Bell and Tricom heads of agreement lapses
Bell Financial Group announced to the Australian Securities Exchange today that a conditional Heads of Agreement for the 100 per cent acquisition of troubled broking house Tricom has lapsed.
The agreement was signed on February 19 and subject to a number of conditions, including satisfactory completion of due diligence prior to March 7.
Bell’s announcement said that discussions are continuing with a view to reaching an agreement.
Bell Financial Group declined to comment on the issue and Tricom officials were not immediately available for comment.
Recommended for you
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.
New Zealand’s financial regulator is following the footsteps of its Tasman neighbours and proposing to conduct a review on improving the accessibility of financial advice and advice business models.
