In a landmark event, First State Super has successfully reached a binding settlement with State Super to acquire StatePlus. When the transaction completes in June 2016, First State Super will create the largest member-owned financial planning network in Australia.
First State Super CEO Michael Dwyer AM explains: ‘We’re investing to provide our members with an even stronger financial future. As a result of the acquisition we plan to bring together First State Super Financial Services and StatePlus. Together we will create a financial advice service that builds on the strengths of both organisations. We will leverage our increased scale to maximise retirement income for our members.’
StatePlus, formerly State Super Financial Services, was established in 1990 by the SAS Trustee Corporation (STC) to provide financial advice to public sector employees and their families.
STC Chief Executive John Livanas commented: ‘StatePlus is an excellent organisation that has achieved strong growth under STC’s ownership. It has provided our retiring members with tremendous support and guidance. The STC board believes StatePlus is well placed to build on its successes under the new ownership of First State Super. STC looks forward to a strong, ongoing relationship with StatePlus as it continues to provide financial advice to STC scheme members under its new owners.’
Michael Monaghan Managing Director of StatePlus, said: ‘StatePlus has client-centric values, and industry- leading client satisfaction. There is a clear alignment of values between our two organisations, and growth opportunities. StatePlus is well positioned for growth having successfully executed on a strategy to transform the business and become digitally enabled while continuing to deliver exceptional service. As we undergo this ownership transition we remain focused on the clients who rely on us, delivering high quality advice and service, as usual.’
The combination of First State Super Financial Services and StatePlus will create one of the country’s leading financial advice businesses with over $21 billion in retirement funds and over 200 financial planners located in metropolitan and regional centres throughout Australia.
Michael Dwyer continued: ‘First State Super and StatePlus are highly compatible organisations. We share a common set of values that stem from our shared heritage of delivering retirement solutions to public sector employees. The values of both our organisations place our members and clients at the heart of everything we do.’
‘For now it is business as usual for both operations. First State Super Financial Services and StatePlus will continue to operate as separate and distinct businesses while we develop our plans for the future. We want to fully understand the unique opportunities that this acquisition presents for both organisations and the members and clients we serve.’
