Financial services firm DKN Financial Group has taken a minority investment in financial planning group Moneyplan Australia.
The 20 per cent equity stake bought by DKN is part of the group's succession planning process within its internal advice network, the company said.
"As has been our strategy since commencing equity investments in wealth management businesses, we continue to back these practices, enabling them to build greater scale by acquiring further accounting and/or financial planning practices that fit with their business. It is definitely a growth area for us," DKN executive director equity partners Rachael Dunne said.
Moneyplan managing director Peter Dunn said DKN approached him with the option of merging the group with a younger planner looking to grow his own business.
"This merger and internal equity buy-in has occurred at the same time as DKN's equity participation and provides a great base for the business to continue to grow and for me to put in place an effective succession plan for myself," Dunn said.
"When developing our succession plans, it was important to all our stakeholders that we retain the culture we have developed within our business as well as the control over our business operations."
DKN's equity stake in Moneyplan is the group's eighth equity investment since launching its equity partners strategy in 2005.
