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Daily news update: Senior management restructure for Lifetime Group, and more stories

Lifetime Group have announced that they are making several strategic changes that will see a change in their business focus and senior management team. Peter Cave has said that because Lifetime is looking to focus on the team based in Christchurch, GM of advice Jon O’Connor will be leaving at the end of June. Aaron Bowkett will be leaving his role at Apex to take on Jon’s current role. Sarah Fawcett is set to join Lifetime as the new chief financial officer.

“Managing director Peter Cave said the business had been through significant restructuring over the past 18 months and the next phase of that would see Jon O’Connor leave his role.

Lifetime wanted to focus on the team in Christchurch and centralise the senior management team there to be geared up for the future, he said.

O’Connor is based in Tauranga.

O’Connor said he would finish up in his role on June 30 and he was still deciding what his next step would be. He is to be replaced by Aaron Bowkett, who is currently with Apex Advice.”

Although Lifetime moved from an independent-contractor model to an employee model when Camelot and Lifetime merged, the group has seen a 20% drop in adviser numbers in the last 12 months.

“Peter Cave, managing director, said the strategy adopted after the merger was to pursue an employee model, to best position the group for the new licensing regime.

Lifetime had had an independent-contractor model before that.

“We also implemented our ‘advice for life’ client engagement philosophy during the same period.

“The objective was to position the adviser team for the future and invite those that wanted to come on the journey, to adopt the changes.”

But he said the net result had been the loss of some advisers.

“We have experienced just over 20% reduction in our adviser team over 12 months, made up of those we didn’t offer contracts to; those that left with their clients to set up their own businesses; and those that either retired or left the industry.” Click here to read more

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