Financial services group Snowball has gone on a post-Christmas spending spree with the acquisition of a right to revenue generated by three Sydney-based financial planning practices.
Under the arrangement, the practices will operate under the Western Pacific umbrella and add around $200 million of funds under advice to Snowball.
The group was not able to reveal the names of the firms at the time of going to press.
Managing director Tony McDonald says the recent deal brings the number of acquisitions by the company in the last five years to 10.
“This is unequivocally part of our long-term strategy,” he says.
“IFP represented a ‘tuck-in’ to our Outlook Financial Solutions channel. This most recent acquisition is structured under the ‘franchise’ model we developed with Western Pacific.”
Regulation1
E&P sees Dixon in rearview mirror while advisers foot the bill
The parent company of Dixon Advisory, E&P Financial Group, has told the market its legacy issues are behind it, while preaching its core values of putting clients first and acting with integrity. Meanwhile, former Dixon clients are left on their own to fight for compensation and advisers and licensees are left to foot the bill. Simon Hoyle and Chris Dastoor write it’s par for the course for a flawed scheme design and a “diabolical” funding model.
Chris Dastoor and Simon HoyleAugust 29, 2024
