In an ASX listing on Tuesday, Diverger confirmed that its shareholders voted in favour of the Count acquisition under which the latter will acquire the entirety of Diverger.
The scheme is still subject to approval by the Federal Court of Australia on 15 February.
Last year, in announcing that it had entered into a binding scheme implementation agreement to acquire the entirety of Diverger’s shares, Count Limited said that one of the notable benefits of the acquisition is a 53 per cent increase in its adviser count.
Specifically, at the time, Count said it had 379 financial advisers under its roof, while Diverger would bring an additional 200 into the fold.
This substantial growth in scale within its wealth division played a pivotal role in the firm’s decision to pursue the acquisition, it said at the time.
In addition to the merger pointing to the emergence of a new player with the potential to compete with industry giants like Insignia and AMP over the long term, once fully merged, the company will boast some $29 billion in funds under management and administration (FUMA), with revenue projections indicating a 40 per cent growth beyond Count’s current figures.
Count chief executive Hugh Humphrey emphasised at the time the company’s commitment to bringing high-quality, holistic financial advice to more Australians.
“We believe every Australian should be able to access professional accounting and advice services from a trusted source, which in turn gives them the confidence to look ahead.
“Diver has a strong cultural fit with our company and the combination is expected to unlock material benefits for all stakeholders as well as positioning us to lead further consolidation.”
Mr Humphrey said the transaction signifies an important step towards achieving the company’s ambition to be Australia’s leading provider of integrated accounting and wealth services.
Count has been on a pretty steady growth trajectory regarding its expansion of its national AFSL network.
Namely, in December it announced the addition of Sydney-based advice firm Critique, which was previously licensed through an Insignia-owned licence and has a team of two financial advisers.
Jason Abrahams, director and financial adviser at Critique, said the decision to join Count was based on the support on offer.
“We went through the evolution of advice within aligned channels and came to a point where we simply weren’t able to dedicate enough of our time to our clients’ needs – so that was a big motivation to join Count,” said Mr Abrahams.
“More immediately though, and most striking to us, was the refreshing perspective and collaborative culture Count has, which we witnessed through many meetings with different members of the team. These interactions reminded us why we wanted to be advisers in the first place.”
Also at the time, Count said it is uniquely placed to take advantage of consolidation in the accounting and wealth sectors.
“We have identified ourselves as the clear leader in the profession,” Mr Humphrey said.
Mr Humphrey also noted that the business is well positioned for ongoing growth as a result of client demand for integrated wealth and accounting services, while also pointing to a number of recent acquisitions as avenues for increased earnings.
