Count Ownership saga draws to a close

While others dealer groups have been snapped up by big institutions, Count Wealth Accountants, Australia’s largest independent financial planning group, looks set to float on the Australian Stock Exchange next year.

While others dealer groups have been snapped up by big institutions, Count Wealth Accountants, Australia’s largest independent financial planning group, looks set to float on the Australian Stock Exchange next year.

Managing director Barry Lambert says: “We are investigating as listing. And, the earliest it can happen is the first half of the year 2000.”

He says Count has spent the past year talking to potential long-term partners which could offer it technical and other support. Most, however, wanted full ownership.

“We received some very generous offers and it was very tempting to accept them. Some were around three times the Godfrey Pembroke sale price in total value,” he says.

“In the end we consulted our members and they expressed the view that it was best for us to remain independent — and as accountants to be seen as independent.

“If money had been the motivation we would have accepted an offer and would have received the highest price ever paid for any pure advisory group in Australia by a long way.”

Count is 90 per cent held by the Lambert family and 10 per cent by Victorian director Geoff Guest. Lambert says a listing will enable the owners to retain a stake while, at the same time, extending ownership to advisers and the public.

A board with independent representation will be appointed. And, while Lambert plans to retire in 2001, he expects to remain on the board after that.

Count has almost 500 franchisee accounting firms in its network and around 1,000 property authority holders within these. Clients have about $4 billion in investments and loans with Count.