rmg picks up Piersbridge Consultants
Perth-based practice rmg financial services has increased its funds under advice to $660 million with the acquisition of Piersbridge Consultants.
The acquisition – the third so far this year for rmg – will provide the practice with more scale when it comes to risk insurance.
The financial advice arm of the Piersbridge, Precise Financial Planning, has already been incorporated into rmg – while the insurance business will continue to operate on a stand-alone basis for two years.
All of the former Piersbridge financial advisers are now licensed under Charter Financial Planning.
Piersbridge principal Ivan Cohen said succession planning was a major factor in the decision to merge with rmg. A 10-year age difference between the principals was an issue, and operating a medium-sized practice was “only going to get more difficult”, Cohen said.
Rmg principal Patrick Canion said rmg would be able to leverage the insurance capabilities of Piersbridge.
“The team has built a really impressive business. Together we can continue to enhance our services to clients and take on the challenges of the future,” he said.
Rmg will continue to look for practices to acquire, Canion added.
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