Centrestone Wealth Advisory Group has acquired the risk insurance practice of Garvan Financial Planning risk insurance representative Phil Dixon.
The acquisition is Centrestone’s first major risk acquisition since acquiring risk insurance advisers P&A in October 2003 at the outset of the group.
Joint chief executive officer Michael Pillemer said Dixon was a “major writer of trauma cover who has focussed on servicing the successful business owner sector, which is one of Centrestone’s target markets”.
The acquisition of Phil Dixon’s practice, he added, would “increase Centrestone’s average revenue per risk adviser to among the highest in the country this year”.
Centrestone now claims to advise on about $1.5 billion in active Funds Under Advice for over 1000 financial planning clients, and has placed over $3 billion of life cover for clients.
The latest acquisition is in keeping with the group’s policy to “grow organically and through very selective acquisitions in the specialist areas of financial planning, risk advice or lending advice.
“Our model is a full wealth advisory model, so when we think about wealth advisory we think about managing both sides of the balance sheet, including assets, which is wealth management, and the liability side, which is lending.
“We also think about managing individuals contingent liabilities, which include risk insurance advisory, estate planning and general insurance advisory as well.
Pillemer said Centrestone was in acquisitive discussions with another operator in the general insurance advisory areas and we expect to make an announce some time this year.
Dixon said his decision to join Centrestone was motivated by the group not having any financial institution or life insurance company shareholding.
“This gives my clients the security of knowing that our advice is given with no axe to grind.”
