The former head of financial planning dealer group Mawson Group, has taken the helm at boutique dealer group First Capital Financial Planning.
Les Mace left Mawson in November last year, amid rumours he planned to set up his own business. Mace started at First Capital three weeks ago and said he was reviewing the business and its strategies. “From what I’ve found it’s an excellent business with huge opportunities,” he said. He said the business review would probably take a month or two. A pending court case is likely to be a fly in the ointment, with First Capital facing Supreme Court proceedings. The court case comes after some of First Capital’s financial planners allegedly recommended that over 180 teachers switch out of their state government superannuation fund without issuing a comprehensive statement of advice (SOA). The Australian Securities and Investments Commission (ASIC) alleged the SOAs did not adequately point out the fee differentials or insurance details and was misleading about the recommended fund’s insurance. No date has been set yet for the court case to be heard.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
