Former Financial Planning Association chairman and ING financial planning executive Wes McMaster has launched Australia’s first buyer and seller of financial planning businesses.
McMaster has been joined by Cherry Solutions Executive Search and Solutions boss Floyd Nangreave in the venture, which goes by the name of Financial Services Business Brokers (FSBB).
The group has already brokered its first deal with the sale of Craig Ralph’s financial planning business in Shepparton, Victoria to VicWide Financial Services.
FSBB will not only broker the sale of individual practices, but will also seek to mediate deals for the sale of entire dealer groups. McMaster says the business already has six buyers on its books.
“We have been given mandates by financial institutions to acquire financial planning businesses ranging from single practices valued at $1 million to national dealerships valued at $100 million,” he says.
