Beacon Financial Services will change its name to Tranzact Financial Services and sell Australia First Superannuation Administration and Australia First Consulting under proposals to be voted on by shareholders at a general meeting on July 18.
The proposal will see Beacon enter into a share sale agreement with New Zealand-based Grosvenor Financial Services Group for a newly created entity, which would be called Australia First Financial Services, and comprise the two Australia First companies.
At the conclusion of the sale, it is proposed Beacon would hold a 40 per cent interest in Australia First, with Grosvenor holding the balance.
The sale of the consulting and super administration arms of the business will refocus Beacon on its core business of financial planning, investment consulting advice and actuarial consulting, according to Beacon executive director Roger Auton.
“It’s more or less back to where we started from, but in terms of financial planning in the future our emphasis will be more on providing services to accountants and financial advisers, such as packaging financial products through Australia First,” Auton says.
According to Auton, the change of company name to Tranzact reflects a “fresh start for Beacon shareholders”.
The sale of Australia First is expected to be completed shortly after the general meeting in July, contingent on shareholder approval.
Beacon Financial Services is not related to Beacon Investment Management Services or Beacon Funds Management, which acted as a public offer superannuation fund trustee until November last year.
