CountPlus makes 51% investment in paraplanning firm

CountPlus Limited has said its 51% investment in boutique provider of paraplanning, technology and administration support services firm, Wealth Axis, has strengthened its commitment to advice, bucking the trend of exits across the financial advice industry. 

The firm also said that the move would expand the services available to CountPlus and Count Financial’s national network of member firms while CountPlus would make a further capital investment to fund future growth and capability. 

Matthew Rowe, chief executive and managing director of CountPlus, said: 

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“We speak openly about the need for a strong financial position to navigate the current dislocation in financial advice, and we understand our strong financial position provides certainty and stability to our member firm network and clients of Wealth Axis.” 

“We understand the importance of creating efficiencies in how we deliver advice so that advisers and their clients have a positive experience. Wealth Axis has a strong reputation for providing services that reduce costs and complexity for financial services businesses which provides real value. 

Mikel Guyetsky, who would remain a managing director at Wealth Axis, welcomed the investment by CountPlus and said: “To be become part of the CountPlus community is an important milestone in our history and will enable us to build on our success and take our offer to the next level”. 

Wealth Axis specialises in providing outsourced services in paraplanning and administration as well as technology systems and processes to leverage this service. This included an implementation paperwork, applications, preparation of review reports, statements of advice, research assistance and revenue/brokerage administration as well as technology support around implementing and customising advice technology and reg-tech data solutions. 

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Expect that this will continue the successful strategy of licensees acquiring service businesses. Turning them from small & profitable to large & unprofitable.

Can you give some examples? I’m curious to know what other licensees have insourced an outsourcer. I know CPAL acquired Enzumo to run their Xplan site but I’ve not heard any other businesses bringing an admin function in-house via acquisition. It’s an odd move,

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