Advisers buy into dealer group
Peter Daly
Senior members of national dealer group The Salisbury Group (TSG) have taken a stake in the group, made possible by a recent equity participation offer.
TSG offered 15 per cent of the dealer group’s equity to its senior advisers, with a further 5 per cent retained for practices that may join in the future.
In July last year, Australian Financial Services Group (AFS) acquired a significant holding in TSG.
AFS Group chief executive and managing director Peter Daly said that in many large dealer groups there is “growing disquiet” among financial planners who “feel they have no real say in the business and are only provided with a token voice”.
TSG chief executive Mark Euvrard believes the equity subscription gives AFS a point of difference in the marketplace and one that is attractive to “mature practices”.
TSG was established in 1999 and has more than $700 million in funds under management. TSG and AFS continue to operate under their own licences, brands and offices.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
