Centrestone makes first purchases
Centrestone Wealth Management, the business created by Robert Keavney, Malcolm Turnbull and Michael Pillemer, has made its first purchase of financial planners, bringing onboard Keith Miller, Peter Brennan and Glenese Keavney.
The three planner sold their businesses to Centrestone for an undisclosed sum but have between them a total of $350 million in fund under advice with an annual revenue of $3 million.
The three planners have been involved with Investor Security group (ISG), which merged with risk business P&A to create Centrestone in July.
Centrestone Group chair Malcolm Turnbull says the purchases were the first stage of the group’s growth strategy, which focused on securing planners from ISG.
According to chief executive Robert Keavney, the three planners had worked under the ISG banner since the mid 1980s, but he says the nature of the acquisition meant that in joining Centrestone the three planners would take on performance based capital stakes.
“The three planners had been with ISG in the same way as with any planning group, that is the group was a flag of convenience under which to operate and from which they could take clients if they left,” Keavney says.
“Under the new group this relationship is different and closer between the planner and the dealer group as we have agreed acquisition rules and contractually the group can never be split.”
Keavney also says that now the group has secured those planners involved with the ISG it would look further afield at a number of possible acquisitions of planners from the wider industry market.
AUTHOR
Jason Spits
Recommended for you
A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments for investments.
Inefficient data processes and systems mean advisers are spending over half of their time on product implementation and administration at the expense of clients, according to research.
With the regulator announcing its enforcement focus for 2025 last week, law firm Hall & Wilcox examines the areas which have dropped down the list in priority for the regulator.
South Australian financial advice and accounting business Perks has extended its paid parental leave program from 12 to 26 weeks, putting it on par with big four firms.
