LG Financial joins Ipac Equity Partners program
LG Financial Strategies has entered into an equity partnership with ipac Securities, becoming the ninth planning practice to have done so since the launch of ipac’s Equity Partners program in 2001.
The partnership gives ipac the right to buy LG in up to 10 years, and LG founder and principal Rohan Gulasekharam the right to continue to own and manage the practice in the interim.
Licensed by Charter Financial Planning, the Melbourne-based fee-based practice has 350 clients with $150 million in funds under advice.
The ipac partnership is the direct result of a health scare that set Gulasekharam on a two-year mission to find a long-term succession strategy.
“A serious medical problem two years ago made me realise I owed it to my clients, staff and family to have a succession plan in place,” he said.
A range of alternative exit strategies were considered before opting for ipac, he added, including merging with another practice of similar size and also selling the practice to a bigger one.
“However, I decided I wanted a solution that would continue the service to clients beyond my ownership, and where I had a way to unlock the value I created.
“While I am back to full health now, it was important that my succession plan also protected the business if I hit another health issue,” he said.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
