Former Oamps Financial Services head Brian Jones has established two new financial planning practices following his departure from the Wesfarmers-owned insurance broker.
The practices are located in Melbourne and were made with other co-owners, Jones said. The practices and partners are not able to be named yet, he said.
"One of the practices focuses on corporate superannuation and business life insurance and the other purely focuses on strategic planning," Jones said.
Jones and his business partners are currently snapping up client books from other Victorian businesses in order to boost the client base of the new practices and that of Fortitude Financial Management, which he co-founded in 2006.
"We have made 10 acquisitions of small financial planning books. The smallest we've acquired has recurring revenue of $30,000 and the largest $300,000," Jones said.
"Those planning books are from planners retiring or larger practices wanting to sell a portion of their client base."
Fortitude provides life insurance and superannuation advice and also has a small client base for corporate superannuation and strategic financial planning advice.
The three businesses collectively generate $2 million in annual revenue, have over $125 million in funds under management and employ 14 staff.
Jones said he was looking to acquire more client books from dealer groups within Victoria.
"We're looking to grow our businesses and build a solid client base. The client book acquisitions would be bolted on to one of our three businesses depending on what type of clients they are," Jones said.
Jones left Oamps in 2009 after having spent nearly nine years with the company.
