Perth-based financial adviser Plan B Holdings has taken a 33 per cent stake in financial planning dealership My Adviser for $980,000 as part of a full takeover of the Queensland-based company over the next two years.
Plan B said it would acquire the balance of My Adviser in two tranches over a minimum two year period, subject to it meeting agreed earnings hurdles.
My Adviser holds a network of 54 advisory businesses in Queensland, New South Wales and Victoria, and its members have approximately $1 billion of funds under advice.
Plan B executive chairman Bryan Taylor said the agreement would be of "great benefit" to both companies.
We have been looking for a client-focused organisation that helps build our coverage of the Eastern Seaboard, and My Adviser provides exactly this opportunity," Mr Taylor said.
"We look forward to working with My Adviser and their Licensees to help them grow their businesses."
My Adviser managing director Michael Summers agreed that Plan B's acquisition would be beneficial to both businesses.
"'This is the first formal step on a journey that will be rewarding and beneficial to our clients and their advisers," Mr Summers said,
"It presents My Adviser with a unique opportunity to continue providing high
standard client service to the community.
"We are very attracted to Plan B's established credentials as investment fiduciaries, so we selected Plan B to partner with us as we enter a very challenging period in the evolution of the financial planning profession."
Mr Summers will remain with My Adviser as chairman during the acquisition period.
