The core business activity of Connect Financial Service Brokers is assisting business owners to sell, merge and acquire financial planning and accounting practices nationally. We also provide strategic consulting services.
* Please note there are several factors that can reduce a business’s value: key person risk, age of clients, regional location, poor compliance, minority interest.
Royal Commission Response on Hold
Federal parliament will not return until August after the government revised its sitting timetable due to the coronavirus pandemic. Therefore, any legislation resulting from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that has not yet been passed will be delayed. However, any legislation that has already been passed through Parliament will still go ahead as scheduled (e.g. the removal of grandfathered commissions).
Adviser Numbers Falling
Advice industry commentators continue to debate what the advisory sector will look like going forward. As the debate rages surveys such as Adviser Ratings, reveal a downward spiral with adviser numbers falling to a four-year low in 2019 and approximately 1133 practitioners exiting industry in the 4th quarter of last year. I expect this exodus of advisers to continue throughout 2020.
Advice is now only affordable to a small minority of Australians and retail advice is not scalable in the current regulatory environment. Advice is becoming an elitist service.
The Government hopes that the FinTech industry will develop Robo-advice to help provide advice to the masses. However, recently several high profile fintech companies have given us a reality check and affirmation that technology-based advice still has a long way to go before its scalable and acceptable to mainstream Australia.
Paul Tynan is a natural connector of businesses and people. He works passionately to make things happen for his clients, drawing on over 30 years of experience working within the Financial Service industry in Australia and internationally.
None of our businesses for sale or current opportunities are listed on our website. We provide a confidential service to our clients who prefer that their privacy is maintained. We use our extensive database and contacts to ‘connect’ people, opportunities, and ideas. If you are looking at selling, acquiring or merging please call Paul Tynan for a confidential discussion about your needs.