Financial services group Yellow Brick Road (YBR) has made its first financial planning acquisition with the purchase of Calliva Wealth (Calliva).
YBR spokesman Sean Aylmer said the purchase was made in December and is the start of the group’s spending spree of planning groups.
“They are the first financial planning group we have purchased. They give us a base to not only buy further financial planning firms but also speak to financial planners, as now we have the infrastructure in place to actually provide the financial planning service,” Aylmer said.
“We are in talks with a handful of other groups.”
Aylmer could not comment on the details of the purchase.
Calliva’s staff of advisers, including director of financial advice Louise Woodger, moved across to YBR’s Sydney offices last month.
YBR opened its doors six months ago and spared little time in announcing its intention to acquire planning firms.
When Investordaily spoke with YBR chief executive Bryan Davies at the company’s launch, he said the group was in talks with a number of financial planning groups with plans to have between 30 and 50 advisers on its books in the coming months.
As well as running a fully functioning financial planning arm, YBR also operates accounting, stockbroking, financial broking and insurance arms.
YBR is personally financed and owned by former UBS banker Davies and Wizard founder Mark Bouris and staff.
Retraction: InvestorDaily had earlier referrred to Brian Ingham as investmtent director of Calliva Wealth. We have since been informed that Ingham is no longer with Calliva Wealth, and has no association with the group. Ingham left Calliva Wealth in December 2007.
