Financial Services Partners (FSP) and Financial Wisdom (FinWiz) have become the first licensees to join the Commonwealth Bank of Australia's (CBA) Private Broker Network (PBN), which provides dealer groups and their advisers with acquisition and succession support.
ING-owned dealer group FSP and CBA-owned dealer group FinWiz said the support of PBN partners including CBA financial planning banking (CBA FPB) and external CBA parties the Encore Group, Mills Oakley Lawyers and Practice Exchange would be valuable.
CBA FPB market development executive Ian Anderson said with the professional expertise of the PBN, clients could avoid potential pitfalls and be confident of a low-risk, cost-effective business transaction.
"Dealer groups accredited by CBA, such as FSP and FinWiz, that chose to access the PBN would have access to their own web portal providing information on acquisition, merger and joint venture opportunities, potential successors and secure practice finance.
A public domain area would also be accessible mid-September, Anderson said.
"This will enable practices outside CBA's 17 accredited dealer groups to view and upload information, with CBA-aligned dealer groups having the option to make their information public to external dealer groups or selected CBA-aligned dealer groups if they choose to," he said.
CBA's PBN was launched at the end of July and was an industry first, Anderson said.
