MAH takes stake in GPS Wealth-linked firm
The planning subsidiary of publicly-listed Managed Accounts Holdings Limited has taken a minority stake in GPS Wealth-linked Queensland-based planning firm, Holman McGregor Financial Services (HMFS).
Managed Accounts Holdings announced to the Australian Securities Exchange (ASX) today that its subsidiary, Planner Holdings Limited, had taken up the stake "as it ramps up plans to invest in quality advice businesses".
Managed Accounts Holdings executive chairman, Don Sharp, said Holman McGregor was based in Noosaville on the Queensland Sunshine Coast and represented an ideal fit for Planner Holdings Limited.
Planner Holdings Limited was established last year to provide expansion capital to advisory firms with large self-managed super fund client bases.
"HMFS exemplifies the type of quality advice practice we're looking to partner with to drive and grow business efficiency," he said.
HFMS was established in 2003 and was run by Ron McGregor and boasted five staff including two advisers.
The practice was licensed by dealer group, GPS Wealth, of which McGregor was a both a co-founder and director
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
