Matrix acquires two more practices
Independently-owned dealer group Matrix Planning Solutions has acquired two new financial planning practices, both Sydney-based, in an effort to further its long-term growth strategy.
The practices are Rolanda Adams Financial Services, which is based in Sydney’s Darling Point and focuses on providing clients with investment and gearing-related wealth creation strategies, and Emjay Financial Services, which is based in the Sydney suburb of Bankstown and focuses on ‘end-to-end’ solutions across all financial planning services.
Matrix, which has about $2.4 billion in funds under advice and about $31 million in in-force premiums, plans to acquire a further 15 to 20 quality financial planning practices by 2010. The dealer group currently has 80 financial advisers across Australia and aims to grow this to about 120 advisers.
A spokesperson said a number of other planning practices are expected to partner with Matrix in the next few months.
Recommended for you
Financial Services Minister, Stephen Jones, has assured the cost and time to enter the financial advice profession will soon be halved, as shadow treasurer Angus Taylor pledges to reach 30,000 advisers.
The positive results of the latest financial adviser exam have helped the advice profession reach 15,600 yet again, according to Wealth Data analysis.
Financial advice firms have told Adviser Ratings they are planning to increase their compliance spend by almost a third, including on enhancements to their cyber security which ASIC has identified as an enforcement priority.
The digital advice platform is officially launching into the financial advice sector, offering up its services to practices as a means of engaging with the next generation of clients.
