Infocus gets rid of insto ownership
Dealer group Infocus Wealth Management has become fully independently owned after its existing shareholders bought back MLC's share of the business.
By buying the 25 per cent stake back from National Australia Bank's wealth division, Infocus became one of the few non-bank aligned dealer groups in the market, according to managing director Rod Bristow.
Despite rumours the group was looking for an institutional parent as recently as 2012, independent ownership was something the company had been working towards for some time, Bristow said.
"We believe that offering Australian consumers genuine choice for their financial advice is essential to a healthy marketplace. Being independently owned means we are now in this unique position," Bristow said.
"Clients can be assured their advice is strategic in nature and helps them meet their life goals, regardless of the products that may be chosen to help them get there."
Infocus has more than 110 aligned advisers working in over 70 practices around the country.
Bristow told Money Management that dealer groups who own their own advice generation software — yet do not have to deal with institutional management structures and bureaucracy — are better prepared to make frequent changes in line with legislative and regulatory amendments.
"I think that ability to be able to analyse the market and what's changing, develop a solution and then implement that solution with the advisers to make sure the advisers are running really high quality businesses is second to none," he said.
"An institution just can't move that fast."
Infocus, which has around $3.2 billion in funds under advice and $48 million in risk premiums under advice, will focus on attracting more financial planning practices, but Bristow did not reveal the numbers target.
Infocus also manages $285 million via funds management subsidiary Alpha Fund Managers. The dealer group grew out of a Sunshine Coast-based financial advisory business.
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