Ipac expands in the south
Axa will expand its advice footprint by purchasing, through its ipac securities dealership, equity stakes held by advisers in South Australian-based independent business Portfolio Planning Solutions (PPS) when they decide to retire.
The succession planning contract is part of ipac’s Equity Partner program, which was launched in 2001.
PPS is the 21st independent advice business to sign up for the program, which also involves ipac providing planning support services to partners before they sell their equity in the business.
Ipac head of adviser solutions John Saint said PPS had about five or six financial planners servicing 3,000 clients with funds under advice of $380 million.
Other businesses to recently sign the Equity Partnership Program include Hattersley Maxwell in Sydney, Strategic Planning partners on the Gold Coast, Collins House in Melbourne and a TFS practice in Cairns.
Saint said ipac would continue to take equity stakes in other independent practices.
“It’s a core piece of our growth strategy,” he said.
PPS executive chair Lou Delfos said he hoped the deal would help it become the leading advice business in Adelaide, and ensure clients would be looked after when their adviser retires.
“While that day is some time off, it would be irresponsible not to have a plan in place. By working with our preferred partner over the next decade, we will ensure our clients are not left in the lurch.”
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