Ipac focus on interstate acquisitions
Ipac Securitieshas acquired the Melbourne-based Financial Resources Group (FRG), its second financial planning group acquisition in less than a month.
To be integrated into ipac’s Melbourne financial planning office, this latest acquisition follows the purchase by IMB Financial Planning - the joint venture between ipac and IMB Limited - of Canberra based financial planning firm King Financial Services.
According to ipac Securities chief executive officer Peeyush Gupta, the investment byUBS Capitalinto ipac provided the financial stimulus needed to facilitate its expansion plans.
“The investment in ipac by UBS Capital provided the financial firepower to fast track expansion interstate,” he says.
Gupta says ipac's goal is to build a national financial planning group, and to do this, it needed to increase its presence in Victoria.
The acquisition of FRG follows the successful integration of Albert and Will Financial Planning purchased by ipac securities in July last year.
Together, the acquisitions means ipac financial planning now manages around $200 million for Melbourne clients.
Gupta says FRG’s focus on lifestyle financial planning made the integration with ipac financial planning straightforward for both clients and staff.
“Similar financial planning philosophies made FRG a highly attractive acquisition for ipac,” FRG managing director Alan Kenyon says.
Ipac has held a minor shareholding in FRG since 1997. The move to outright ownership followed discussions over the best way to service the clients of both parties.
“All parties expect further service enhancements for clients. The integration of FRG into ipac financial planning also gives the team of planners access to the resources of a larger firm including the introduction of new technology,” Kenyon says.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
