Planning firms find strength in scale
|
|
South Australian advice firms Thornton Group and Tulare Financial Planners have merged their operations.
Listed company DKN Financial Group has a minority stake in both businesses, which specialise in financial planning, investment, self-managed superannuation funds and life insurance services. DKN said the businesses would be enhanced as a result of improved efficiency through scale.
DKN’s statement to the Australian Securities Exchange said its input into the two companies had spanned equity finance, access to “well-priced” financial products and services and strategic business advice, including specific acquisition advice around due diligence, business valuations and transaction structuring.
DKN chief executive Phil Butterworth said his company and its shareholders continue to benefit from profit contributions from minority investments. Butterworth reinforced that DKN’s equity participation businesses such as Thornton and Tulare are in line with its ambitions to grow its footprint through partial acquisitions of wealth management practices.
Recommended for you
With an advice M&A deal taking around six months to enact, two experts have shared their tips on how buyers and sellers can avoid “deal fatigue” and prevent potential deals from collapsing.
Several financial advisers have been shortlisted in the ninth annual Women in Finance Awards 2025, to be held on 14 November.
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
