Premium Wealth Management has acquired Sydney-based planning practice Pearman Financial Management, bringing the number of firms in the Premium network to 21.
Premium is independent of the major banks and institutions, and is looking to recruit firms that want to maintain their autonomy, said Premium chief executive Paul Harding-Davis.
"The business model of Premium is focused on allowing adviser firms to build their own business models without the constraints of volume-based fees or in-house products to push to clients," Harding-Davis said.
The increasing consolidation of dealer groups means that the independent model offered by Premium is very attractive to firms like Pearman, Harding-Davis added.
Pearman's strong commitment to compliance also made it an attractive acquisition target for Premium, he said.
Pearman principal advisor Glynn Pearman said Premium's flexible business model would allow his practice to focus on its risk management specialisation.
"Premium offered a far more flexible model than other dealer groups, one that allows us to manage our clients in the way that has worked for us for many years," said Pearman.
