Two boutiques announce merger
Melbourne advice boutique Paradigm Wealth Management has acquired a self-licensed former competitor, with an eye to expanding the FUM of its managed discretionary account (MDA) solution.
Paradigm will acquire Melbourne-based boutique Portfolio Managers for an undisclosed sum, bringing its total funds under advice to $350 million and adding an additional three advisers.
Portfolio Managers’ SMSF and high net worth specialisation make the firm an “ideal cultural fit”, said Paradigm managing director Patrick Nalty, adding that he anticipates “a substantial portion [of the Portfolio Managers client base] will migrate across to Paradigm’s MDA service in the next 12-18 months”.
Mr Nalty said acquisition is an important part of the group’s strategy to drive FUM in its MDA product, while also seeking to maintain a boutique culture.
“In order to achieve meaningful scale, we need to continue attracting experienced advisers,” he said.
“We’re not a dealer group. We have a compelling salaried adviser model with the resources and infrastructure to properly support advisers and accountants.”
Adviser banned for disregarding director duties
A former Sydney financial adviser has been banned for five years by ASIC for dis...
Quality advisers migrating to ‘non-aligned’ firms
A new whitepaper has acknowledged the push towards quality financial advisers mi...
Advice firms must rise to ‘fairness challenge’: ASIC
The corporate regulator has called on financial advice firms to rise up to what ...