Financial planning practice brokerage Kenyon Partners has changed its name to Connect Financial Service Brokers a year after its founder, Alan Kenyon, departed the business.
Current chief executive officer Paul Tynan said the new name would better reflect the company's role and marketplace offering in the post-Future of Financial Advice (FOFA) era.
The business will continue to provide specialised services in the areas of sales, acquisitions and mergers of financial planning, accounting and risk insurance businesses, as well as advice around succession planning, business growth strategies and valuations, among other areas.
"The name ‘Connect' was selected as it acknowledges the principle that financial service businesses are based on relationships and in any transaction, the most important element is for buyers and sellers to have a ‘connection'," Tynan said.
As the dust around FOFA settles, Tynan expects dealer groups to turn their focus on succession planning as baby boomer practice owners and advisers seek to exit the industry and retire.
Kenyon Partners — as the business is formerly known — was founded in 2011 after Alan Kenyon and Steve Prendeville ended their eight-year long partnership and closed their financial planning brokerage, Kenyon Prendeville.
Kenyon and Prendeville both established their own businesses, Kenyon Partners and Forte Asset Solutions.
However, Kenyon announced his retirement from the industry in June 2012 and moved to New Zealand, with Tynan and chairman Vince Vozzo taking over the ownership of the business.
Money Management later found that Kenyon was listed on the National Personal Insolvency Index as an undischarged bankrupt on 29 May 2012.