Associated Planners shareholders have given the green light to the purchase of 20 per cent of the group by Zurich Financial Services Australia.
An extraordinary meeting of shareholders, called to discuss the Zurich proposal a few months ago, voted in favour of the proposal to form a strategic partnership with Zurich which included the sale of 20 per cent of the ownership to Zurich.
Under the terms of the deal, the two groups will work together in client service, IT, research and dealer service operations. The deal also provides Associated Planners access to capital for expansion plans.
Prior to the deal, Associated Planners had been one of the most fiercely independent financial planning groups in the country, consistently shrugging off rumours of their sale over the past five years.
Associated Planners managing director Ray Miles says that tradition of independence will continue, even with the partial sale to Zurich.
“Zurich offered us a strategic partnership which allows Associated Planners to maintain control of our own destiny,” he says.
“Zurich has clearly stated that it has no desire to run Associated Planners as it considers we are doing a great job managing ourselves.”
