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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
