Two advisory groups have combined forces creating one of the largest non-institutionally aligned financial planning and risk advisory networks in Australia.
In a bid to strengthen their corporate muscle, AAA Financial Group (AAA), based in Adelaide, and Questus Capital (Questus), of Western Australia, have formed a national affiliation of financial advisors. Each group will maintain its identity and licence.
The partnership, which is yet to be named, will encompass AAA stockbrokers, life advisers, mortgage brokers and financial planners and Questus’ financial planning arm, EPIC Advisor Solutions, and the Questus Funds Management business. AAA has 120 advisers and EPIC has 40.
“It came about because both parties wished to be in a stronger negotiating position, both parties wished to use the same commissions processing system and there was a synergy between Questus being a product developer and AAA being a distributor,” AAA director Ken Wybrow said.
No cash has changed hands and services will be invoiced back and forwards between the two companies, he said.
“Our long term intention is to do whatever we do as a group. Whether it becomes a merger or whether it becomes an Initial Public Offering or a sale, then it will be negotiated as one group. We expect (the new partnership) will be more attractive to a purchaser. It is hoped other groups will consider joining us as well,” Wybrow said.
