Two Victorian advice firms complete merger
Two financial advice practices based in Victoria have merged and rebranded as the combined firm realises the benefits of added scale.
The merger of Forbes Fava Financial Planning and Finanalyze Financial Planning, first announced in December 2023, has now been completed.
The new advice organisation has rebranded to Forbes Fava Saville Financial Planning, and operates from two offices in the Geelong and Melbourne area.
Cameron Forbes, chief executive and senior financial planner, noted the immediate benefits brought on by the merger, such as increased productivity and access to growth opportunities.
“Most importantly, our commitment to a boutique personalised approach to the provision of professional financial advice, service and support delivered at a local and accessible level has been strengthened as we now have a presence in both Geelong and Melbourne,” he said.
According to Forbes, the firm’s higher profile gained from the merger has been the catalyst for a steady stream of succession planning enquiries from business owners and financial planners expressing interest in potential growth opportunities.
Michael Fava, senior financial planner, commented: “This is understandable considering the ongoing industry changes and the benefits of Forbes Fava Saville Financial Planning’s industry knowledge, structure, administrative framework, flexibility and scale.”
However, Forbes said the firm is not focused on growth for growth’s sake. Instead, Forbes Fava Saville is committed to carefully managing growth while continuing to provide personalised advice.
Craig Saville, senior financial planner, also noted: “All clients of the new practice have been the first to benefit with access to a broader team of financial advice professionals and range of specialist financial services.”
Forbes added that the firm is focused on recruiting more financial planners in order to gain additional scale, as well as implementing training programs to continually upskill their advisers and staff.
Beyond organic growth, joint ventures and alliances with professional advisory businesses remain an area of interest for Forbes Fava Saville to boost its growth trajectory.
The CEO continued: “I firmly believe that partnering via joint ventures or alliances with accounting groups, legal firms, finance providers and fellow financial planning practices will be a significant growth opportunity with the benefits measured in a more comprehensive range of services for clients.”
AUTHOR
Jasmine Siljic
Recommended for you
As private markets garner mainstream attention, a panel of experts believe access to the asset class through managed accounts will become more widely available, providing opportunities for advisers to diversify portfolios.
While retail investors turned to blue-chip stocks last month, according to AUSIEX trading data, September saw advised investors switch into ETFs.
With the intergenerational wealth transfer underway in Australia, wealth managers are focusing on how they can attract the next generation of advisers to service these younger clients.
ASIC wants to expand proceedings against Equity Trustees to seek compensation for members following Macquarie’s agreement to pay $321 million over Shield failings.
