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
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- 14 Nov 2018Hayne commission driving adviser tech shiftBy Adrian Flores
- 12 Nov 2018InvestSMART launches maxed feesBy Sarah Simpkins
- 13 Nov 2018Advice demand soaring despite reputation hitBy Adrian Flores
- 12 Nov 2018Former premier, advisers sound alarm on sex discriminationBy James Mitchell
- view all