Australian Central launch in WA after financial planning merger

Credit union Australian Central will use its brand here for the first time following the merger of its Western Australian financial services firm Financial Solutions with Perth-based Framework Financial Planning to form a sizeable local player.

Australian Central is a credit union with branches in South Australia and the Northern Territory.

The business will initially focus on financial planning, but Australian Central's longer term goal is to offer its full range of credit union services in WA.

Australian Central managing director Peter Evers said he believes there was room for growth in the WA market and its success in SA and the NT proves it has the expertise to attract new clients and service the needs of existing clients.

The move into WA comes at time when competition in the local financial services market is about to itensify.

The merger of Home Building Society and StateWest Creidt Society is moving towards its conclusion, and will result in a 'beefed-up' player in the financial planning and banking services arena.

Also, the Bank of Queensland has recently opened a branch in WA, in Subiaco, and has a deal with HBF for the health insurer to distribute some of its financial services products.

The merged business will manage over $450 million in funds under advice, with 5000 financial planning clients and 4500 corporate superannuation members, as well as a considerable risk insurance portfolio.

A new WA advice centre will be located at 431 Roberts Road, Subiaco.

"Expanding into WA was a key strategy for the business and the acquisition of Framework, a highly regarded Perth-based holistic advice business fits in well with the group's plans," Mr Evers said.

The new business will be led by Australian Central WA state manager Lewis Vaughan. Mr Vaughan was previously a partner in Framework Financial Planning.

Australian Central first moved into WA in early 2003 with the purchase of Financial Solutions, a broad-based financial advisory business, which up until now has continued to operate under its own name.

"By merging Financial Solutions and Framework we have created an organisation which will be able to better serve existing and future clients, by offering them a wider range of financial services and a greater depth of experience and expertise," Mr Evers said.

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Australian Central further extends into WA

Australian Central is expanding its presence in Western Australia and will be operating under the Australian Central brand for the first time.

Australian Central has merged the recently acquired Framework Financial Planning with its existing WA business, Financial Solutions, and launched its first state of the art advice centre in WA under the Australian Central brand.

"Expanding in Western Australia is a key strategy for our business and the acquisition of Framework, which is a highly regarded Perth-based holistic advice business (judged the best quality financial planning practice in Perth in 2005 by the independent financial planning industry magazine, IFA), fits in well with our plans," said Australian Central Managing Director, Peter Evers.

"The merged business will manage over $450m in funds under advice including 5000 financial planning clients and 4500 corporate superannuation members and a considerable risk insurance portfolio so it is well positioned to grow.

"All existing customers have been notified of the change and the response has been positive."

The new business will be led by Lewis Vaughan, who has been appointed as Australian Central's State Manager for WA. Mr Vaughan was previously a partner in Framework Financial Planning.

Australian Central, which has an extensive financial services network across South Australia and the Northern Territory, first moved into WA in early 2003 with the purchase of Financial Solutions, a broad-based financial advisory business, which continued to operate under its own name.

"By merging Financial Solutions and Framework we have created an organisation which will be able to better serve existing and future clients, by offering them a wider range of financial services and a greater depth of experience and expertise," Mr Evers said.

At the moment the new business will only offer financial planning advice and corporate superannuation consulting services, but Australian Central's longer term goal is to offer the people of WA access to their full range of financial solutions including banking and advice services.

With the merger necessitating a move into larger premises - at 431 Roberts Road, Subiaco - it was timely to introduce the Australian Central brand.

"We believe there's room for growth in the WA market and our success in SA and the NT proves we have the expertise to attract new clients and service the needs of our existing clients."

"We're very proud to be displaying the Australian Central brand for the first time in WA, and look forward to expanding our presence in the future."