Matrix withdraws itself from sale
Dealer group Matrix Planning Solutions has withdrawn itself from sale after announcing nearly a year ago that it was seeking expressions of interest.
The company's decision was announced by Matrix managing director, Rick Di Cristoforo today who said the decision had been made despite significant interest from potential buyers.
He said that, instead, the company had come to the view that the offers received had conditions attached that would have been impossible for the Matrix shareholders to accept.
"These conditions would have affected the conduct of our advisers, the operation of their businesses and our collegiate culture," Di Cristoforo said.
He said that Matrix would now be focusing on growth and had announced a new value proposition for advisers and would be focused on attracting businesses to the model.
Recommended for you
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
