The founder and chair of Count Financial has denied rumours a number of the group’s staff and financial planners have resigned due to Commonwealth Bank of Australia’s (CBA) takeover of the company.
In response to speculation that three Count planners resigned and more will leave before CBA completes its takeover, Barry Lambert defended its employee status and decision to sell.
“There is no truth to those rumours. Staff always come and go in any business,” Lambert told InvestorDaily.
“We’ve had a few staff over the last 12 months leave and go over to Commonwealth Bank, including the former CEO. Clearly they went over to Commonwealth Bank because they thought it was a great place to work. I’m an ex-Commonwealth Bank staff myself.”
He said Count staff were therefore not unhappy about becoming CBA employees due to an existing business relationship.
After a recent meeting with CBA senior executives in Sydney, he can report back positive discussions were held about the consolidation plans.
Lambert said that because the industry’s fundamental concern was how independent businesses would survive, it was a rational decision for Count to consider institutional ownership.
“The Commonwealth Bank are going to be able to do substantial things for them that we couldn’t do, so [the rumours] are illogical. It’s actually going to be better,” he said.
“I couldn’t imagine anyone being unhappy about that. Mergers take place all the time.”
A CBA spokesperson said: “We intend to grow and operate the business on a stand-alone basis. We will work with the existing advice business and consider appropriate retention strategies to maintain their continued commitment to the Count brand.”
Lambert said CBA representatives would not sit down with Count staff until the scheme meetings took place on 25 November.
Count’s proposed acquisition by CBA includes over 900 planners around Australia. The firm will be sold for more than $370 million.
