DKN continues expansion
|
|
DKN Financial Group has made a minority investment in regional financial companies BMG Partners and BMG Financial Planning.
BMG is a long-standing Lonsdale Financial Group associate and represents DKN’s first regional equity investment as well as its first investment in a Lonsdale practice since the merger between DKN and Lonsdale financial group in 2007, according to DKN’s chief executive, Phil Butterworth.
“We look forward to increasing the number of Lonsdale practices we have equity in and will continue to back these practices, enabling them to build greater scale by acquiring further accounting and/or financial planning practices that will fit with their business,” Butterworth said.
“DKN and its shareholders benefit through ongoing profit contribution from the minority investments as well as support for DKN’s products and services and the Lonsdale dealer group offering,” he said.
“The [global financial crisis] was a tough period but we remained committed to our business model, and we’ve come out in great shape with a growing client base. 2010 will be a fantastic growth year for the group; there are a number of new firms coming on board under the Lonsdale development model,” he said.
Stephen Mamouney, chief executive of BMG, said: “When developing our succession plans, it was important to all our stakeholders that we retain the culture we have developed within our business as well as the control over our business operations.”
The merger between DKN and Lonsdale would help deliver these succession requirements, he said.
DKN’s purchase represents a 32 per cent interest in BMG Partners and BMG Financial Planning.
Recommended for you
AMP has cut its executive remuneration following shareholder pushback which sees chief executive Alexis George’s maximum-possible remuneration reduced by almost $1 million.
CoreData research has highlighted Australian financial advice practices are expanding beyond traditional financial advice and reinforcing the power of a professional network to build their service offering.
ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm.
South Australian financial advice firm Calder Wealth Management has announced a strategic partnership with a risk advice firm.
