Centrepoint to welcome 300+ members from Brighter Super
With Centrepoint Alliance announcing the acquisition of Brighter Super’s advice book last month, the licensee has now confirmed some 80 per cent are set to transition across.
In an ASX update, Centrepoint Alliance said the vast majority of Brighter Super’s annual review service advice book are set to transition across to the licensee’s wholly owned salaried advice business, Financial Advice Matters (FAM).
Brighter Super members had until 16 May 2025 to opt out of the transition to FAM, which Centrepoint has a “strong track record of providing strategic advice to industry fund members” and manages around $1 billion in funds under advice.
“Of the approximately 400 members eligible to transition, 316 members who have a fixed term contract due for review over the next 12 months have confirmed they will transition to FAM, and an additional 30 members are in the process of having reviews and signing new agreements,” Centrepoint confirmed.
“Brighter Super has until 11 June 2025 to complete its audit and provide Centrepoint with final numbers, including client counts and associated fees. These figures will be used to calculate the final consideration for settlement.”
According to an earlier announcement, the acquisition is based on a multiple of 1.25 times revenue that is transitioned.
Centrepoint added that final settlement is due to be completed on 13 June 2025, while it expects to make an announcement the following week that confirms client counts and associated fees expected to arise from the transition and the final consideration paid.
In April, Centrepoint announced the acquisition of the comprehensive advice review book from a wholly owned entity of Brighter Super, ESI Financial Services Pty Ltd.
The Queensland-based super fund has about 280,000 members, with Centrepoint becoming the preferred partner to provide advice to these members.
FAM has also entered a three-year referral arrangement to provide comprehensive advice to Brighter Super’s members.
According to Brighter Super, the move forms part of a broader commitment to ensuring all members retire with confidence by “scaling its advice offering through formalised relationships with independent financial advisers”.
“One of our key priorities is strengthening our ability to support external financial advisers, because we want members to have choice in how they seek advice and who they receive it from,” Brighter Super CEO Kate Farrar said at the time.
"We have a good understanding of where our internal team is best placed to provide advice and recognise that some members require more specialised support.”
Brighter Super added that the fund now supports more than 1,500 IFAs, has doubled its local business development team in Queensland, and rolled out a series of adviser-friendly platform upgrades, including a dedicated support line, adviser portal and enhanced online tools.
AUTHOR
Keith Ford
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