The non-bank dealer group, which has 75 advisers across Australia, has entered into a capital funding partnership with Quadrant Private Equity and Yorkway Capital Partners.
The capital injection will help the licensee and its advisers reach more Australians for financial advice, said Fitzpatricks chief executive John McMurdo.
“Today’s news is exciting for our advisers, clients and our business partners as we secure the capital base and partners required to build a strong continuum of the Fitzpatrick’s renowned client-centric focus,” Mr McMurdo said.
“Achieving scale and realising the efficiencies and benefits it brings for clients is a central challenge for all professional services providers, particularly those who seek to remain outside of institutional ownership. We welcome into the partnership Quadrant and Yorkway, who identify strongly with our vision and the opportunity for Fitzpatricks.”
ifa has previously predicted an influx of private equity interest in the Australian IFA market: https://www.ifa.com.au/news/17552-private-equity-players-circle-financial-advice-sector
Generally speaking capital is required somewhere between 50 and 100 advisers in order to take a licensee to the “next level”. Well done to Fitzpatricks.