Matrix withdraws itself from sale
Dealer group Matrix Planning Solutions has withdrawn itself from sale after announcing nearly a year ago that it was seeking expressions of interest.
The company's decision was announced by Matrix managing director, Rick Di Cristoforo today who said the decision had been made despite significant interest from potential buyers.
He said that, instead, the company had come to the view that the offers received had conditions attached that would have been impossible for the Matrix shareholders to accept.
"These conditions would have affected the conduct of our advisers, the operation of their businesses and our collegiate culture," Di Cristoforo said.
He said that Matrix would now be focusing on growth and had announced a new value proposition for advisers and would be focused on attracting businesses to the model.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
