Dealer group Financial Services Partners (FSP) intends to expand its network of advisers with a three-pronged approach to acquisitions, the firm’s chief has said.
“FSP is very much set for growth and that includes looking at a range of acquisitions,” FSP chief executive Geoff Rimmer said.
Rimmer would not be drawn on details of potential acquisitions, though he said speculation the ING-owned firm is in talks to acquire fellow dealer group Australian Financial Services (AFS) is untrue.
“I can assure you that I haven’t spoken to Peter for a long time. There’s been no activity with AFS,” Rimmer said.
AFS Group managing director and group chief executive Peter Daly is in agreement.
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“From our perspective there is absolutely no truth to that rumour,” Daly said.
“We have had no discussions with them or anybody else associated with them to the best of my knowledge regarding anything like that.”
FSP’s readiness for growth by acquisition has been seen with the integration of Tandem Financial Advice advisers, he said.
“That has also given us the capability to now go out and look at a couple more. We’d be very keen to look at a couple of small ones but we certainly have the capacity to absorb 200 advisers without a lot of difficulty at all,” Rimmer said.
As the advice industry comes out of the first phase of the global financial crisis, there are some firms who are now looking at acquisition opportunities, he said.
“I’ve created a structure here at FSP now where we have a whole team and their only job is to grow. They’re out there helping our advisers to acquire, they’re helping FSP to acquire and we’re also recruiting,” Rimmer said.
ANZ’s takeover of ING Australia is also an opportunity for the firm, he said.
“Everything I’ve seen thus far is that it’s business as usual. Management that we’ve been dealing with at ING have been retained so it’s really, if anything I think, given us the ability to turbocharge our activities,” Rimmer said.
ING Group recently agreed to sell its life insurance and wealth management venture in Australia and New Zealand to joint venture partner ANZ.
