Dealer group Infocus Wealth Management has updated shareholders about the progress of the merger with Patron Financial Advice, revealing the integration process should be completed by December.
In a statement sent from the Infocus annual conference in New Zealand, managing director Rod Bristow said the merger negotiations with former IOOF licensee Patron have been completed and that good progress is being made.
“We couldn’t be happier with the merger progress,” Mr Bristow said.
“Our objectives of ensuring the Patron brand and culture remained intact, while operating a single back-office, are well on the way to being achieved.
“Over the last few months, we’ve been working hard with the Patron advisers to demonstrate the use of Infocus’ proprietary software, which supports an advice process that maximises efficiency.
“We’re on track to meet our overall target merger integration completion date of end December, and are now lifting our sights to look at other opportunities in the market.”
More broadly, Mr Bristow said the combined dealer group will be a “great solution for advisers seeking independence”, explaining the group prioritises the “big three issues all advisers face”: enhancing revenue, lowering cost and managing risk.
Correction: This article previously inferred that the "merger will be completed by December". Subsequently an Infocus spokesperson told ifa the merger was "ratified in July" and that the integration is set to be completed by December.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 15 Nov 2018We’ll lose advisers through FASEA but it’s necessaryBy Adrian Flores
- 15 Nov 2018ASIC flexes its muscles at independent advisersBy James Mitchell
- 15 Nov 2018FPA hands down $50,000 fine on Sam HendersonBy Adrian Flores
- 15 Nov 2018Adviser reviews critical to client retentionBy Adrian Flores
- 14 Nov 2018ASIC bans financial services representativeBy Eliot Hastie
- 14 Nov 2018Fintech should make advice ‘enjoyable’By Adrian Flores
- view all