Count Financial bolsters team as part of transition

Count Financial has bolstered its leadership team as part of its acquisition by CountPlus.

The Commonwealth Bank sold Count Financial to CountPlus for $2.5 million, finalizing the sale at the end of August.

John Corcoran has now stepped into the position of executive manager, professional standards at Count Financial.

Corcoran was previously executive manager, advice advocacy at CBA.

A spokesperson for Count Financial confirmed Corcoran was appointed to the position as part of the transition from CBA to CountPlus ownership.

He will report directly to the head of professional standards, Shannon Durrant.

Concoran spent over four years at CBA. Prior to that, he held financial advice related roles at Kaplan Professional and AMP.

CountPlus acquired 85% of Count Financial, with the 15% balance acquired by a wholly-owned subsidiary of the Count Member Firm Trust.

The $2.5 million sale included a $200 million CBA indemnity agreement against certain past regulatory and advice failure liabilities.

At the time of the acquisition, CountPlus chief executive Matthew Rowe said: "Our objective is to make the CountPlus business the leading network of professional accounting and advice firms in Australia, and we have developed a 100-day plan to integrate Count Financial into CountPlus following its return to its CountPlus home. We will ensure that all member firms fit in with the CountPlus family photograph."

That 100-day plan had a focus on culture, with Rowe writing to shareholders that research shows culture is fundamental in the success of any merger.

After the 100-days are up, Count Financial will offer CountPlus the immediate ability to scale.

At the time the sale was announced, Count Financial was home to approximately 350 advisers.

CBA also recently offloaded CommSec Advisory to Morgans for an undisclosed sum.

Read more: Count FinancialCountPlusCBAJohn CorcoranMatthew RoweCommonwealth BankCommSec AdvisoryCount Member Firm TrustKaplan ProfessionalMorgansShannon Durrant
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