Omniwealth buys mortgage broker business
Financial advice and wealth advisory group, Omniwealth, has acquired an established mortgage broking business to boost the firm's mortgage and finance services.
Omniwealth managing director, Matthew Kidd, said the company purchased a Balmain-based broker's business, as Omniwealth needed to meet future client demands on the back of strong organic growth forecasts.
Westminster Finance and Business Solutions principal, James Grimam, would move his team of five to Omniwealth, to work with their existing mortgage and finance team, Kidd said.
"We have chosen to team up with James Grima at Westminster as he has a great business that is innovatively streamlined, and can help us deliver on our strategic plan. Like us, Westminster is non-aligned and able to be client centric with no conflicts," Kidd said.
Grima had three brokers and two support staff, who would all move to Omniwealth's office over the next six to 12 months.
Once the transition was completed, clients could access accounting, business advisory, financial planning, legal advice, and property finance all under one roof, Omniwealth said.
Recommended for you
Clime’s disposal of advice licensee Madison “needed to happen yesterday”, managing director Michael Baragwanath has told Money Management, as he concludes a severe cost-out period at the business.
As Viola Private Wealth continues on its growth trajectory, the wealth management firm has appointed a seasoned investment professional to be its first chief investment officer.
Financial advisers who wish to implement artificial intelligence in their practices need to undergo a change in their mindset as to how they use technology.
With United Global Capital expected to constitute a substantial portion of CSLR compensation in FY25–26, what has AFCA ruled in its determinations on the company so far?
