Perth-based wealth management firm Plan B has acquired a 33 per cent stake in Queensland-based financial planning dealer group My Adviser.
The purchase price negotiated for the share in My Adviser is $980,000 and will be paid in its entirety from Plan B's existing cash reserves.
The acquisition represents phase one in Plan B's objective to buy out the remainder of My Adviser which will come in two subsequent tranches over the next two years.
A total of 54 financial planning practices currently operate under the My Adviser banner encompassing 122 authorised representatives located across Queensland, New South Wales, and Victoria. The dealer group manages approximately $1 billion in funds under advice.
"This is the first formal step on a journey that will be rewarding and beneficial to our clients and their advisers. We are very attracted to Plan B's established credentials as investment fiduciaries, which will position our organisation extremely well as we enter a more complex regulatory environment," My Adviser managing director Michael Summers said.
The firm's latest deal forms part of Plan B's goal to further strengthen its representation on the Australian eastern seaboard.
"This agreement will be of great benefit for both companies. We have been looking for a client-focused organisation that helps build our coverage of the eastern seaboard, and My Adviser provides exactly this opportunity. We look forward to working with My Adviser and their licensees to help them grow their businesses," Plan B executive chairman Bryan Taylor said.
