An Adelaide-based financial planning firm has announced its owners have bought back a 49 per cent stake in the business as they develop plans for further growth.
In a statement, self-licensed Goldsborough Financial Services said it sold the share to an interstate private equity firm – which specialises in acquiring advice firms – 10 years ago.
The seven local partners decided to buy back the entire company because it made "commercial sense".
"Over the years, we have developed a great business model for the company and the partners now have robust plans to grow the business even further," said Goldsborough's chief executive Susie Vincent.
"While the previous shareholder was always very supportive and positive of the business from day one, it just made wise commercial sense for the local partners who physically operate the business on a day-to-day basis to have total control of where we planned to take it."
The buy-back now makes Goldsborough Financial Services 100 per cent owned in South Australia, the statement said. The last 10 years saw the firm grow its funds under advice by 66 per cent as well as its number of advisers from seven to nine.
Growth plans for the practice include acquisitions and adding an accounting division, Ms Vincent said.
"This could involve attracting a boutique-type accounting firm to join us, or for us to entice one or two experienced accountants – those who have worked for bigger firms but are now wanting to go on their own – to allow us to increase and improve the services we offer to our clients," she said.
Goldsborough co-founding partner Glenn Todman said he was proud to have the business back in the hands of a local ownership.
"It gives us more control over what we do as a business and opens up more succession planning opportunities for our staff," he said.
Stimulate new ideas. Stimulate new thinking. Top up your CPD points and hear from industry experts with ifa’s Knowledge Centre. Keep up to date with the latest trends and reforms, all while adding to your CPD hours. Explore the Knowledge Centre now.
Australian Wealth Solutions (AWS) has announced a change of licensee as it heads into a new era. ...
An up-and-coming goals-based advice platform has appointed former executives from Midwinter and Shadforth Financial Group to its ranks. ...
The acting AFA chief executive has come out swinging in the defence of financial advisers. ...