Financial Services Partners has lost two practices with combined funds under management of nearly $400 million to IOOF Holdings-backed dealer group Wealth Managers.
The two practices are Kings Park Securities, led by principal Warren Killen, and Coastal Wealth Management, run by Allan Rose and Craig Woodman. Both groups are based in Western Australia.
"What has attracted us to the IOOF advice licences is their strong compliance systems, the quality of the in-house research team, their understanding of direct equities and trading capability through Bridges Stockbroking together with better access to estate planning support," Killen said.
The head of IOOF's advice division Michael Carter said further additions are expected in coming months as financial planning businesses "re-align" to dealer groups with strong support infrastructure and additional service offerings that better suits their clients' needs in the post Future of Financial Advice environment.
IOOF, listed on the Australian Securities Exchange, has more than 650 financial planning professionals across its advice brands, including Wealth Managers, Bridges, Ord Minnett and Consultum Financial Advisers.
The company is currently in the process of acquiring DKN Financial Group (DKN).
Earlier in the week, DKN said it reached more than 99 per cent of shareholder votes in favour of the proposed scheme of arrangement between DKN and IOOF.
A second court hearing to approve the scheme is now scheduled for 3 October in the Supreme Court of Victoria.
