Plan B expands further into east coast
Perth-based wealth management group Plan B has expanded its presence in the eastern states with the acquisition of a 33 per cent stake in Queensland-based dealer group My Adviser.
This $980,000 investment is the first in a series of three tranches that will see Plan B acquire the balance of My Adviser over the next two years.
My Adviser is a network of 54 advisory businesses with about $1 billion of funds under advice and 122 authorised and corporate representatives based in Queensland, New South Wales and Victoria.
Bryan Taylor, executive chairman of Plan B, said the agreement was in line with Plan B’s goal of further strengthening its eastern states representation and expanding the scale of its dealer services activities.
“We have been looking for a client-focused organisation that helps build our coverage of the eastern seaboard, and My Adviser provides this exact opportunity,” Taylor said.
Michael Summers, current managing director of My Advisor, said his firm was attracted to Plan B’s established credentials.
“We selected Plan B to partner with us as we enter a very challenging period in the evolution of the financial planning profession,” Summers said.
Summers will remain chairman of My Adviser during the acquisition period, while current deputy managing director Philippa Sheehan will step up to the position of managing director.
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