Xplore signed an agreement to transfer its shareholding back to an entity controlled by McGregor principal and founder Rob McGregor for a consideration of $500,000 plus the repayment by his entity of $225,000 in loan funds.
Mr McGregor, also a co-founder of dealer group GPS Wealth, had requested to buy back the Xplore Wealth shareholding in the financial planning firm.
The separation of advice from investment administration services is aligned to a broader industry trend of decoupling advice from product, Xplore said.
“Xplore Wealth was pleased to support Rob establishing his business, and we’re proud to see it up and running successfully today. We look forward to continuing to support Rob and his team through our platform solutions,” Xplore Wealth non-executive chairman Peter Brook said.
“We thank Rob for his professionalism and wish him the very best in his future endeavours as a provider of high-quality financial planning services in Australia.”
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].