Count Financial (Count) has made the decision to ease back on its planned acquisition activity in light of uncertainty surrounding the government's reforms, the group's chief executive said.
Count chief executive Andrew Gale said while the firm has received an increase in the number of approaches from groups seeking to join it, lack of finer detail around the Future of Financial Advice (FOFA) reforms has slowed actions.
"There have already been quite a few opportunities that have come before us. We're not acting hastily on that partly because we still want to see the details of the FOFA reforms including, at the very least, the draft legislation so you've got a bit more certainty around what are the likely reforms how they are going to impact particular business models and the like," Gale said.
He said Count was supportive in the main of the government's reforms.
"There are quite a few elements of the reforms which we are supportive of, I mean, we think the developments with the best interests obligation is a good development, and the particular model the government and the public policy people have opted for there is the correct option," he said.
"The opt-in issues are primarily an issue for advisers more so than licensees, that's not an absolute statement . the one [element of FOFA] that would be most interest to us if we were looking at any opportunities is just the detail around the reforms to what are variously called either volume-related payments or asset-based fees."
Despite the firm slowing its acquisition actions at present, Gale echoed comments he made earlier this year, stating the company would look at growth and acquisition opportunities when the time was right.
"Obviously with our balance sheet and capital structure and being listed, that gives us some flexibility but it's just that we're choosing not to act hastily on that," he said.
