After a strategic partnership with ipac Securities failed, medical professional advisory specialists Flowers Financial Group will fund expansion plans through a public listing.
During the next six months, the group will package its intellectual property, unique business strategy, training and processes, and look at licensing the model to small organisations across Australia.
Flowers Financial Group principal Nigel Flowers said he planned to take the company to market in February or March and float this time next year.
The decision to list followed a failed partnership with multi-manager business ipac Securities.
Flowers and ipac tested the water before entering into an equity deal by establishing a strategic partnership in March. But the relationship ended in less than three months.
“We spent a lot time working with ipac. Personally I was very excited about it, but it wasn’t going to work in the time frame,” Flowers said.
Ipac Securities head of adviser solutions John Saint said the split was amicable and put it down to lack of philosophical alignment.
It was the first ipac strategic partnership to fail, Saint confirmed.
Earlier this year, three senior Flowers Financial Group advisers – Mark Aranjo, Paul Cramer and David Turnbull – left simultaneously to go to Macquarie.
“We had a corporate raid, it’s the first time I’ve been exposed to that,” Flowers said.
Flowers said four advisers left at once.
Financial planner Simon Farmer also left to join Walshs Practice, licensed by Wealth Managers, in Brisbane.
Flowers Financial Group has 35 private shareholders and more than 50 staff across Australia.
Established in June 2001, the group provides financial management to more than 3000 medical and dental clients Australia-wide.
It is headquartered in Pyrmont, Sydney with offices in Brisbane, Melbourne and Perth.
