The board of privately owned platform provider netwealth today announced the appointment of Matt Heine as Joint Managing Director of Netwealth Group Limited and its subsidiaries.

Matt joined netwealth in 2001 prior to the launch of netwealth's first products and has been an integral part of the growth of the business that now has funds under management and Advice in excess of $7.5b of which more than $6 Billion is on platform.

Matt will share management responsibilities with his father Michael Heine as Joint Managing Directors of the group which comprises the platform operator netwealth Investments Limited, Financial Planning Services Pty Ltd, Pathway Licensee Services Pty Ltd and Bridgeport Financial Services Pty Ltd.

Jane Tongs, Chairman of the netwealth Group, said:

"The appointment of Matt as Joint Managing Director is an important step in ensuring there is an appropriate and clear succession plan in place for this key executive position within the group. Matt had demonstrated his capability over many years and has been instrumental in developing the strategic direction of the group as well as its implementation."

She continued "It is also significant that the management of the group remains under family ownership."

Michael Heine said "It continues to be of great personal satisfaction that Matt and I have worked so effectively together over a long period to build a successful and well respected business. Matt is the driving force behind the business today and between us we have experience and drive to continue to build on our success".

netwealth today has a very strong executive team who together with the Joint Managing Directors are focused on building the business and retaining industry leadership.

Michael said "We have the advantage of being well resourced, debt free and profitable without the bureaucracy that afflicts most of our competitors. This permits us to be flexible, nimble and highly responsive to client needs."