ClearView completes sale of advice businesses

The dealer group announced the news on Monday, including the acquisition of a strategic equity stake in Centrepoint, as previously confirmed.

Centrepoint first announced the move in August, with the purchase to total $15.2 million.

On Monday, Centrepoint Alliance CEO John Shuttleworth said the company is delighted about the acquisition, with the combined group now boasting more than 1,300 licensed and self-licensed advisers across Australia.

“Since announcing the acquisition, we are well advanced integrating the businesses,” Mr Shuttleworth said.

“Having finalised our operating model and organisational structure, we have strengthened our senior leadership team with employees from both ClearView and Centrepoint Alliance.”

From Tuesday, all employees will be co-located in the Centrepoint Alliance offices.

In September, ClearView announced that it would undertake a strategic review to determine the optimal direction for the firm and to maximise shareholder value.

Despite a group increase in underlying NPAT, the group’s wealth management business reported this at only $0.7 million in its financial year 2021 results in September, a 79 per cent drop from 2020.

At that time, ClearView stated that it would seek to simplify the wealth management business to reduce the cost base and that it would focus on acquisitions and new business activity in 2022.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.