ipac partners with risk specialists
ipac has formed an equity partnership with Australian Financial Risk Management (AFRM), taking a 40 per cent stake in the risk specialist firm at an undisclosed price.
AFRM currently employs 18 staff members and seven advisers across four offices in Sydney, Newcastle, Central Coast and Port Macquarie, which is ipac's first equity partnership with a risk only practice. It will remain majority owned by the current directors, Phillip Young, Nick Hatherly and Mark Hoskin, who will be provided with a succession solution at a time of their choosing.
The firm has more than 2,000 in-force policies, representing $10 million in premiums, and delivers risk solutions to clients of accounting and financial planning businesses, according to ipac.
ipac chief executive Neil Swindells said ipac would now provide its risk services to clients through AFRM, and ipac advisers who specialise in risk would now be part of AFRM.
"They will take advantage of the resources, systems and expertise of a business that only does risk," Swindells said.
"The partnership will deliver an even better service for ipac clients and more career opportunities for our risk advisers."
AFRM chief executive Phillip Young said it was a strong cultural alignment that led the shareholders to partner with ipac, while the partnership was a good fit for the growth ambitions of AFRM.
"ipac has strong links to the corporate market through its advice to senior executives and other corporate financial education programs," Young said.
"We can enhance ipac's advice offer to corporates and build our brand in the process. Similarly, ipac and its equity partners are spread across the country, and this creates an opportunity for AFRM to expand our footprint nationally," he said.
AFRM is the 50th financial planning practice ipac has partnered with or acquired since 2001. ipac added three new equity partners and facilitated eight acquisitions of smaller financial planning practices in 2009.
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