Countplus subsidiary Total Financial Solutions (TFS) has acquired a 49 per cent stake in a $250 million FUA Melbourne-based boutique.
In a statement to the ASX, listed financial services company Countplus has announced that formerly self-licensed firm McQueen Wealth Management has joined its TFS licensee, with MD Angus McQueen pointing to benefits of scale.
“The TFS investment partnership gives us further capacity to expand the business,” Mr McQueen said.
“Having been associated with TFS since its foundation 15 years ago, we have grown our businesses together through numerous market ups and downs and multiple periods of massive regulatory change to our industry.
“I can’t think of a better partner to support McQueen Wealth Management into the future.”
The statement also reveals that two additional unnamed practices have joined the TFS licensee, described as a “Sydney-based specialist personal insurance advice business with four advisers and approximately $8 million in in-force premiums” and a “6-adviser financial planning practice based in Melbourne” respectively.
TFS chief executive Phillip Aris said the group’s “institutional independence” is a key attraction leading to the growing popularity of its dealer services, along with a new “equity model to assist with long-term succession planning”.
“We believe we have the adviser model of the future,” Mr Aris said.
The TFS network how has 54 practices representing 95 advisers.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Jan 2019Advisers to suffer ‘horrendously’ from FASEABy Sarah Simpkins
- 18 Jan 2019Praemium FUA up 14%, reveals platform upgradeBy Adrian Flores
- 17 Jan 2019ASIC takes court action against former adviserBy Adrian Flores
- 16 Jan 2019NAB FP seeks resolution of false witness investigationBy Adrian Flores
- 16 Jan 2019High demand for advisers and paraplanners in 2019By Adrian Flores
- 16 Jan 2019Foreign adviser qualification standards finalisedBy Adrian Flores
- view all