Acquisitions seen as possibility

Winchcombe Carson plans to expand the number of its advisers to 100 by June next year, after in-creasing the numbers by 29 per cent this year.

Winchcombe Carson plans to expand the number of its advisers to 100 by June next year, after in-creasing the numbers by 29 per cent this year.

Speaking at the company’s AGM in Melbourne last week, IOOF managing director Rob Turner says it will also consider buying small planning groups.

“We are happy to look at acquiring small groups of financial planners or accountants, and we now have a strong back office operation to help them,” he says. “We already have some accountants who have joined Winchcombe Carson.”

The expansion in the number of advisers will not see the company expand geographically. Turner says Winchcombe operates in all states other than Western Australia and he ruled out any plans to move into that state.

IOOF’s financial planning arm runs independently to the financial planning joint venture formed with Bendigo Bank. That operation provides advice to customers of both organisations.

The subject of demutualisation of IOOF was raised again at the AGM and chairman Lindsay Bytheway responded that there were no plans to make any moves.

“We are conscious of our position (as a mutual company) and we continue to monitor the situation,” he says. “If we do decide to issue shares in IOOF in the next few years, this will trigger demutuali-sation.”

At the meeting the move to drop the words friendly society from the company’s registered title was approved unanimously.