Principal Edge exec lands at Switzer

Tony Kench has departed Principal Edge after nine years with the licensee to join Switzer.

After a few months of gardening leave, the former general manager of equity capital markets for the Commonwealth Bank has joined the Switzer Financial Group.

There were several reasons why Kench moved from a shop that manages $575 million on behalf of 600 clients, to Switzer.

Usually, changing licensees is about growth, challenge and a better cultural fit.

All of these applied to Kench who wanted to work with people who were always on the hunt for new services and ways of doing things that might enhance client propositions.

The actuary stepped into a very different situation since Switzer is rebuilding its business from scratch.

Since Switzer has adopted a collaborative model, Kench has a say in what platforms are used, who is hired and what innovative fintech might be partnered with to enhance efficiency and affordability.

Further, he has investigated the latest investment platforms like Hub24 and Netwealth, to CRM systems like practifi and all the fintech integration partners like Calendly, Docusign, Sharepoint and SMS Magic in a bid to create an efficient office,

Not only does he now have the opportunity to help redesign the firm's processes and structure, but he has adopted the latest real-time advice technology for remote clients.

"We will also be looking hard at video statement of advice production that makes sense in a financial production house," he added.

"Getting the cost structure down, so that I can provide clients with good advice relatively cheaply is key

"In my previous role, clients forked out a minimum $5000 each year every year. It just wasn't affordable, for some of my mates that did actuarial studies with me, let alone the general public."

Appealing to the next generation of advisors is next.

Kench points out that being prepared to sponsor new graduates through the professional year and train them to do very complex advice is a big selling point for recruits.

"People who I have worked with before are keen to come on board to rebuild a business giving great advice from the ground up."

Before embarking on a career as a financial adviser, Kench worked at CBA for 23 years, holding several positions, including establishing and running CBA's equity-linked structured products business.

He was responsible for the bank's debt/equity hybrid business before landing at Principal Edge.