Two AMP-aligned financial planning firms have recently merged their businesses as part of a move that's been years in the planning, the companies announced yesterday.
Axios Financial Solutions has acquired LG Financial Strategies along with its employees and principal, Rohan Gulasekharam. The two firms have been licensed under the Charter Financial Planning dealer group since at least 2004, according to the ASIC registry.
In a statement, Axios principal Bentley Klein said he and Mr Gulasekharam have known each other for more than 20 years before merging in July. The two practices share similar business models, and the new partnership will better prepare them for future challenges, he said.
"Our governance structure and offerings were quite similar, both having been Charter-licensed, fee-for-service firms for decades, and recognised as Certified Quality Advice Practices annually since 2005," Mr Klein said.
"In terms of the proposed industry move towards greater transparency and a fee-for-service model, both Axios and LG Financial Strategies independently started down that path many years ago, and did so with significant support from Charter.
"With this merge we're in a better position to deal with the challenges the future will present to financial planning firms, and we're able to offer clients a greater depth of expertise and quality advice."
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
The CEO of a privately owned advice network has urged executives to focus on how they have helped their advice network when entering the 2022 ifa Exce...
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.