PIS restructure confirms a future for PAL
PROFESSIONAL Investment Services (PIS) will further integrate its accountancy consolidator business Professional Accountants Limited (PAL) into the planning business, after a restructure of the group’s management team last week.
The restructure will result in PIS managing director Greg Whimp handing over some of his responsibilities to PAL managing director Grahame Evans, allowing Whimp to focus on maximising the international opportunities PIS has created recently in both Asia and North America.
Evans will take increasing responsibility for the PIS operations in Australia and New Zealand.
According to PIS chief executive Robbie Bennetts, the management restructure will facilitate the group’s growth both in Australia and internationally.
PAL was originally established out of PIS in late 2000 to be a part shareholder in a number of account and planning practices and run alongside PIS.
However, PAL permanently postponed a float and failed to raise funds last year to take an active shareholding in various practices. This has been seen as the trigger for the integration with PIS, which should ensure that consolidator’s future.
“We run the business on a service basis and we were not going to make substantial returns for shareholders.
“The new structure gives us an overall better result for everybody,” PAL’s Evans says.
According to Evans, PAL’s role in the future business structure of the PIS group of companies will be to focus on the strategic and risk management skills practices needed to run a business.
Recommended for you
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
