Equity offer boosts TSG
National financial planning dealer group The Salisbury Group (TSG) has set aside a further 5 per cent of equity as part of its expansion strategy after the successful introduction of an equity subscription last year.
TSG chief executive Mark Euvrard said that the initial 15 per cent equity offering to senior advisers had been fully subscribed — something that he regarded as an endorsement of the group’s approach, and that a further 5 per cent had been set aside for new recruits.
Commenting on the group’s results over the past financial year, Euvrard said that by carefully aligning its boutique market offering to a very specific segment of the marketplace, TSG had recorded another successful year and had maintained the strong profit results obtained in the previous financial year.
He said that in the 12 months to the end of June, the dealer group had recruited eight new practices, with a further three having joined since July 1 this year.
AUTHOR
Mike Taylor
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm, with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.
