TFS grows its planning network
Countplus-owned Total Financial Solutions (TFS) has confirmed further progress in its growth strategy with the addition of major Newcastle-based practice, Hunter Financial Planning and a strategic investment in regional Victorian practice, Financial Momentum.
TFS chief executive, Phil Aris said the dealer group had taken a 40 per cent stake in Financial Momentum consistent with its strategy of supporting aligned practices.
He said the dealer group planned to continue its expansion through the current financial year with the objective being to increase its number of small to medium-sized financial services business and licensees.
"Our growth strategy is to continue supporting and building our existing practices, while recruiting quality, culturally-aligned businesses and taking strategic stakes in our practices," Aris said.
He said that as market consolidation continued due to regulatory changes and increasing economic pressures, he expected increased interest from external advisers and practices in joining TFS because of the referral opportunities.
Aris said that by taking strategic stakes in the dealer group's flagship practices, TFS was able to offer greater involvement in the firms and provide a path for succession planning.
Countplus chairman, Barry Lambert acknowledged that the company's 2010 acquisition of TFS had paid dividends in terms of referral opportunities to its accounting network, something he believed would continue to work for the network and the advisers who joined it.
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