AXA advice inflows buoyed by acquisition
AXA Australia’s advice business has posted a 52 per cent surge in gross inflows for the nine months to September, while subsidiary dealer group ipac securities continues to chip in, after today announcing the signing of a $400million Queensland based planning business.
With advice gross inflows now at $750million, AXA group chief executive Les Owen said the group remains focused on segments where target levels of profitability can be achieved.
This case in point has been steeled with ipac’s signing of Gold Coast based planning business Strategic Planning Partners (SPP).
SPP principal Tony Walker said ipac was not the first group to knock on the financial planning businesses door in recent times.
“A successful firm like ours had many suitors,” Walker said.
Under the deal, SPP principals, Walker, Dean Sandstrom and David Bird will manage the business on behalf of ipac.
Walker said the decision to align was made mindful of all stakeholders involved.
“We wanted to look after the future of our staff and unlock the value of a successful business we built from scratch,” he said.
Ipac chief executive Peeyush Gupta said ipac had worked closely with SPP, and before that Walker Lawrence Financial Services, so had a good understanding of the business.
“Through the Equity Partner Program, ipac buys established advice businesses to expand into new markets and to increase our presence in major cities,” Gupta said.
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