AIOFP chair steps down

A spokesperson for the Association of Independently Owned Financial Professionals (AIOFP) has confirmed that Peter Daly, managing director of Beacon Financial and a director of Linchpin Capital Group Limited, has voluntarily stepped down from his role as chair of the AIOFP board "due to the Linchpin controversy".

Daly has been replaced on the board by AIOFP member, Sam El Shammaa, principal of Sydney-based advice firm, Capitalwise.

Deakin University financial planning head, Dr Adrian Raftery, has been appointed as the new AIOFP chair.