First Capital buys stake in Empowernet
Financial services group First Capital Group will acquire 19.9 per cent of business and wealth creation coaching firm Empowernet Digital.
The deal is part of a strategy by First Capital to “aggressively develop its wealth creation division and fast track a plan to become a fully integrated financial services company”, according to managing director Les Freeman.
First Capital will “provide financial planning advice, wealth creation strategies, and financial services and investment products to Empowernet’s global database of approximately 150,000 high-net-worth individuals”, Freeman said.
“The deal is an opportunity for First Capital to take full advantage of a new distribution channel, comprised of an ideal target audience of clients actively seeking investment options”.
“Until now there have been no complementary financial products or services available to clients that have completed Empowernet’s wealth creation seminars,” he said.
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.
