Count completes acquisition of TAL’s advice licensee

On Monday, Count announced it had successfully completed its acquisition of Affinia Financial Advisers from Australian life insurer TAL.

Count said the acquisition had expanded its wealth segment market share with the addition of approximately 100 “high quality, client-centric” advisers to its national community. The firm noted it now advises on $16.8 billion in client funds under administration.

“The Affinia acquisition positions Count as Australia’s leading integrated accounting and wealth services provider and a major player in the future of wealth management in Australia,” Count CEO Hugh Humphrey said in a statement to the ASX.

“This strategic acquisition follows our recent brand transformation from CountPlus to Count and signals a dynamic new phase for the company, giving clients greater certainty about our offering and providing them with the confidence to look ahead.”

TAL announced the sale of its financial advice licensee in March. At the time, TAL said the decision had been reached following a review of the future ownership of the business, with the best interests of Affinia practices, advisers, and clients taken into consideration.

“We are pleased to have found in CountPlus a business which shares Affinia’s commitment to financial advisers and passion for delivering high-quality financial advice to its clients,” TAL group chief executive officer (CEO) and managing director, Brett Clark said in March.

“Financial advisers have a vital role in the community through helping Australians make financial decisions and plan with confidence for the future. We remain committed to supporting and building lasting relationships with advisers and will continue to advocate for the value financial advisers deliver to their clients and community.”

At an extraordinary general meeting earlier this month, 99.94 percent of shareholder votes were cast in support of CountPlus changing its name to become Count.

In raising Count as the proposed new name, the firm reasoned it would “align and capture the operations and value the company is creating now and in the future”.

“Our company name change, brand transformation, and new value proposition give our clients greater certainty about our offering, providing them with the confidence to look ahead,” Mr Humphrey suggested earlier this month.

“We remain committed to delivering high-quality financial advice for our clients. This new strategy strengthens Count’s position as a major player in the future of wealth management advice in Australia.”

According to the latest figures from Wealth Data, Count had the greatest net reduction in adviser numbers last week when combining the firm’s losses with Affinia.

Jon Bragg

Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.