Investor Group brings new practices into the fold
It was a year of acquisitions forInvestor Group, driving up adviser numbers for the independent dealer in 2003.
Early in the year the group snapped up four former Stockford practices, when the failed group was placed in administration.
These accounting and financial planning businesses in Hobart, Bathurst and Melbourne (Collins Street and Richmond) were either incorporated into existing Investor Group practices or created a stronger network in the capital cities.
Other acquisitions included TCM Partners in far north Queensland, Adelaide firms Accumulus and Sanderson Blair, Sydney practice Williams Hatchman & Kean, and regional Victorian practices Curtis & Thomas and Stewart Ruge & Walsh.
Some of these practices have since been incorporated into Prescott Consulting, Investor Group’s premier financial planning brand.
In October last year, at the group’s annual general meeting, chairman Terrence Power said the group would continue to pursue growth through acquisitions during the current financial year, seeking firms that are both culturally compatible with the group and in strong financial positions.
While Investor Group has given the financial planning area of the business significant attention, the profitability of this division has suffered because of depressed market conditions.
However, Investor Group managing director Kevin White said last year that the group is now well positioned to take advantage of any upturn in investment markets, which will stimulate demand for financial planning.
AUTHOR
Freya Purnell
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