Infocus Wealth Management Limited (Infocus), one of Australia’s leading wealth managers, this week announced it has acquired another financial advice business under the Infocus Group Succession Plan.
The Succession Plan was put in place in 2014 in response to adviser demand for a viable exit strategy within the two AFSL holders operated under Infocus Wealth Management. Since that time, five advice businesses have been acquired, with Infocus also owning 50% of a sixth advice business.
Rod Bristow, Managing Director and CEO, said: “With so much change continuing to happen across our industry, we felt it important to ensure advisers had an option ‘on the table’ from Infocus as their business partner if they wanted to exit the industry or bring on a partner to help fund further growth. Our value proposition for advisers is to help their businesses grow revenue, increase efficiency and effectively manage risk – making us a logical buyer of quality advice businesses”, he said.
Asked about the rationale for acquiring financial planning businesses, Bristow said “This is a natural complement to our extensive national dealer group operations. It helps advisers who are seeking to exit the industry or bring on a partner to help fund further growth; and allows us to diversify our group revenue model. Advisers seeking a quality AFSL partner need to have succession options available and we have once again demonstrated we are a fantastic partner for helping advisers enhance and ultimately realise the value of the asset they’ve created”, he said.
“We focus on advice businesses in major population and growth areas nationally. In the last 18 months, we have acquired two advice businesses in Melbourne, two in south-east Queensland (with our 50% advice business shareholding also in this region) and one in Townsville. Our proprietary end-end CRM and financial planning management software, Platformplus, allows these businesses to be managed in a compliant, consistent way, delivering business efficiency and great client outcomes regardless of geography”, he said.