Two licensees announce merger plans

Two licensees announce merger plans

Two non-aligned licensees have announced their intention to merge, forming a new dealer group network of 200 advisers and 50,000 clients.

Infocus Wealth Management and Patron Financial Services will merge later this month, subject to shareholder approval, according to a statement on the Infocus website.

“We have spent considerable time reviewing the market to identify like-minded groups to join forces with Infocus. Merging with Patron provides the opportunity to leverage our capability to create a national, independently-owned wealth management business of scale,” said Infocus managing director Rod Bristown.

“This is a powerful vote of confidence in Infocus’ business model and strategy.”

Patron will retain its branding and adviser-facing teams for a minimum of three years, according to Patron general manager Rob McCann.

"In regards to equity holders, we have been in discussions with IOOF and they agreed to sell their stake in Patron pre-merger," said Mr McCann.

A statement released by Infocus said the "lack of institutional ownership is a key differentiator for the merged group".

"For retail clients seeking advice from our merged group, the benefits of independent ownership are obvious," said Mr Bristow.

"Clients can be assured their advice is strategic in nature and helps them meet their life goals, regardless of the products that may be chosen to help them get there," he said.

Mr Bristow said Infocus is continuing to scan the market for "new opportunities" – "as well as pursuing our organic growth strategy".

Two licensees announce merger plans
ifa logo
promoted stories

SUBSCRIBE TO THE IFA DAILY BULLETIN

News

Business Strategy