• ANZ promotes Emma Gray to group executive for data and automation. more >

Announced May• Christian Super shuffles senior management. more >

• Statewide Super appoints Simone Dyda as chief financial officer and Jason Muir as chief risk officer. more >

• NAB reshuffles executive team. more >

• BNY Mellon Investment Management’s head of country, Phil Filippelis, departs. more >

• Suncorp Super appoints Jennifer McSpadden as executive manager of member proposition and innovation. more >

• Westpac hires Jason Yetton as Specialist Business Division Lead. more >

• AMP hires Miriam Herold as Head of Superannuation Trustee Office – Investments. more >

INDUSTRYMOVEMENTS

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Phone 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: adrian@bkcon.com.au

John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: johnm@bkcon.com.au

Robert HudsonSenior ConsultantLife Insurance & SuperannuationE: rob@bkcon.com.au

Elaine Lopez Specialist ConsultantBanking & Credit, Superannuation and Life InsuranceE: elaine@bkcon.com.au

Conor WalshSpecialist Consultant Investments, Superannuation, & Life InsuranceE: conor@bkcon.com.au

PAGE 7

INDUSTRYMOVEMENTS

• HESTA appoints new GMs across investment, digital, and brand & acquisition teams. more >

• Suncorp’s banking CEO, Lee Hatton departed end of May. more >

• Future Fund promotes Raphael Arndt to CEO. more >

• Future Super promotes MD, Kirstin Hunter to co-founder. more >

• First State Super appoints John Dixon and Philip Moffitt as board directors, replacing Bob Lipscombe and Ralph Kelly. more >

• ASX chief compliance officer, Kevin Lewis, to retire in 2022. more >

• Pendal appoints Lee Hopperton as new head of HNW distribution. more >

• First Sentier reshuffles executive line up. more >

• Bennelong appoints Eric Finnell as Institutional Distribution Executive. more >

• T. Rowe Price appoints Darren Hall as distribution head. more >

• Westpac executives depart. more >

• Grow Super staff stood aside amid scandal. more >

• First Sentier Investors appoints Michell Tredenick to their board. more >

• Qudos Bank appoints Michael Anastasi as CEO. more >

• Westpac’s chief executive, Lyn Cobley, retires. more >

• AustralianSuper appoints Sarah Adams as group executive for strategy, brand, and reputation. more >

Announced June• NAB appoints Robert Coombe as independent non-executive Chairman of MLC

Wealth. more >

• MLC Life appoints Rodney Cook as CEO and Managing Director. more >

• QIC appoints Ravi Sriskandarajah as new executive director of client solutions and capital. more >

• Allianz Retire+ appoints Sally Evans to its board. more >

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Phone 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: adrian@bkcon.com.au

John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: johnm@bkcon.com.au

Robert HudsonSenior ConsultantLife Insurance & SuperannuationE: rob@bkcon.com.au

Elaine Lopez Specialist ConsultantBanking & Credit, Superannuation and Life InsuranceE: elaine@bkcon.com.au

Conor WalshSpecialist Consultant Investments, Superannuation, & Life InsuranceE: conor@bkcon.com.au

PAGE 8

INDUSTRYMOVEMENTS

• Commonwealth Superannuation Corporation appoints Damian Hill as CEO. more >

• Australian Fund Monitors appoints Damen Purcell as their new COO. more >

• Schroders Australia’s multi-asset deputy head, Simon Stevenson to retire end of 2020. more >

• Suncorp appoints Adam Bennett as chief information officer. more >

• NAB’s chief of security, David Fairman, departs. more >

• Maple-Brown Abbott appoints Emma Pringle as head of ESG. more >

• UniSuper appoints Andrew Raftis as its new chief risk officer. more >

• Buyers of Sargon’s operating business announces executive/board appointments; changes name. more >

• CBA’s head of private banking, Marianne Perkovic, to depart this October. more >

• AMP Capital appoints Boe Pahari as CEO. more >

• SuperFriend adds AustralianSuper’s Rose Kerlin to the board; appoints Zurich/OnePath’s Maria Falas, and LUCRF Super’s Chris Deakin to the board’s expert Advisory Committee. more >

• BNP Paribas Securities Services appoints Franck Dubois as head for Asia Pacific. more >

• Rest appoints Andrew Lill as chief investment officer. more >

• IFM Investors’ global co-head of listed equities, Neil Carter departs. more >

• HESTA names Stephanie Weston as Head of Portfolio Design. more >

• NAB appoints Andrew Irvine (previously Canadian head of business banking division at Bank of Montreal) as group executive business and private banking. more >

• Vanguard announces Balaji Gopal as head of its personal investor business. more >

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Phone 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

Adrian KarlociDirector & Senior ConsultantLife Insurance & SuperannuationM: 0406 078 318 E: adrian@bkcon.com.au

John MolonyDirector & Senior ConsultantLife Insurance, Superannuation, & InvestmentsM: 0416 359 015 E: johnm@bkcon.com.au

Robert HudsonSenior ConsultantLife Insurance & SuperannuationE: rob@bkcon.com.au

Elaine Lopez Specialist ConsultantBanking & Credit, Superannuation and Life InsuranceE: elaine@bkcon.com.au

Conor WalshSpecialist Consultant Investments, Superannuation, & Life InsuranceE: conor@bkcon.com.au

PAGE 9

BEEN UP TOTHIS QUARTER

What we’ve

Although the whole team is working from home, it has been a busy few months at B & K.

On Fridays, we still have our end of the week wrap ups sprinkled with a bit of fun. Some Friday themes have included Musical Friday, Cool Tees, Bring Your Pet (or Imaginary Pet) to Work Day, trivia and our first physical meeting post lockdown!

B&KCATCH UP

To stay up to date on industry news and movements, as well

as what we’re up to, follow us on LINKEDIN

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Phone 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

John tries to get work done while supervising his son making play-doh

Gissella shares her new pasttime hobby-colouring

Elaine motivates herself to work out by creating a schedule and leaving her mat by her work station

Nidhi takes on yoga

Team shares their coolest tees Team Lunch at The Lord Nelson Hotel

Adrian having breakfast with his daughter - she demanded to wear her sunnies to brekkie

Cindy shows off the record collection she listens to at home... and her new kitten

Rob introduces his new favourite colleague to us

Helen participates in the Women In Super’s Mother’s Day Classic

Conor perfects the art of baking sourdough

ROLES WE RECRUIT INInsurance & Reinsurance• Product• Relationship Managers & BDM’s• Actuarial• Risk & Compliance• Contact Centre & Administration• Leadership Roles (Team Leader – General Manager)• Claims• Underwriting• Business Analysts• Project & Change Management• Continuous Improvement• Marketing & Communications• Business Intelligence & Data Insights

Superannuation• Product• Operations• Contact Centre & Administration• Relationship Managers & BDM’s• Research & Consulting• Risk & Compliance• Leadership Roles (Team Leader – General Manager)• Continuous Improvement• Marketing & Communications• Business Analysts• Project & Change Management• Business Intelligence & Data Insights

Investment Management• Leadership Roles (Team Leader – General Manager)• Investment Analysts• Relationship Managers & BDM’s• Performance Analysts• Investment Operations• Fund Accountants• Marketing & Communications• Business Intelligence & Data Insights

Banking & Credit• Leadership Roles (Team Leader – General Manager)• Administration and Operations• Client Services / Customer Service• Credit Analysts / Assessor• Collections• Settlements• Real Time Analyst• Financial Crime• Compliance or Audit• Data Entry• Lending Specialists

B & K Consulting specialise in recruitment for superannuation, life insurance, banking & credit and investment professionals - for both temporary and permanent positions.

As we solely specialise in the wealth management industry, it allows us to become experts in what we do, enabling us to provide honest, personalised, and thorough services tailored to our clients’ specific needs. Understanding your business and background is essential to finding you the best solution.

IN FOCUS

ABOUT B & K

B & K Consulting (Aust) Pty Ltd Suite 605, 46 Market Street Sydney NSW 2000 Australia Phone 02 9888 7888 www.bkcon.com.au ABN 97 134 005 753

WEALTH MANAGEMENT RECRUITMENT PROFESSIONALS

We understand the importance of hiring reliable and resilient

short term staff (especially during this challenging period).

Should you need any short term support in the office, we have a

dedicated consultant, Elaine Lopez, who specialises in recruiting for

talent within this area.

Please don’t hesitate to reach out at elaine@bkcon.com.au