Shareholders voted 99.79 per cent in support of the CountPlus acquisition of Count Financial from the Commonwealth Bank, according to a letter on the ASX from chief executive Matthew Rowe to shareholders.
As a result, CountPlus said it is working with Count member advice firms in preparing a ‘100-day’ plan so it can quickly align the businesses with its core purpose.
“We have reviewed all aspects of the business through the lenses of firms, people, focus, financial and community – the same core principles we use across the CountPlus business,” it said.
The leadership team
In particular, CountPlus noted its leadership team will be the driving force for the success of Count Financial “in the new world of financial advice”.
It said that of the five-member Count Financial board, two have experience as board members for the Financial Adviser Standards and Ethics Authority, three have been on the board of the Financial Planning Association of Australia, two have represented Australia on the global standards body, two have been practising financial advisers, one has a strong background as a consumer advocate and all five have more than 20 years of experience in their respective fields.
Further, for the senior management team of seven members, CountPlus said:
- Four have been practising financial advisers;
- Four have run a small business similar to a typical Count member firm;
- Five have more than 20 years of experience in financial advice;
- Five have Count experience;
- Three have CountPlus experience; and
- Three have operated as the CEO of a complex advice business.
“Most importantly, all the members of the leadership team have a deep passion for financial advice and understand that it is the clients of the underlying Count member firms that essentially pay the bills, not a large institution,” CountPlus said.
Why would CBA need to allocate $200M for client remediation when all those accountants are the trusted professionals working in their clients best interests?
“two have experience as board members for the Financial Adviser Standards and Ethics Authority, three have been on the board of the Financial Planning Association of Australia”. Epic failure in the making.
I would have thought an article titled “COUNTPLUS REVEALS PLANS WITH COUNT FINANCIAL ACQUISITION” would have a snippet of detail about their plans.
I particularly like that two of their five member board has FASEA experience – given how much of a ballsup FASEA is, it doesn’t bode well for Countplus.
I would imagine CountPlus plans would be to spend the next ten years laughing at the Commonweatlh bank
Just because you know about ethics doesn’t mean you practice them…..
No plans there – just boasting how good they think they are
Not a bad management team on paper