Concilium purchases stake in second financial planning business.
Wednesday, July 12, 2023 at 7:58 am
Concilium has purchased a stake in financial advisory firm Cambridge Partners to help with succession planning and future growth, said Scott Allmann, managing director of Concilium.
Succession planning is a challenge faced by many managers in Aotearoa New Zealand, and one that financial advice professionals are also grappling with.
“Concilium has a long-standing relationship with Cambridge Partners (formerly Bradley Nuttall and iQ2 Wealth), and we are leveraging this to support succession planning for Cambridge Partners’ foundation shareholders and to serve a new generation of shareholders. I see it as an opportunity to pave the way,” he says.
Cambridge Partners Chief Executive James Howard said Cambridge Partners was “delighted” to welcome Concilium as a shareholder in its business.
“We have worked closely with Consilium over the past decade and believe we are uniquely positioned to understand and support our future growth plans as an independent financial advisory and asset management firm.”
This shareholding change is part of the evolution of Cambridge Partners, which has reviewed its leadership and governance structure in light of recent and planned retirements of foundation shareholders. The day-to-day operations and administration of Cambridge Partners will not be affected and will continue to operate independently within its management structure.
This is the second acquisition for Consilium. In 2022, Consilium acquired a stake in independent advisory firm The Private Office.
“Concilium’s involvement can be an effective conduit for companies considering succession planning,” Armand said. “Stability and continuity are important to the independent advisor community to ensure that independent financial advice remains accessible to investors and that the industry is not dominated solely by large institutions,” he said. says.
“With an aging population, baby boomer independent financial planners are nearing retirement and looking to sell successful businesses they have built over time with loyal clients and talented staff.” , the investment required to buy outright shares can be difficult in some cases, but professional brokers like Consilium help future shareholders’ desire to grow their shareholdings over time. ,” says Armand.
“Providing innovative solutions to the independent advisor business is our core business, enabling them to improve the financial security and well-being of their clients,” Armand said.
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