Matt Heine, the current joint managing director, will be appointed sole managing director and Michael will continue as executive director.

The company reported strong net inflows in terms of funds under administration in its 2021–22 financial year results and record profits.

Netwealth saw an increased of $3.2 billion in funds under administration and a record underlying underlying EBITDA of $88.2 million.

Mr Heine said the strong financials of the company, together with the strong management team and outsourcing staff place Netwealth in a great position to meet the challenges and benefit from the rapidly and evolving industry landscape.

“We are confident this will support our ongoing growth of market share and profitability,” he said.

Michael Heine said the succession plan has been in place for some time and that this latest change is the continuation of the planned succession.

“The executive team under the leadership of Matt are very well placed to continue to lead and grow the company and build on the existing successful strategy,” said Mr Heine.

“I look forward to continuing to contribute to the management and being actively involved in the future of Netwealth.”