A wholly-owned subsidiary of Financial Index Australia, FIA Agencies, has emerged as the purchaser of the remainder of the Storm Financial client book.
Storm Financial’s receiver and manager, Bill Buckby of KordaMentha, has confirmed that the right to service the remaining clients of Storm has been transferred to FIA Agencies Pty Ltd.
Buckby said Melbourne-based Financial Index has, over a number of years, developed a strong business model of purchasing and successfully integrating financial planning businesses. He confirmed the details of the transaction would remain confidential as per the terms of the sale agreement.
Financial Index chief executive Spiro Paule said he believes Financial Index Australia is well placed to provide services to former Storm clients through its team of salaried advisers. Paule said the group has stringent processes and standards which produce consistent results.
Financial Index Australia will be writing this week to each of the remaining 4,000 clients of Storm explaining the transition process and outlining the company’s services on offer.
