FSP remains acquisitive
Financial Services Partners (FSP) will be maintaining its acquisition focus despite the downturn.
The dealer group has revealed its goals and strategic plans for 2009 at its annual conference being held on the Gold Coast.
Speaking at the conference, chief executive Geoff Rimmer said a large part of FSP’s strategic focus needs to be about wanting to acquire businesses.
“We’ve got a lot of capital to help our advisers acquire,” Rimmer said.
“Even those businesses who are outside, who don’t want to integrate or merge, this is a pretty good place for them.”
Rimmer predicted a $550 million inflow to the group, while also planning for an after-tax profit of $3 million.
He spoke of being able to “de-link” business profits from market profits, saying there wasn’t any less opportunity for advice.
“Investment markets are not necessarily tied to our success,” he said.
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.