Lifeplan members vote in favour of Australian Unity merger
Lifeplan members united today to vote in favor of its proposal to merge with Australian Unity.
The merger received approval from more than 98 per cent of Lifeplan members.
“It is gratifying that members agreed with the Lifeplan board that being part of a larger, more diverse mutual group with a similar heritage to Lifeplan was in their best interests,” said Lifeplan chairman John Butler, who will now join the Australian Unity board.
The merged company will operate under the Australian Unity brand, with Lifeplan members now becoming members of Australian Unity, according to a statement from the two companies.
The Lifeplan name will continue for the combined investment bond, funeral bond and education savings plan business, which is based in Adelaide, the statement said.
Meanwhile, Lifeplan general manager, strategic development, Matt Walsh will succeed Chris Wright in heading the Lifeplan business within the merged entity.
The merged entity will have $7.5 billion in funds under management, up to 330,000 members and 560,000 customers, with offices in Sydney, Melbourne Brisbane an Adelaide.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
