Centrepoint completes $3m client book acquisition

Centrepoint Alliance has completed the acquisition of the client books and employed advisers from Cairns Wealth and Pinnacle Wealth further expanding its salaried financial advice business.

The ASX-listed advice group confirmed final settlement of the transaction occurred July 1, following agreements announced earlier this year. The acquisitions were completed through wholly owned subsidiary Financial Advice Matters (FAM).

Centrepoint paid total consideration of $2.9 million for the business, slightly below the agreed purchase price of $3 million after standard completion adjustments.

The final settlement amounted to $2,902,476.97, reflecting adjustments of $97,523.03 relating primarily to annual leave entitlements for three advisers who transfer to Centrepoint as part of the transaction.

The acquisitions add the client books and servicing advisers of both firms to FAM's salaried advice network, supporting Centrepoint's strategy of growing reoccurring revenue through wholly owned advice businesses.

Centrepoint first announced the deals as part of its broader expansion strategy, which focuses on increasing the scale of its salaried advice division while strengthening recurring earnings.

The company has been actively growing its advice footprint through targeted acquisitions, complementing its broader network of self employed and authorised representative advisers.

FAM operates as Centrepoint's employed adviser business, providing comprehensive financial planning services while generating reoccurring revenue through ongoing client relationships.

The deal marks the next phase of Centrepoint's partnership with Astute, following the completion of the lending solutions transaction in March and expanding the group's advice footprint across Queensland.