Aus Unity’s financial advice arm has made an official bid for Premium Wealth Management, with the latter’s shareholders now examining the terms of the proposed acquisition.
Australian Unity Personal Financial Services chief executive Steve Davis said the acquisition would give his dealer group additional exposure to the accounting market.
“It should also better position Australian Unity Personal Financial Services to take advantage of opportunities arising from the significant regulatory and environmental changes impacting the profession,” Mr Davis said.
“Premium is a successful business, with a high quality group of advisers that has substantial revenue, funds under advice and clients, and will be a significant contributor to increasing the scale and strength of Australian Unity Personal Financial Services.”
Australian Unity is hardly the commonwealth bank. they might be larger than your average boutique and have a product arm but not an institution if you ask me.
For all the chest pumping that IFA dealer groups do, if the dollars are right they will jump into bed with institutions. We will hear all the usual rhetoric about how they will maintain their culture of quality advice and client best interest. The truth is the institutions aren’t buying up dealer groups without the pay off, which is FUM in group products.