Tynan to focus on exiting advisers

insurance/compliance/mergers-and-acquisitions/professional-indemnity/financial-services-reform/chief-executive/

10 November 2003
| By Ben Abbott |

Financialplanning groupTynan Mackenziehas embarked on an acquisition trail, primarily targeting adviser practices intent on exiting the industry due to the increased cost and complexity of operating under Financial Services Reform (FSR).

Tynan Mackenzie chief executive Tony Fenning says his group will incorporate several large businesses each with more than $50 million funds under management.

To lead the aggressive approach, the group has appointed Tony Dickin as head of practice mergers and acquisitions. Dickin has 20 years experience in start-ups, mergers and acquisitions.

Fenning says many advisers are being forced to leave the industry due to their age, professional indemnity insurance trouble, FSR legislation and compliance.

However, he believes too many are holding out for a buyer of last resort, which invariably doesn’t exist, or multiples of recurring income that were achievable two years ago but are now “history”.

Tynan is looking to attract some of these businesses by offering advisers value for their practices.

“The payment for a practice will be structured to minimise exposure to tax at the conclusion of the deal,” Fenning says.

The group is also offering continued control of advisers over their business until they leave, platform capabilities and support services, such as tax and estate planning.

Fenning says the business will not buy at random, but instead will look for businesses with quality advisers.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS