Infocus Wealth Management has announced the acquisition of another financial advice business, continuing its strategy of helping advisers exit the industry.
The company purchased Melbourne-based Performa Financial Services as part of its Infocus Group Succession Plan.
The plan was put in place in 2014 in response to adviser demand for a viable exit strategy within Infocus' two AFSL holders, the company said in a statement. Since then, four advice businesses have been acquired, with a fifth being 50 per cent owned by Infocus.
"With so much change continuing to happen across our industry, we felt it important to ensure advisers had an option 'on the table' from Infocus as their business partner if they wanted to exit the industry or bring on a partner to help fund further growth," Infocus managing director and CEO Rod Bristow said.
"Our mission for advisers is to help their businesses grow revenue, increase efficiency and effectively manage risk – making us a logical buyer of quality advice businesses."
Mr Bristow added that Infocus looks to buy businesses in major population and growth areas nationally.
"In the last 18 months, we have acquired two advice businesses in Melbourne, one in South East Queensland (with 50 per cent advice business shareholding also in this region) and one in Townsville," he said.
"Our proprietary financial planning software allows these businesses to be managed in a compliant, consistent way, delivering business efficiency and great client outcomes regardless of geography."
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