Predictions of a mass exodus of financial planning businesses post-FOFA have not materialised, according to M&A consultant Paul Tynan.
Practice principals that are interested in leaving the sector have been deferred by a lack of clarity around the final FOFA regulations, the chief executive of Connect Financial Services Brokers said in a statement yesterday.
Mr Tynan said that at present he has far more buyers than sellers on its books, and that many prospective buyers are “becoming fussier and seeking greater value”.
“The Australian financial service sector is about to encounter a huge transition of business ownership and as an industry all stakeholders need to explore and implement new and innovative strategies to accommodate the transfer of these businesses to the next generation,” Mr Tynan said.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Sep 2018Independent advice will prosper but must be paid for: LovedayBy James Mitchell
- 21 Sep 2018Former ASFA policy advisor to boost FPA ranksBy Reporter
- 21 Sep 2018Aligned advisers in search of freedomBy Adrian Flores
- 20 Sep 2018Banned Perth adviser did not engage in dishonest conductBy James Mitchell
- 20 Sep 2018‘No advisers have been mistreated’: DalyBy James Mitchell
- 20 Sep 2018Beacon advisers held ‘ransom’ while IIOF money remains missingBy James Mitchell
- view all