Last week, ifa reported that Beacon had terminated its agreement to acquire Linchpin-owned advice firm Libertas Financial Planning, agreeing to pay $2.7 million to owner Mark Euvrard and made an initial payment of $700,000 from Linchpin’s troubled IIOF fund.
The agreement fell through after Linchpin failed to meet its buyout commitments and defaulted.
Speaking exclusively to ifa, Beacon managing director Peter Daly confirmed that between 25 and 30 advisers have left the group and are in search of a new licensee.
“I want to try and make sure that the transition for Mark and his advisers is as seamless as possible without any major difficulties, and that’s the undertaking we’ve given Mark,” Mr Daly said.
Mr Daly also confirmed there were two more interested parties in the deal, which he did not name citing confidentiality reasons.
However, he was unable to bring either party to meet the capital raise deadline of 4pm on 1 November.
Despite this, Mr Daly said Beacon itself should still achieve an operating profit of around $800,000, and has put on 23 recruits into the dealer group since 1 July.
“Our year-to-date income exceeds the same time last year and that’s despite the number of advisers that have left us, so we’re still performing exceptionally well,” Mr Daly said.
“But obviously, adviser morale particularly has somewhat been deflated and there are a number of parties out there who are actively trying to disturb, disrupt and recruit advisers, and try to persuade them that the sky is about to fall in. That’s the difficulty that we currently face.
“As I read out to my own people not so long ago, the rumours of the death of Beacon at this stage are wildly exaggerated.”
As someone who was caught up in Dover – my heart goes out to the planners looking for a new group. The most difficult thing to manage. It concerns me that the livelihoods of each planner is contingent on their dealer group. Individual licencing anyone?
Unclear – are these Libertas advisers, Beacon advisers, RIAA advisers, or others dispersed across all the various affiliated Licensees? [I think their are 3 AFSL’s]
Perhaps Pete could write his memoirs from Long Bay ?
Keep up the good work, Peter!
Surely you’re joking
At the adviser conference in South Australia late last month, Daly, you were asked to resign with your fellow directors, why have you not done this ??? It’s time you acknowledge your behaviour ???
And didn’t his buddy Johnson still turn up
were you at the conference?
hmmmm strength of character, leave your name?????
Says a person who puts his name as anonymous himself. Ahahaha clien
None of you cowards will ever put your real names so why does it even matter to you?
To recruit new advisers whilst the linchpin companies are under investigation is reckless behaviour by the directors. Beacon may survive but Mr Daly YOU WONT, nor will your other 3 henchmen.
Your quote of 800k operating profit, is another one of your false and misleading statements.
Pay your loan back!!!
sounds like a threat
Figures are incorrect – information should be accurate before printing.
And you would know such accurate information as an Anonymous poster???