Brisbane-based advice firm Complete Financial Balance has moved to a new licence after it was recently bought out by multinational insurer Arthur J Gallagher & Co.
CFB moved to the newly-established AFSL held by Gallagher Benefit Services Pty Ltd on 1 January, according to ASIC data, which also shows the licence is controlled by Arthur J Gallagher & Co.
Arthur J Gallagher & Co is a US-headquartered international insurance brokerage and risk management services firm with operations in 33 countries and client-service capabilities in more than 150 countries.
CFB principal Tapel Cafer announced on LinkedIn that the acquisition was a great move for the firm, adding that the practice was parting ways with Aon Hewitt’s licensee business.
“This is a great opportunity for our team and clients and [we] look forward to working with a great international team,” Mr Cafer said.
“I would also like to take this opportunity to thank past and present management and staff at Aon Hewitt for their support and professionalism.”
Earlier this week, ifa reported that Arthur J Gallagher & Co acquired CFB, following an announcement to the New York Stock Exchange, on which the multinational company is listed. The terms of the transaction were not disclosed, but Gallagher president and CEO J Patrick Gallagher Jr made comments welcoming the new Australian subsidiary.
“We are particularly excited to have completed the acquisition of CFB, our first employee benefits acquisition in Australia,” Mr Gallagher said.
“Their team’s solid culture, similar business model and commitment to delivering the highest professional standards will be a wonderful addition to our employee benefits consulting operations. We are pleased to welcome Graham [Campbell], Tapel and their colleagues to our growing Gallagher family of professionals.”
CFB will continue to be run by Mr Cafer and principal Mr Campbell, who will be reporting to Leslie Lemenager, head of Gallagher’s international employee benefit consulting and brokerage business.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Jul 2018CPA shuts financial advice divisionBy Reporter
- 20 Jul 2018Don't neglect AI, advisers warnedBy Tim Stewart
- 19 Jul 2018AMP unveils new in-house training programBy Reporter
- 19 Jul 2018Self-licensed adviser cops 4-year ASIC banBy Reporter
- 19 Jul 2018Hub24 to launch new core offeringBy Reporter
- 19 Jul 2018SMSF sector warns about advice ‘exodus’By Miranda Brownlee
- view all