Ginger Group CEO departs

[UPDATED] Ginger Group has gone through a restructuring process which has seen its chief executive depart.

Tuesday, January 31st 2012, 6:34AM

The group was formed in 2010 when Professional Investment Services, Minerva and Brokers Independent group came together several years ago.

Since it was formed it has built relationships with other financial services firms including and Loan Market.

The company is now being restructured and chief executive position, held by David Whyte, is being disestablished.

Whyte says that "following the recent restructure of Ginger Group, it was confirmed that the chief executive's role would be disestablished effective 31st January, 2012."

"My thanks to all the people involved in running Ginger Group, and to all the members for their patience while the infrastructure was constructed, and for the input provided by everyone in support of my efforts".

The group has been looking at other alliances after one proposed with Goldridge failed to materalise.

Whyte said earlier that the attempt at forming a wealth management alliance with Goldridge Wealth Management had fallen by the wayside as "there wasn't enough of a synergy between the two organisations."

Ginger Group has had discussions with other parties about forming an alliance around wealth management.

One of the areas the group are looking to benefit from with the alliance was recommendations for portfolio models and fully researched investment recommendations for advisers to access.

It would also allow Ginger Group's RFAs to satisfy client demands for investment expertise.

"It's basically extending the services for advisers to access resources to satisfy the client relationship, whatever it happens to be, so they can have their client looked after in the investment side, even though they're a registered adviser themselves."

Ginger Group chairman Maurice Trapp said that a decision was made in October to restructure the company in response to "the changing environment and to ensure we could continue to expand the service offering to our members."

"It has not been an easy task bringing together and aligning three businesses through a year of upheaval and compliance." He paid tribute to Whyte saying that he "assisted in positioning Ginger Group Financial Services amongst the leading financial service distribution groups. He has led the business in a complexity of areas and activities including the mortgage market, IT, compliance, resource and personnel. "

Leighton Langley will assume the responsibility of heading the distribution channel and will work closely with the product providers, business managers and advisers "to ensure we continue to grow revenue and productivity for all our members and product providers alike."

« News Round Up January 30

KiwiSaver mismatch a 'huge challenge' for advisers »

Special Offers