Perth-based dealer group Plan B has purchased an additional stake in Queensland financial planning group My Adviser.
The deal was completed ahead of schedule and takes Plan B’s stake in My Adviser to 93 per cent.|
The consideration for the acquisition was $1.7 million funded through a combination of existing cash reserves held by Plan B and a new drawdown of bank loan facilities already in place. A portion of the purchase price, $490,000, is subject to future performance targets.
My Adviser managing director Philippa Sheehan holds the remaining 7 per cent in the advisory group. It is anticipated this portion of the business will also be acquired by Plan B but the transaction is dependent on performance targets.
“As far as we are concerned, completing the transaction ahead of schedule has delivered greater certainty in the face of a changing environment by combining resources with a highly respected and like-minded organisation sooner,” Sheehan said.
“We’re very happy with the direction in which Plan B intends to move and believe that the combined group will benefit both our Authorised Representatives and their clients,” she added.
Plan B chief executive Andrew Black said he had always felt that My Adviser was a good strategic fit for the Perth dealer group.
“We share the same fundamental values and client-focused approach,” he said.
The purchase strengthens Plan B’s market presence on the Eastern seaboard.
My Adviser has around $1 billion in funds under advice with 134 authorised representatives operating across 62 advisory practices.
