AFS buy-back complete
Australian Financial Services (AFS) is now standing on its own two feet as an independent dealer group, following its 39.7 per cent shareholding buy-back from Zurich Financial Services Australia (Zurich).
The transaction follows requests by AFS’ advisers.
AFS chief executive officer Peter Daly said today’s announcement marked an exciting milestone in AFS’ history.
“We now look forward with enthusiasm to the future as our organisation embarks on the next challenging phase and implements its business and growth strategies for 2006 and beyond,” he said.
“However, we will continue to maintain and build on our relationship with Zurich as it has contributed to AFS’ past success and benefited our advisers and their clients.”
A Zurich spokesman said it would be “business as usual” regarding the ongoing relationship, because despite its previous shareholding in the company, Zurich did not have any direct involvement concerning decisions about AFS.
“We have a very close relationship with AFS dealers and advisers and that will continue through them using our products,” he said.
AFS shareholders have also voted to change the business’ name to AFS Group.
AUTHOR
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
