Netwealth subsidiaries up for sale

Netwealth’s last remaining financial advice business will be sold to a third-party following a strategic review.

ifa can exclusively reveal that Bridgeport Financial Services will be sold, with negotiations for the acquisition “well-progressed”, according to a Netwealth spokesperson.

The platform and managed accounts provider will also be selling the remaining elements of the Pathway Licensee Services business that were not already offloaded in the transaction with Catalyst Compliance in December 2016, primarily made up of Xplan software specialist consulting and education and training functions.

ifa understands that the decision follows a strategic review that sought to focus the company on its core fintech and investment arms and to continue servicing the external financial advice market.

The moves follow the recent departure of Bridgeport general manager Cameron Cogle to take up a management consulting role at Centrepoint Alliance. The 40-odd remaining staff members of Bridgeport and Pathway are expected to be kept together under the terms of the impending sale.

In August 2015, Netwealth sold a 50 per cent stake in dealer group Financial Planning Services Australia to Fortnum Financial Group and the other 50 per cent to FPSA member firms.

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Netwealth subsidiaries up for sale
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