DKN takes stake in Moneyplan
DKN Financial Group has taken a 20 per cent stake in Melbourne-based Moneyplan Australia — the group’s eighth succession since it launched its Equity Partners strategy in May 2005.
Moneyplan’s founder and managing director Peter Dunn is also a director of DKN, and ran the firm for 25 years. Moneyplan specialises in risk, aged care and self-managed super fund advice.
Dunn said DKN had recently approached him with the option of merging Moneyplan with a planner who was looking to grow his one-man business.
“At the same time, my business partner of 13 years and I were keen to lock in one of our internal advisers,” said Dunn.
“This merger and internal equity buy-in has occurred at the same time as DKN’s equity participation and provides a great base for the business to continue to grow,” he added.
DKN’s chief executive officer Phil Butterworth pointed to benefits for the group in assisting its associated businesses.
“From our perspective, we get a cocktail of returns. We get a return from our profit share within that business, and also from the support they provide our core services,” said Butterworth.
“We aim to have around 10-15 of equity positions around Australia and we’ll further back these particular firms with further capital or strategic support,” he added.
According to Butterworth, there is another succession in regional Victoria to be completed shortly.
Recommended for you
Shaw and Partners’ new national head of private wealth believes the biggest challenge for financial advisers right now is being able to deliver efficient advice delivery amid a complex regulatory environment and growing investment universe.
Global equity manager Orbis Investments has appointed a head of marketing from Capital Group as it becomes the latest manager to target advised retail investors.
While Australia prepares for the $3.5 trillion intergenerational wealth transfer, a Wilsons Advisory report suggests the ongoing gender imbalance in the advice profession could prove a challenge to this process.
Danielle Press, a former ASIC commissioner, is to chair a new AFSL committee set up by Sequoia which seeks to improve governance practices and review its approved product lists.
