Financial Planning
GROW Super co-founder sells advice business

A privately-owned AFSL has acquired the financial advice business of a GROW Super co-founder.

Profile Financial Services confirmed it has bought the client book of Churpa Wealth, the advice firm established by GROW Super co-founder Mathew Keeley in 2016.

Keeley will now focus on his role with GROW but will work with Profile to keep his knowledge of the advice industry current, retaining his Certified Financial Planner designation.

Speaking to Financial Standard, Profile chief executive Sarah Abood said the acquisition came about by way of Profile senior adviser Todd Stanford, with Stanford and Keeley having previously worked together at William Buck.

"That personal connection was really important for Matt. Like most advisers, he loves his clients and feels personally responsible for what happens to them. He has worked with Todd before and really trusts him," she explained.

"He will also share with us his insights as to technology and the developments he's seeing in that space, because it's moving so fast so having someone that we trust and that knows their stuff is a real asset for us."

Profile is now in the process of meeting with Churpa clients, with the transition expected to be completed shortly. The move will see 21 high-net-worth family groups added to Profile's client base.

This marks the second recent acquisition by Profile, having added Mudgee practice onePlan Financial Planning in May.

With Churpa having been a Lonsdale practice and onePlan originally licensed via Securitor, Abood said the transition of clients has been relatively seamless thanks to Profile's broad APL.

"Any firm that wants to grow with M&A being a part of its skill set has to have a really broad APL. If you buy a book of clients and they have holdings, you need to demonstrate that any movement of those is in the best interests of the client and you can't do that without choice," Abood said.

Read more: GROW SuperChurpa WealthFinancial StandardLonsdaleMathew KeeleyProfile Financial ServicesSarah AboodSecuritorTodd StanfordWilliam Buck
Link to something PQSqmbYZ