First State Super wraps up StatePlus bid
First State Super has reached a binding settlement to acquire the StatePlus financial planning business — a move that creates the largest member-owned financial planning network in Australia.
The combination of the two will create a financial advice business with over $21 billion in retirement funds and over 200 financial planners in metropolitan and regional centres throughout the country.
First State Super chief executive, Michael Dwyer, said: "Together we will create a financial advice service that builds on the strengths of both organisations. We will leverage our increased scale to maximise retirement income for our members".
"First State Super Financial Services and StatePlus will continue to operate as separate and distinct businesses while we develop plans for the future," Dwyer said.
Also commenting on the bid, StatePlus managing director, Michael Monaghan said: "StatePlus is well positioned for growth having successfully executed on a strategy to transform the business and become digitally enabled while continuing to deliver exceptional service".
"As we undergo this ownership transition we remain focused on the clients who rely on us, delivering high quality advice, and service, as usual," he said.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
