Clime pursues Madison
Clime Financial Group has confirmed it is in discussions to acquire Madison Financial Group.
Clime confirmed to the Australian Securities Exchange today that it was in discussions to acquire all the shares in Madison from OneVue Limited.
However, it cautioned that there was no certainty that the discussions would lead to a definitive transaction.
OneVue has signalled that two companies are bidding for Madison, with the other contender rumoured to be Centrepoint Alliance.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.