Countplus buys TFSA
Count Financial subsidiary Countplus has bought dealer group Total Financial Solutions (TFSA) for $11.5 million.
In a statement to the Australian Securities Exchange, Countplus executive chairman Barry Lambert said the risk-based dealer group would create a beneficial insurance referral arrangement for Count's largely accountancy-based adviser force.
TFSA has around $1 billion under management by its 70 advisers.
Lambert said this would be the last acquisition made by Countplus ahead of its listing in December.
He described two of the main attractions of TFSA as its "new business model with advisers and distribution arrangements with its key platform provider, Oasis", which he described as "innovative and compliant with pending regulatory reform".
Lambert said TFSA was expected to earn $2.2 million in earnings before interest and tax on a maintainable basis.
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