Plan B acquires share in wealth advisory business
Despite current market conditions, Plan B Group Holdings is sticking to its expansion strategy with its latest acquisition of a 62 per cent share in Melbourne wealth advisory business, Strategic Financial Management (Strategic).
“In spite of the challenging market conditions facing the economy and particularly the financial services industry, we remain committed to pursuing our expansion strategy by seeking to acquire interests in exceptional wealth advisory businesses,” Plan B managing director Denys Pearce said.
Plan B said consideration for the acquisition of this initial investment will be the issue of 3,984,714 new ordinary shares and the payment in cash of $5.2 million from Plan B’s existing cash reserves.
Option arrangements are in place for the remaining 38 per cent of Strategic not owned by Plan B.
According to Plan B, Strategic has approximately $345 million in funds under advice with an average client portfolio value of $2.4 million.
Recommended for you
ASIC has cancelled the AFSL of global advisory group Brite Advisors after compensation was paid to an individual by the Compensation Scheme of Last Resort.
Having taken some “quite tough medicine” during its 18-month transformation program, Iress is now doubling down on organic growth in the delivery of its wealth technologies.
The RIAA Conference Australia 2025 will take place later this month, featuring a range of sessions designed for financial advisers.
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
