Shadforths to go national
As part of its national push, Tasmanian stockbroking and financial planning companyShadforths, has purchased the Melbourne based RC & A Financial Services.
While not disclosing the amount paid for RC & A, Shadforths chief executive Nick Bedding says it is the first of up to four acquisitions the group will make over the next four years.
“We intend to build…a national network of high quality financial advisers able to provide complete and fully integrated advice covering all investments,” he says.
Shadforths currently has three offices in Tasmania - one each in Hobart, Launceston and Devonport - investing over $2 billion and employing over 70 staff.
While Bedding says the number one criteria in selecting the appropriate business partners is their cultural fit, geographical dispersion is also a priority.
“Obviously New South Wales and Queensland are the next targets,” he says.
Shadforths has been operating as a stockbroking and financial planning group since 1924.
Fifty two per cent of Shadforths revenue is attributed from financial planning business, with the other 48 per cent from broking revenue.
Despite the trend for banks and large institutions to acquire dealer groups, Bedding says Shadforths is committed to remaining independent.
“Our clients value this independence of ownership in an environment where the major fund managers and banks are purchasing advisory networks to secure product distribution.” he says.
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