Financial services firm Equity Trustees has flagged its interest in purchasing advice businesses as it seeks to take advantage of industry consolidation.
"The image of many financial services organisations has been tarnished by a major loss of trust and goodwill, which I believe creates very significant opportunities for Equity Trustees," Equity Trustees managing director Robin Burns told the company's annual general meeting on Friday.
"Personal investors and entities with fiduciary responsibilities alike are looking to see who and what is behind the organisations they invest in or deal with."
He said there were several high-quality financial advisory businesses that meet Equity Trustees' criteria, and if a suitable acquisition opportunity arose, the company would actively consider it.
"We have seen a number of opportunities presented to us in recent months to take part in consolidation of the financial advice industry, but none of these would have met the criteria we set or have blended easily with our overall strategy and approach," he said.
"We do believe that our current advisory services represent a different model to the typical financial planning business and it could be a compromise of our approach if we moved towards a conventional planning practice model."
Burns also said the company remained open to consider other acquisition opportunities in all its businesses that meet Equity Trustees' objectives.
"Our business units are all travelling relatively well, although conditions differ, and new business generation is positive," he said.
Equity Trustees operates in four main areas: funds management, institutional services, superannuation and wealth management.
The firm's chairman, Tony Killen, told shareholders at the meeting that profits in the first three months of the current financial year are slightly ahead of the prior year.
