Former Bridges founder makes new planning play
Managed Accounts Holdings Limited, the publicly-listed entity established by former Bridges founder, Don Sharp has moved further towards growing its footprint in the financial planning space.
The managed discretionary account operator announced this week it planned to partner with advisory firms to acquire quality advice or portfolio management businesses via a recently-established wholly-owned subsidiary, Planner Holdings Limited.
In an announcement released to the Australian Securities Exchange (ASX) this week, Managed Accounts Holdings said it would be funding Planner Holdings Limited (PHL) with up to $5 million to provide expansion capital to selected financial advisory firms.
It said PHL would initially hold up to a 25 per cent interest in new acquisitions.
Sharp said advisory firms were increasingly looking to expand through acquisition but many weren't confident about how to do it, or who to turn to and partner with.
"The type of advisory firms that would look to partner with PHL would likely have a large existing SMSF client base or clients who may establish an SMSF in the future," he said. "Principals will have a sharp focus on growth with a strong desire to maximise efficiencies and profitability.
The announcement said PHL had been established by MGP on the expectation that the PHL board would seek to list it separately on the Australian Securities Exchange within two years of its initial investment in an advisory firm, with MGP planning to retain a 25 per cent interest in PHL.
The announcement said PHL would not seek to control or influence the board and management of the advisory firms which it partners with but will fully support the independence of underlying firms.
Recommended for you
The FAAA has secured CSLR-related documents under the FOI process, after an extended four-month wait, which show little analysis was done on how the scheme’s cost would affect financial advisers.
Nearly seven in 10 HNW-focused advisers view alternatives as the asset class that will be fundamental to meeting client demands in the future, according to Praemium.
The Perth-based advice practice has welcomed a private wealth adviser and senior paraplanner to its ranks amid its strategic shift towards wealth transfer strategies.
The number of members expelled from the Australian Financial Complaints Authority almost doubled between 2023 and 2024, according to internal data.
