Advisory group wins redundancy contracts
By Craig Phillips
The Association of Independently Owned Financial Planners (AIOFP) through its project management arm, The Australian Financial and Career Consortium (AFCC), has picked up two further corporate outplacement contracts — Southcorp and Electrolux — to provide retrenched staff with financial advice.
The AFCC will be paid by each firm to offer financial planning advice to more than 500 staff who are likely to lose their jobs as part of restructuring within both groups, while career transition and outplacement specialist Donington will provide career services to the retrenched staff.
Whitegoods manufacturer Electrolux announced in April it would cut 200 jobs from its refrigeration plants in Orange, New South Wales, and another 100 from its Adelaide operations. The group will phase out Australian production of small refrigerators and chest freezers by the end of this year.
Meanwhile, the market is still absorbing the details of a major shake-up announced last week by Australia’s third largest wine company, Southcorp.
As part of the company’s ongoing corporate recovery, the wine maker will streamline its packaging and distribution facilities.
The contracts for AFCC add to last month being appointed by the Federated Vehicle Industry Unions to provide advice to up to 1,000 South Australian Mitsubishi employees facing redundancy.
AFCC’s other corporate clients include Coca-Cola Amatil, Visy Industries, Holden, the New South Wales and South Australian Governments, OneSteel and various universities around the nation.
Recommended for you
Two commentators have shared why cultural alignment can be the biggest deal breaker when it comes to advice M&A and how to ensure a successful fit.
Formal education has played a large role in enhancing the advice profession over the last decade but, with the bar now so high, two advisers debate whether it is necessary to complete additional study.
With an abundance of private market options coming to market, due diligence becomes increasingly important as advisers separate the wheat from the chaff, adviser Charlie Viola has said.
The Treasury has launched a consultation into how the $47 million special levy for the Compensation Scheme of Last Resort will be funded.
