Shareholders of Infocus Wealth Management have voted in favour of the slated merger with Patron Financial Services, paving the way for a new national dealer group.
The deal – which will create an enhanced Infocus with 200 authorised reps – was given the green light at a shareholder meeting last Thursday.
“We are very pleased the merger has been formally approved,” said Infocus managing director Rod Bristow.
“The similarities between the Infocus and Patron businesses and advice philosophies were striking – providing a great foundation for a successful future. We believe a healthy marketplace demands a diverse market structure.
“This includes a mix of institutional and non-institutionally-owned groups to provide Australians true choice for their financial planning needs.”
The merger will create a national dealer group with $5 billion in funds under advice and with offices in all states and territories except Tasmania and the Northern Territory.
The vote comes as M&A consultant Steve Prendeville has listed the Patron-Infocus merger as one of a number of recent deals that suggest merger and acquisition activity in the financial planning market is shifting from bank consolidation to strategic mergers of “culturally aligned” mid-tier firms.
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