WA-based group buys PNFP assets
Western Australian self-licensed financial planning practice specialising in retirement planning, Wealth Management Partners (WMP) has announced the acquisition of the operating assets of Police and Nurses Financial Planning Pty Ltd (PNFP), a move which will help to grow its business by 50%.
The acquisition followed PNFP’s decision to cease operating the financial planning business after a strategic review, according to which, PNFP clients would be better served by a dedicated WA-based wealth management organisation both now and in the future, the firm concluded.
The move would also see the WMP team grow with four new advisers and six staff coming across from PNFP to join WMP via a subsidiary company, WMPWA, which would join WMP Tax and WMP Finance, and under the WMP Group banner.
The new staff would grow WMP to 10 advisers and 28 staff available to service client needs.
P&N Group general manager strategy and corporate development, Kim Radalj, said that the search for a purchaser focused on finding a dedicated financial planning business that would share a similar values set and track record of building long-term client relationships to ensure the best possible outcome for PNFP’s financial planning clients.
“For nearly 20 years, WMP has prided itself on providing quality advice and a high standard of service to our clients,” WMP managing partner, Steve Beattie, said.
“We’ve built a strong reputation which has seen us grow to become one of Western Australia’s largest self-licensed financial planning businesses, with a focus on retirement advice and a client base of more than 1,100 families.
“We are pleased that this reputation has ultimately led to WMP being selected to service PNFP’s clients and look forward to welcoming them to the WMP client family.”
AUTHOR
Oksana Patron
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