Ipac expands with succession plan strategy
Ipac has acquired InTouch Financial Planning, continuing its strategy of expanding its business by providing succession plans for financial planning businesses.
InTouch has $30 million of funds under management. The principal of the practice is Greg Walker, who will become a new adviser under Strategic Planning Partners (SPP), the ipac-owned financial planning business that acquired InTouch.
John Saint, head of adviser solutions at ipac, said: “There are two things to the succession planning strategy. We have a proposition for clients which revolves around a run-grow exit proposition where we can help people run their businesses better, we can help them grow their business, and then we can help them exit when it’s time for them to exit, in the time that suits them best.
“The business owner, Greg WalkerÉ wanted to continue being an adviser, so he sold his business into SPP and that became a part of the ‘tuck-in’ [strategy], and we’ve kept Greg on as an adviser,” Saint added.
Ipac targets financial planning businesses that want an immediate succession plan and principals who are looking for a three to 10-year growth-exit strategy. The company then focuses on expanding the profitability of the business before the principal sells it.
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.
