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Dundee Goodman Private Wealth has ousted the head of its retail adviser channel, according to a source.Adriano Valentini/The Globe and Mail

Dundee Goodman Private Wealth ousted the head of its retail adviser channel earlier this week.

John Cucchiella, senior vice-president and head of retail for Dundee Goodman Private Wealth, was dismissed from the company early Wednesday, according to a person familiar with the situation.

An internal company announcement was sent out to employees stating Mr. Cucchiella had departed the company but did not release details around the reason for departure.

Executives at the firm were not available for comment.

Richard McIntyre, executive vice-president of Dundee Goodman PW, has taken over the reins as interim head of retail, according to the internal memo.

Mr. McIntyre, who rejoined the firm this past January, is a familiar face to the Dundee family. He ran the former DundeeWealth advisory channel that was sold to Bank of Nova Scotia in 2010, which at the time of the sale had more than 1,000 financial advisers.

Shortly after the completion of the acquisition in 2013, Scotiabank did an overhaul of the DundeeWealth leadership, which led to Mr. McIntyre pushed over to the banking side of operations.

Mr. McIntyre was reassigned as managing director and head of Scotia Private Client Group and replaced with long-time bank executive Tuula Jalasjaa, who was appointed head of HollisWealth (Scotiabank's rebrand of DundeeWealth).

Dundee Goodman PW, a subsidiary of Dundee Securities Ltd., started looking to rebuild its advisory base. After a three-year non-compete agreement with Scotiabank expired, the firm grew its adviser base in January 2014 by acquiring approximately 60 investment advisers from Richardson GMP Ltd.

Mr. Cucchiella, who joined Dundee Goodman PW in 2010, played an integral part in the transition of the Richardson GMP advisers.

Also in 2014, David Goodman, the son of founder Ned Goodman, returned to the family company as president and chief executive officer of parent company Dundee Corp.

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