Capstone flags interstate expansion
Capstone Financial Planningwill open offices in another two states beyond Victoria and South Australia maintaining the momentum it held late last year when it signed up four advisers to the independently owned financial planning group.
The group says it is unable to name the states it is considering as a number of deals are still underway but by June the group will be operating in four states, making the move into the further two as a result of other groups joining Capstone.
Capstone managing director Grant O’Riley says the move follows on with the growth of the group from opening it’s doors in mid 2002 to having 34 advisers on the books at the close of last year.
According to O’Riley interest in the group has been strong since the group began trading in 2002 with small practices who are either leaving larger dealers, or handing back their own licences approaching it due to the group’s independent ownership and operating structure.
At the close of last year four advisers previously operating under the Pact banner with Premier Financial Solutions, the financial planning arm of accounting firm Anderson Roscoe, moved across to Capstone.
This echoed similar moves which took place in September when six Melbourne-based advisers of ING’s now merged Partnership Planning business joined Capstone as well.
At that time Capstone flagged the groups that it was interested in moving into were New South Wales, Queensland and Western Australia but has yet to confirm if that is where the deals will take place this year.
Capstone at present has 19 offices, two in South Australia, six in regional Victoria and 11 throughout Melbourne.
AUTHOR
Jason Spits
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
