Associated Planners on acquisition trail
Associated planners appears set to embark on a committed program of acquisitions following its purchase of a 50 per cent stake in the Queensland basedSynergy Advisory Services.
The Synergy group, which will continue to operate under its own brand name, is made up of 45 advisers stationed throughout Brisbane, regional Queensland and northern NSW, providing Associated Planners with an instant foothold in the market in those areas.
But Associated Planners managing director Ray Miles says the Synergy acquisition is only the latest phase in the group’s ongoing strategy to expand the scope of its operations across the country.
The group has already entered into discussions with a number of dealer groups in various states and expects to announce a further round of acquisitions within three months as part its policy of Australia-wide expansion.
Associated Planners, partly owned by Zurich, came in 24th inMoney Management’sTop 100 Dealer Groups survey earlier this month, with 173 advisers and over $3 billion in funds under management.
"The move to buy into Synergy is another step forward in our national growth strategy. We are also on the lookout for other similar strategic acquisitions in other states," Miles says.
As part of Associated Planners agreement to buy into Synergy, the chief executive of Synergy, Phil Little, will remain in his current role, but will also become the Queensland state manager for Associated Planners.
He says the alliance will provide Synergy advisers with access to Associated Planner’s superior software platform and services.
"This is a good fit. The link-up will complement our current operations and enable our advisers to take their businesses to the next level,” Little says.
Synergy Advisory Services is not related to the Synergy master trust, which is owned by Garrisons.
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