Listed financial services firm Countplus's subsidiary, Advice389, has taken a 40 per cent stake in a Newcastle-based financial advice practice.
Announcing the move via the ASX last week, Countplus said Advice389 – which was launched in April 2015 – has completed its first partnership investment by taking a 40 per cent stake in Total Financial Solutions licensed firm Hunter Financial.
Completed on 7 August 2015, the stake was taken by the consideration of $2.79 million.
Countplus chief executive Phil Aris said that through having this interest in the financial advice business, Hunter Financial will be able to "actively pursue growth opportunities, not just for the business, but for staff".
"Young talent will be more likely to stay on due to the better career opportunities on offer, and senior staff have the opportunity to become partners in the business," Mr Aris said.
"It is our view that principals and senior employees have a greater incentive to grow their business when there is close alignment between the success of the business and their personal success, and this is what a shared-equity model achieves."
Mr Aris added that Advice389 is continuing to "actively assess a number of financial advice firms" and hopes to agree to further shared-equity partnerships in the near future.
An industry body has raised questions around whether experts engaged by AFCA to assist in case determinations against advisers are appropriately quali...
A listed dealer group has announced that one of its member firms will merge with a Brisbane practice under a new rebranded wealth offering. ...
APRA has approved IOOF’s acquisition of MLC’s NULIS Nominees in a decision that will create one of the largest wealth managers in Australia. ...