We recognise the value of quality wealth advice and we are committed to providing that to our clients.
Through our specialist financial services groups there is a commitment to the provision of quality advice with a focus on the best interests of our clients.
Our financial services groups are targeted and focussed on different markets. These include direct to market providers and also the provision of advisory services through the accounting channel.
Easton is committed to building a significant financial services distribution business and supporting our business partners in the growth of their business.
Our wealth businesses include:
Merit Wealth & Hayes Knight Referral Services
Merit Wealth and its related entity, Hayes Knight Referral Services (HKRS) were established in 2009 to provide financial services solutions for accounting firms.
Merit Wealth and HKRS are each owned 100% by Easton.
Merit Wealth holds an Australian Financial Services License (AFSL) and offers accounting firms the option of providing in-house advice through a qualified adviser authorised by Merit Wealth or under a referral service initiated and managed by HKRS in conjunction with Merit Wealth.
Under its referral service, HKRS sources and engages qualified financial advisers who understand the accounting market and who are capable of building a significant financial planning business.
These advisers are engaged with accounting firms who want an outsourced financial services capability from a partner they trust.
Advisers provide a broad range of advice, including a strong focus on SMSFs, succession planning, risk and investment advice.
Visit the Merit Wealth website for further information.
On 26 June 2017 we announced agreement to purchase a majority interest in GPS Wealth.
Subsequently agreement was reached with the minority shareholders to purchase their interests which will allow us to move to a wholly owned position. A significant amount of time was involved in the negotiation of this transaction and we were delighted to be able to announce completion with the majority shareholders prior to the end of the financial year.
The funding of this acquisition ($20 million) through an equal mix of debt and equity should ensure an alignment of interests between the vendors and the Company, and at the same time maximise continuing shareholder value.
There are significant synergies between the GPS Wealth, Merit Wealth and Knowledge Shop businesses. We expect to take out a number synergies over the coming 12 months.
Further, the additional scale provided by the GPS Wealth business allows us to more efficiently deliver wealth services and provides us with a broader product offer.
Our combined businesses will have:
more than $3.4 billion in funds under advice
annual risk premiums of $48 million
an adviser force (both full advisers and limited authorised representatives) in excess of 500
This will provide us with a significant footprint in the wealth space and one of the largest accounting aligned wealth businesses in the country.
Visit the GPS Wealth website for further information.
Easton Wealth Protection
Easton Wealth Protection (EWP) is a Sydney based risk insurance broking business, owned 100% by Easton.
As a boutique private client advisory firm, Easton Wealth Protection offers strategic advice in areas of insurance, superannuation, cash flow management and wealth creation.
First Financial is a pre-eminent, Melbourne based, wealth management and financial services business, offering:
Financial planning and investment advice
Income protection and life (risk) insurance broking services
Self-managed super fund (SMSF) administration
The company is owned 25% by Easton