Wealthtrac to proceed with ASX listing

Platform Wealthtrac remains committed to pursuing its planned ASX listing despite the current volatility of the market, according to head of distribution Matthew Johnson.

The decision to proceed emerged from discussions with a number of the platform’s largely independently owned dealer group members last week, he said.

“Our dealer groups that are participating in the IPO have not changed their attitude despite the current volatility, which they see as only a minor setback in terms of reaching our goal.

“We had the discussions after noting that a couple of smaller businesses in the industry have taken their potential IPO off the agenda because of the market volatility.”

The trigger for the listing, which was first proposed last year, will be activated when the platform reaches about $2 billion in FUM, which Johnson estimates is about 2.5 years away.

“We have about $700 million in FUM now, this having gone back about $100 million since the commencement of market volatility last September.”

Johnson also announced that three new dealer groups have recently been added to Wealthtrac’s membership, bringing its current total to above 50.

The three groups, which are all Sydney-based with planners country-wide, are Titanium Planners, Taggart Nominees, and Bluegum Financial.

Wealthtrac has also opened its first office in Melbourne, complete with BDM, to avail itself of “significant inflows from the Victoria region”.