Infocus adds advice business
Infocus Wealth Management has acquired PWA Financial Services, making it Infocus' fifth financial planning business it has acquired under the group's succession plan.
The succession plan was put in place in 2014 as a response to adviser demand for a viable exit strategy within the two Australian financial services licence (AFSL) holders operated under Infocus.
Infocus managing director and chief executive, Rod Bristow, said: "With so much change continuing to happen across our industry, we felt it important to ensure advisers had an option ‘on the table' from Infocus as their business partner if they wanted to exit the industry or bring on a partner to help fund further growth".
"Our value proposition for advisers is to help their business grow revenue, increase efficiency, and effectively manage risk — making us a logical buyer of quality advice businesses," he said.
Since the plan was put in place, five advice businesses have been acquired, with Infocus owning 50 per cent of a sixth advice business.
Bristow said acquiring financial planning businesses was a natural complement to their national dealer group operations.
"It helps advisers who are seeking to exit the industry or bring on a partner to help fund further growth; and allows us to diversify our group revenue model," he said.
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