Andersen to expand
Then there were three. In a similar situation as last year, with the acquisition of KPMG Financial services by St George, the financial services industry now sees an-other big five company making a move.
Then there were three. In a similar situation as last year, with the acquisition of KPMG Financial services by St George, the financial services industry now sees an-other big five company making a move.
Accounting firm Arthur Andersen is set to unleash its financial planning arm of the company later this year.
Although the company is keeping most details close to its chest, it is understood that the firm is in the process of recruiting advisers for both its Brisbane and Sydney of-fices.
According to reports in Money Management in September last year KPMG Financial Services was sold to St George. KPMG Financial Services, this time last year, had $520 million of funds under advice is a subsidiary of St George Bank.
KPMG has the largest financial services practice of all the "Big Five" firms.
It manages more than 60 per cent of the international banks with subsidiaries operat-ing in Australia, six of the top 20 life insurance groups, 20 of the top 100 general in-surers and reinsurers.
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Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
