Aviva takes joint stake in dealer group
Aviva Australia and listed financial services conglomerate, Wide Bay Australia, have collectively acquired a controlling stake in a boutique Queensland dealer group, Financial Technology Securities.
The sale is due for completion this Wednesday and sees each company take a 25 per cent stake in the dealership, which targets middle aged wealth accumulators primarily located in South East Queensland and New South Wales.
Remaining shares in the dealer group are held by some of its 80 staff, including founder and managing director Geoff Putland, who will continue with the group as chief executive until a successor can be appointed.
Wide Bay Australia managing director Geoff Hancock said Putland would also remain on the board as chairman for at least five years to help with business continuity. Other operations within the group would continue as normal.
Aviva Australia chief executive officer Allan Griffiths said he was conscious of maintaining the characteristics of the dealer group that had made it successful.
“Aviva’s model is to support the growth and development of successful financial planning groups. We expect both Wide Bay and ourselves will be able to lend our proven skills to the Financial Technology team,” he said.
Griffiths said Aviva had also been impressed by Wide Bay’s business model and looked forward to working the Bundaberg-based company.
“Together with the staff who continue to hold equity in Financial Technology, we expect this will be a very exciting partnership based around taking the business to the next level,” Griffiths said.
Financial Technology Securities has used Aviva’s Navigator platform since the business started up, and also uses Wide Bay Australia as a preferred lender.
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