Announcer Financial Planning head buys out partner
|
|
Announcer Financial Planning director Andrew Rocks has bought out his partner, Lindsay Yelland, to become the sole proprietor of the 20-planner Sydney-based advice firm.
Yelland, a long-term partner of Rocks, yesterday accepted the terms of a deed of company arrangement, which required Yelland to assign his secure creditor charge over to Rocks.
Rocks told Money Management the agreement returned control immediately to Rocks, and that he was now the sole secured creditor.
He added that the Australian Financial Service Licence had not been affected by the agreement and that all staff would be retained.
Structuring the agreement had required Announcer to be placed in administration in August to enable the administrator to act as an independent third party to oversee the separation of the former business partners and allow the company to "start with a clean slate", Rocks said.
He said at the time he expected a restructure could be completed and the business handed back to Rocks in the first week of September.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
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.
