Firstfolio enters joint venture with Evergreen Finance
Publicly listed financial services company, Firstfolio, has entered into a joint venture with specialist financial products provider, Evergreen Finance Company, to develop consumer finance products.
The joint venture was announced to the Australian Securities Exchange today, with the two companies saying they would develop consumer finance products to be distributed direct to borrowers and through Firstfolio's network of brokers and third parties.
Commenting on the move, Firstfolio chief executive Mark Forsyth said it represented an opportunity for his company to draw on Evergreen's advanced processing systems and capabilities in personal lending to meet growing demand for specialist finance products.
"The partnership with Evergreen reflects our strategy of introducing additional financial products through Firstfolio's significant national distribution network," he said.
The two companies said that with Australia's personal finance market estimated to generate over $7 billion in new finance a month, the joint venture agreement would allow them to custom-design consumer finance products to be distributed direct to borrowers.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
