F&TRC managing director Ian McKenna has warned Chris Noblet’s appointment as managing director of 1st Exchange sends a “disturbing message” to IFAs due to his lack of industry experience.
Noblet, who has over 20 years’ technology experience outside the IFA market, was confirmed as David Child’s replacement yesterday.
McKenna argues the appointment raises concerns about future plans for the technology solutions provider.
He says: “It is nothing short of a disaster that control of the business is being handed over to someone who has had no experience in the IFA market, replacing one of the most accomplished people in the industry.
“This sends a very disturbing message about the venture capitalist owners’ plans for the business and the extent to which the IFA community can rely upon 1st Exchange as a supplier of services. If you replace an industry stalwart with an outsider it is hard not to question the commitment and future direction of the business. Providers and advisers will need to keep a close eye on development and may be well advised to have alternatives lined up.”
1st Exchange chairman Alastair Hazell says the firm remains focused on IFAs and intermediaries.
He adds: “We have a wealth of IFA experience within the business and Chris Noblet joining us as managing director brings broader technology industry experience to the wider management team, and allows us to focus on the wider growth plan and look at future acquisition strategies.”