PIS acquires Canadian dealer group

Professional Investment Services’ (PIS) acquisition of Canadian financial planning chain Generation Financial Corporation (GFC) is part of the planning group’s international expansion strategy.

The group’s entry into the Canadian market precedes its hunt for further opportunities in Canada and the wider US market.

PIS already has operations in New Zealand, Singapore, Malaysia and China, and is currently finalising the purchase of an outlet in Hong Kong.

Greg Whimp, managing director of PIS, said that Canada was selected as the target country for this latest acquisition because of its cultural and regulatory similarities to Australia and its geographical proximity to the United States.

“If you’re in Canada, it’s a lot easier to look into the United States than it is from Australia.

“It’s a lot easier to migrate down into the US [from Canada] than it is from Australia,” he said, referring to its similar approach to the Asian market via Singapore and Hong Kong.

He said GFC was selected over two other possible Canadian options because it represented good value, had strong systems and processes and was of a size which meant it gave a “good, solid base to work with without being large and unwieldy”.

GFC has over 107 planners spanning operations in five provinces.

PIS now looks after $13 billion in Australia, and is aiming to become Australia’s largest network of accountants, financial advisers and life insurance brokers.

The acquisition, which according to Whimp is worth “several million dollars”, has been approved by GFC shareholders but is still subject to approval from the Mutual Funds Dealers of Canada.