26 Nov 2011, Posted by admin in News, 0 Comments

Piersbridge Consultants sells to RMG

The acquisition by RMG significantly increases their market share in WA and will likely help them significantly improve their funds.

RMG, which now has around $660 million in funds under advice, said the acquisition of Piersbridge would add more scale in risk insurance to the practice, although the insurance business of Piersbridge Consultants will continue to operate stand alone for two years.

As it stands now, the financial planning business of Piersbridge Consultants, Precise Financial Planning, has been incorporated into rmg financial services.

Piersbridge Consultants, a self licensed practice with five advisers and five staff, brings $230 million in funds under advice and $8 million in annual inforce insurance premiums.

Principal of rmg financial services, Patrick Canion, said the firm was focused on more acquisitions and bringing new features to the current market and clients.

“rmg financial services now has an enhanced insurance offer for our clients by leveraging the capabilities of Piersbridge,” said Canion.

Meanwhile Piersbridge said it was an ideal time for such a move as one of their three principals readies for retirement.

“When we decided to find a partner we wanted someone that shared our focus on quality client outcomes, had the scale to win into the future and who could tailor the succession solution to meet our unique needs. rmg financial services stood out as the right answer for our clients, staff and shareholders,” said Ivan Cohen, principal of Piersbridge Consultants.

RMG is majority owned by ipac securities.

By Elise Burgess for www.financialstandard.com.au