SFG Australia is looking to expand the SMSF capability of recently-acquired Lachlan Partners across the entire group.
The financial services firm is also continuing to “actively canvas” appropriate mergers or acquisitions, according to SFG managing director Tony Fenning.
In SFG’s annual report, released last Friday, Mr Fenning said the company was looking to acquire companies that “complement SFG Australia’s strategic direction or expand our capabilities and scale”.
The wealth management firm recently added $25 million to its St George debt facility in order to fund further tuck-in acquisitions, following its purchase of Lachlan Partners, Parkside, W Corp and ITS in the 2012/2013 financial year.
Lachlan Partners was the most significant addition to the group for the year, adding 59 accountants and financial advisers across offices in Melbourne, Sydney and Brisbane.
The acquisition has boosted SFG’s SMSF capability, given that Lachlan Partners currently administers around 450 DIY superannuation funds and provides advice to more than 2,000 SMSFs.
In the ‘Looking ahead’ section of the annual report, SFG outlined its plans to build Lachlan Partners as well as integrate it across the entire business.
“[The Group intends to] roll out self-managed superannuation services, tax and accounting and other services over time to the whole Group,” said the report.
“We are proactive in looking for strategically attractive transactions that can deliver value for our clients, our people and our shareholders,” said Mr Fenning.
The company will also be keeping a close eye on the competitive landscape in financial services to identify changes in market sentiment, behaviour or competitors that could threaten its business model, said the report.
SFG’s reliance on financial advisers and accountants is another identified risk, which the group says it mitigates through a meritocratic work environment.
“The Group has a number of incentive plans applicable to different job roles, as well as benefit programs available to all employees and their families,” said the report.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 26 Sep 2017ATO set to add new items to SMSF watch listBy Katarina Taurian
- 26 Sep 2017ATO tipped to scrutinise property development and unit trustsBy Jotham Lian
- 26 Sep 2017Statistics reveal full impact of events-based reportingBy Staff Reporter
- 26 Sep 2017Tax advice exemption discrepancy driving away accountantsBy Jotham Lian
- 26 Sep 2017Consultant flags strategies to negate complex ECPI calculationsBy Miranda Brownlee
- 25 Sep 2017Survey results point to major concerns with new reportingBy Miranda Brownlee
- view all
- ATO tipped to scrutinise property development and unit trusts
One big four accounting firm says the ATO has started to zoom in on property development in unit trusts being held in SMSFs and the calculat...read more
- Statistics reveal full impact of events-based reporting
Analysis conducted by SMSF software provider BGL Corporate Solutions has indicated that around 290,000 SMSFs will be affected by the events-...read more
- Tax advice exemption discrepancy driving away accountants
A discrepancy in ASIC’s treatment of licensed and unlicensed accountants in relation to the tax advice exemption instrument is driving acc...read more
- view all