Industry reacts to Michael Russell's new appointment

by Julia Corderoy08 Dec 2015
Leading aggregation group Choice has welcomed the appointment of its ex-CEO as the new CEO of national broker group, MoneyQuest.

According to the NAB-owned aggregator, Russell was the CEO of Choice when he oversaw the initial aggregation agreement between MoneyQuest and Choice in 2007.

CEO of Choice Aggregation Services, Stephen Moore, has now welcomed Russell’s appointment and reinforced the group’s commitment to supporting the “challenger brand” in its next phase of growth.

“At Choice, we’re committed to investing in our brokers and their businesses now and for the future and MoneyQuest is a fantastic example of this. The firm is an innovative challenger brand in the retail financial services sector and has already enjoyed strong growth. It’s exciting to be supporting the business throughout its next phase of growth. I know Michael will bring fantastic experience and energy to the business.”

Speaking to Australian Broker, Russell said his new CEO announcement came as a shock to many in the industry.

“A lot of people have already questioned my decision to move from a publicly listed powerhouse brand to a young infant. However, for me the decision was almost immediate when Ross Begley and I recently reunited and began talking about a shared vision of building a truly best practices brand – both consumer facing and back of house,” Russell said.

“I know I can deliver this and in so doing provide a business growth pathway that is unimaginable to most brokers and business owners. This is why I chose to partner with Ross and build a truly contrarian business in what’s becoming sadly a sea of sameness.”