rmg picks up Piersbridge Consultants
Perth-based practice rmg financial services has increased its funds under advice to $660 million with the acquisition of Piersbridge Consultants.
The acquisition – the third so far this year for rmg – will provide the practice with more scale when it comes to risk insurance.
The financial advice arm of the Piersbridge, Precise Financial Planning, has already been incorporated into rmg – while the insurance business will continue to operate on a stand-alone basis for two years.
All of the former Piersbridge financial advisers are now licensed under Charter Financial Planning.
Piersbridge principal Ivan Cohen said succession planning was a major factor in the decision to merge with rmg. A 10-year age difference between the principals was an issue, and operating a medium-sized practice was “only going to get more difficult”, Cohen said.
Rmg principal Patrick Canion said rmg would be able to leverage the insurance capabilities of Piersbridge.
“The team has built a really impressive business. Together we can continue to enhance our services to clients and take on the challenges of the future,” he said.
Rmg will continue to look for practices to acquire, Canion added.
AUTHOR
Recommended for you
With Fortnum Private Wealth and Professional Financial Services now unified under the Entireti umbrella company, CEO Neil Younger has detailed to Money Management the firm’s new direction and future expansion.
The FAAA has suggested looking offshore for overseas financial advisers to ease the adviser shortage, but are employers willing to take on the burden of workplace visas?
There may be a huge influx of alternatives coming to the market, but timing and access difficulties mean advisers can easily end up disappointed with their selection, according to Morningstar global CIO Dan Kemp.
An NSW individual has pleaded guilty to one criminal charge of providing unlicensed financial services after promoting crypto investments at national seminars.
