Superwoman expands adviser ranks
Listed financial services company Superwoman Group has taken a 30 per cent stake in privately owned dealer group My Adviser.
My Adviser, which was formerly known as Australian Investment and Financial Planners, has 120 financial advisers and $1.1 billion in funds under administration, according to Superwoman’s statement to the Australian Securities Exchange (ASX).
Superwoman, which has its own existing financial planning division, described My Adviser as one of only a few remaining privately owned dealer groups, in that it has no shares held by any bank or insurance company.
The move follows last week’s announcement of Superwoman’s intention to acquire the Members First Group (MFG). If successful, that acquisition would include the takeover of MFG companies Members First Financial Services, Members First Wealth and Members First Broker Network.
Superwoman’s statement to the ASX said while MFG is primarily a mortgage aggregation company, under its Members First Wealth banner it has 13 financial planners, who are authorised under My Adviser’s licence.
Last week the Superwoman Group also announced a proposed joint venture with DMS Funds Management, with the latter to provide investment management capabilities and products to be distributed by Superwoman subsidiary company Superwoman Funds Management.
The group is seeking to build scale as a diversified financial services company that offers products and services specifically tailored for the female market.
Its background is in hosting seminars and conferences that allow third parties, such as financial services companies, to offer services and sell products to attendees.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
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.
