Plan B takes all of Strategic Financial Management
Western Australia-based Plan B has now fully acquired Melbourne-based Strategic Financial Management.
The company announced to the Australian Securities Exchange (ASX) that it had exercised its call option to acquire the outstanding 14 per cent stake in Strategic not already owned by Plan B.
The transaction involved the issue of 963,208 new ordinary Plan B Shares, which have been voluntarily escrowed for 12 months, and the payment in cash of $750,000.
Commenting on the move, Plan B executive chairman Brian Taylor said the early completion of the acquisition was evidence of the strong relationship that had built up between Strategic and Plan B.
“We expect that this synergistic acquisition will help facilitate the continued growth of Strategic,” he said.
AUTHOR
Mike Taylor
Recommended for you
ETF providers Betashares and BlackRock are reporting increased flows for currency hedged vehicles, but an adviser has warned on the potential tax implications of changing currency.
The shift in scale and consolidation has led to substantial growth in large privately owned licensees, which have tipped past 20 per cent of advisers for the first time to make up 28.3 per cent of the industry.
Bravura chair Matthew Quinn is to step down later this year, following the exit of CEO Andrew Russell, while its future priority is digital advice in Australia.
Financial advice has an important role to play in navigating family discussions around inheritance, according to CFS, with younger generations expecting a windfall of more than $500,000 while older ones try to meet their retirement needs.
