Investment platform Xplore Wealth has cast off its 50 per cent stake in Queensland-based financial planner McGregor Wealth Management.
Xplore signed an agreement to transfer its shareholding back to an entity controlled by McGregor principal and founder Rob McGregor for a consideration of $500,000 plus the repayment by his entity of $225,000 in loan funds.
Mr McGregor, also a co-founder of dealer group GPS Wealth, had requested to buy back the Xplore Wealth shareholding in the financial planning firm.
The separation of advice from investment administration services is aligned to a broader industry trend of de-coupling advice from product, Xplore said.
“Xplore Wealth was pleased to support Rob establishing his business, and we’re proud to see it up and running successfully today. We look forward to continuing to support Rob and his team through our platform solutions,” Peter Brook, non-executive chairman of Xplore Wealth said.
“We thank Rob for his professionalism and wish him the very best in his future endeavours as a provider of high-quality financial planning services in Australia.”
The investment manager has released its FY22 results.
The firm has released its results for the 2022 financial year.
The deal was officially announced this week.
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