Adelaide accounting and wealth advisory firm Perks has expanded its private wealth division, Perks Private Wealth, with the acquisition of advisory firm Wortherspoon Wealth.
Wotherspoon was founded in 2010 by father and son Simon and John Wortherspoon as Adelaide’s first truly independent financial advice firm, and Simon would now become a director of Perks Private Wealth.
Mark Roderick, Perks managing director, said despite the extraordinary current conditions, the firm was optimistic about the future.
“We are focused on building a strongly resourced business with highly skilled people to advise our growing client based in what is a challenging business and investment environment, our acquisition of Wotherspoon Wealth is a great example of this,” Roderick said.
Simon Hele, Perks Private Wealth director, said joining forces with a link-minded organisation would ensure the firm was best positioned to lead through the disrupted Australian wealth advisory industry, particularly in the post COVID-19 landscape.
“As has been well documented, the changing regulatory environment around wealth advice in Australia has caused significant industry disruption, as larger financial institutions increasingly move away from providing in-house advisory services,” Hele said.
“The need for truly client-centric, tailored advice is further amplified by the significant economic disruptions due to COVID-19.
“We feel there’s a key opportunity to fill a significant gap in the market that Perks Private Wealth is now ideally positioned to meet with the enhanced capability that the team from Wotherspoon Wealth brings, while also strengthening the service to existing clients.”
In 2018, the firm received the Professional Practice of the Year award from the Financial Planning Association of Australia (FPA).