A former head of adviser solutions at Morningstar Australasia is taking on a newly created role at Milliman.
Andrew Whelan has been appointed as director, adviser services at the actuarial firm. He will be responsible for spearheading the development and management of retail and wholesale partnerships, focusing on financial advisers and dealer groups.
Whelan served as head of adviser services at Morningstar from 2012 to 2016 and was most recently general manager of sales and marketing for financial planning software provider CCUBE Integrated Wealth.
Milliman Australia principal Wade Matterson said the firm is delighted to have Whelan joining in the new role.
"Andrew's understanding of the financial advice landscape in Australia is unrivalled, and his vast experience and success in previous roles positions him perfectly to expand Milliman's services," Matterson said.
He added Milliman is seeing growing interest from financial advice practices seeking to deliver superior client outcomes in the current environment.
Likewise, Whelan said he is looking forward to joining the Milliman team.
"Milliman's offering to Australian advisers is truly compelling. Milliman is at the forefront of a number of the emerging trends shaping the financial advice industry, including the development and implementation of goals based advice tools and frameworks, investment solutions to help manage sequencing and longevity risk, and detailed research on the behavior of retirees," he said.
Matterson recently spoke to Financial Standard about the need for the Australian wealth industry to be held accountable for creating a raft of "very cheap, generic retirement income products based on a lot of averages."
Matterson said Milliman analyses real-life spending patterns and has determined that "behaviour differs considerably based on a range of factors. A retiree living in Mosman spends a very different amount to a retiree in Blacktown."