Planning firms find strength in scale


|
South Australian advice firms Thornton Group and Tulare Financial Planners have merged their operations.
Listed company DKN Financial Group has a minority stake in both businesses, which specialise in financial planning, investment, self-managed superannuation funds and life insurance services. DKN said the businesses would be enhanced as a result of improved efficiency through scale.
DKN’s statement to the Australian Securities Exchange said its input into the two companies had spanned equity finance, access to “well-priced” financial products and services and strategic business advice, including specific acquisition advice around due diligence, business valuations and transaction structuring.
DKN chief executive Phil Butterworth said his company and its shareholders continue to benefit from profit contributions from minority investments. Butterworth reinforced that DKN’s equity participation businesses such as Thornton and Tulare are in line with its ambitions to grow its footprint through partial acquisitions of wealth management practices.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.