Privately-owned dealership Madison Financial Group has signed advisory firm CFL Financial Planning to its adviser ranks.
The Brisbane-based boutique self-licensed firm joined Madison and its 80-plus advisers this month.
Since forming 18 years ago, CFL had reached a number of strategic alliances with accounting firms in south-east Queensland and partners within the firms to offer a holistic and personal service to clients, Madison said.
CFL's decision to join Madison stems from executives within the CFL businesses considering their succession planning options.
"As the key advisers in the business and future shareholders, current managing adviser and director Steve King along with senior adviser Craig Buntain also wanted to consider how they could lighten the administrative burden of running an AFSL [Australian financial services licence] without losing the independence and flexibility that had won them many business relationships and a committed client base," Madison said in a statement.
A focus on a boutique 'client-centric' style of thinking and the ability to assist in the planning and implementation of an appropriate succession plan resulted in an agreement being signed with Madison, King and Buntain said in a joint statement.
"After extensive due diligence from both sides and our attendance at a number of Madison professional development days and investment committee meetings, we found the strong investment research focus of the group matched our own approach to investment management," they said.
"The products and services offered by Madison's parent (Pharos Financial Group) also appealed to CFL as they offer a means of vertical integration, economies of scale and lower platform/product costs that will enhance our client service offering."
CFL and the other alliance equity partners under Pharos were now developing a national advice and service model, King said.
"The fact that we can continue to deliver a personalised level of service, but with the resources, scale and efficiency similar to that of institutionally-owned practices, puts us in a very unique and exciting space," he said.
