Total Financial Solutions (TFS), a subsidiary of Countplus, has acquired a 49% stake in Melbourne-based McQueen Wealth Management and also added two significant new advice practices to its network.
The two new advisory practices include a Sydney based specialist personal insurance advice business with 4 advisors and about $8m in in-force premiums as well as a six advisor financial planning practice based in Melbourne.
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The partnership with TFS will provide further capacity to expand the business.
Since 1999, McQueen has been licensed through TFS to provide personal advice to clients in securities, investment, insurance, Self-Managed Superannuation, business succession issues and retirement planning.
Phillip Aris, CEO of TFS said: "We are keen to invest in growing TFS businesses to assist with succession planning and support growth opportunities. He expects more established practices to join the group, "We believe we have the adviser model of the future."
TFS said that settlement of the investment will be made over 3 years. The move follows TFS acquisition of a 40% stake in regional Victorian firm Financial Momentum in July 2014.
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By GlobalDataOperation under a fee-for-service model, McQueen has approximately $250m in funds under advice and $1.5m in in-force insurance premiums.
TFS, which was acquired by Countplus in 2010, has 54 independently-owned firms and 95 advisers.
