The European Spectrum IFA Group, which celebrated its 20th anniversary this year, has appointed Christopher Tagg as group chief executive as part of a two-fold restructuring plan.
Tagg has been a director at Spectrum for the last six years after previous experience in cross-border role at Friends Provident International and Royal & Sun Alliance International.
Tagg and operations director Anne Ollerenshaw will be responsible for the management of the business, while outgoing chief executive Michael Lodhi will remain as chairman focusing on the second part of the restructuring plan.
Lodhi will focus on Spectrum's corporate restructure plan which will see the company expand the group's ownership to all its financial advisers and staff.
The restructure will see existing and new advisers and staff acquire significant shareholdings in the group, giving them access to dividend income alongside their remuneration.
The firm said it was challenging to find a solution that achieved the ownership regime across multiple EU jurisdictions, but it has identified a viable solution and it is now close to implementing it.
Tagg said: ‘'I recognised Spectrum's disciplined advice process and commitment to long-term client service well ahead of joining the company in 2016. From then, it became apparent very quickly that the success of the business was also attributable to the strength of relationships and support between senior management, staff and advisers. I now look forward to the next phase of our development and continuing to work closely with Michael, Anne and the entire Spectrum team."
Lodhi said: "Having known Chris for over 20 years, I am pleased that he has accepted this appointment, which strengthens both our management capability and development plans. Since forming Spectrum our aim has been to include advisers and staff in ownership of the group. A clear succession plan is as important for business owners as it is for staff, advisers and ultimately our clients. This restructuring will provide the whole group with greater long-term security."
The Spectrum IFA Group, specialising in financial planning for English-speaking expatriates across Europe, currently has 50 advisers and 12 regional offices in France, Spain, Switzerland, Italy, Portugal, Malta, and Luxembourg.
