Deakin to be shut down
Financial Planning group Deakin Financial Services (DFS) will be closed on May 15, leaving close to 45 financial planners looking for a new home.
Holding company DKN Financial Services chief operating officer Phil Butterworth said Deakin financial planners were today being informed of DKN’s decision to cease its licensing operations.
“Licensing activities are no longer viewed as necessary or a core area of our operations, DKN has therefore decided not to continue in this sector.
“This decision will consolidate and strengthen DKN’s overall position in the financial services market as it moves forward, and will be in the best interests of all stakeholders,” said Butterworth.
He added: “DKN has taken this decision so that the group can concentrate its efforts and resources on its core strengths, the provision of products and services to self licenced practices.
“It is anticipated that the closure of DFS will have a positive impact on group earnings going forward into full year 2007.”
In July last year DKN confirmed that Deakin had reduced its planner numbers from close to 100 to around 45.
The reductions were in addition to a steady release of planners, triggered 15 months ago by the establishment of a new user-pays fee structure, which replaced an old percentage split model.
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