CountPlus outlines expansion plan, throws support behind QAR

Speaking at the firm’s Annual General Meeting (AGM), CountPlus chairman Ray Kellerman, cited increased competition for fewer advisers and higher valuations for acquisition of wealth firms.

“Despite this, the strength of our proposition is reflected in the growth of our acquisitions pipeline which has increased over the prior year,” Mr Kellerman said.

“We will continue our focus on attracting the best talent and enable them to do their best work through delivering efficient processes and access to market-leading technology, which is key to growing engagement with both existing firms and prospects,” he noted.

Earlier this year, CountPlus acquired BWC Wealth Partners as part of its wider acquisitions program launched in 2021.

Prior to launching its considerably rapid expansion plan, the formerly CBA-owned dealer group had lost more than 80 advisers and tens of millions of dollars in earnings as regulatory change drove more practitioners out of the industry.

Currently, the firm has 12 active M&A opportunities, 24 early-stage M&A discussions, and 80 qualified M&A leads. Moreover, the firm reported that 16 new advisers had joined in financial year 2023, with 24 additional advisers said to be in the due diligence stage.

The firm also expects to welcome another 156 advisers “at various stages”.

“CountPlus continues to deliver on our acquisitions growth strategy and acquired c. 33 per cent of WSC Group, two new tuck-ins, and divested the Cooma business to improve our risk profile and deliver on succession planning,” Hugh Humphrey, CountPlus CEO, said in a separate address to the AFM.

“From 1 July the team have been actively building our pipeline of M&A opportunities and adviser recruitment to support H2 growth,” he noted.

CountPlus throws support behind QAR

Also in his speech, Mr Humphrey voiced the firm’s support for the Quality of Advice Review (QAR).

“[We] welcome any recommendations that make advice more accessible and more affordable,” Mr Humphrey said.

“We have personally met with Michelle Levy and Treasury officials to present our house views and can confirm that Count made a confidential submission to the review. We agree that upfront and [one-off] financial advice should be tax deductable, as is already the case for ongoing financial advice. We support a principles-based approach that treats the industry as a profession and protects clients. In this regard, we are committed to working constructively with the government to reduce red tape.”

The CountPlus and Count Financial network now represents 136 firms and 3,455 people across three operating segments — accounting, wealth and services. This includes 2,663 individuals in the wealth space.