Radar Results in liquidation
Financial planning broker firm Radar Results has been placed in liquidation as a result of an internal restructure.
John Birt, who established and ran the business, told Money Management Radar Results' clients have been sold to a unit trust set up by Birt and his wife, with the units to be distributed to their associates in Australia.
"We've had that in mind now for 12 months," Birt said. "The unit trust acquired all the clients and purchased the business; that was one of the main reasons — the easy distribution of the trust units to our associates so they can take ownership of the business."
Radar Results provided valuation and broking services to financial planning practices and was one of the major players in the space.
The Australian Securities and Investments Commission (ASIC) issued a notice stating Steven Kugel and Anthony Warner have been appointed as liquidators, with company creditors to meet on 16 April.
AUTHOR
Milana Pokrajac
Recommended for you
With HNW investors representing the largest market for alternative assets, Praemium and CoreData research underscores why this presents a compelling opportunity for advisers.
Having completed the successful integration of Diverger, Count has upgraded its forecast for expected synergy benefits achieved by the acquisition by a third.
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
