Former AMP Financial Services state manager Mike Jones has built a substantial independent financial services group in Western Australia under the banner of his new business, Prosperity Partners.
Prosperity, which is jointly owned by Mr Jones and Getley Paulsen Group’s Keith Sheppard, has acquired three established businesses in the fields of insurance, corporate super-annuation and financial planning.
It has also selected IOOF subsidiary Consultum Financial Advisers as its dealer group.
Consultam was launched last month following the integration of two existng dealer groups, Winchcombe Carson and Financial Partnership.
Mr Jones said Prosperity Partners’ three acquisitions would enable the group to offer a wide range of services.
It bought insurance agency The Nordeck Agency, corporate superannuation specialist Choice Superannuation Solutions, which counts MG Kailis Group and Canningvale Weaving Mills among its clients, and the retail clients of Getley Paulsen’s financial planning arm, Foundation Planning Services.
The establishment of Prosperity Partners followed a number of changes that Mr Jones introduced at Getley Paulsen, which he joined 18 months ago.
Mr Jones said his initial focus was on corporatising Getley Paulsen, which has been operating for 37 years.
The firm plans to focus on its general insurance business and on servicing a small group of high net worth clients.
It also established alliances with accounting, legal and mortgage broking firms so it could offer a wider suite of services.
Mr Jones said Getlay Paulsen and Prosperity Partners have grown to the point where they collectively have 27 staff.
He spent a lot of time at Prosperity Partners building its infrastructure so that it was ready for growth.
“We needed the systems and processes so we could integrate the acquisitions,” Mr Jones said.
He expects the relationship with Consulum will lead to further growth opportunities, particularly with clients that are attracted to its fee-for-service model.
