Centrepoint Alliance announces new acquisition

Centrepoint Alliance (CAF) has entered into a binding agreement to acquire 100 per cent ownership of Brisbane-based financial advice firm Financial Advice Matters Group (FAM).

In a statement issued on Thursday, Centrepoint Alliance said FAM, which operates nine offices throughout Queensland, serves some 1,450 client households with funds under advice in excess of $1 billion.

“I am delighted by the opportunity this acquisition offers Centrepoint Alliance. It fits with our strategy to accelerate growth by executing targeted acquisitions of high-quality businesses aligned to our strategic framework,” said Centrepoint Alliance’s chief executive officer, John Shuttleworth.

The acquisition of FAM is expected to add significant revenue to CAF, boost CAF’s team of salaried financial advisers to 19, and create a financial advice group with the scale to further expand in other locations.

“The FAM team have a proven track record helping many Australians by providing quality financial advice. FAM is a corporatised advice firm with a strong cultural fit with our existing network of financial advisers and has the business systems, processes and operating scale to provide a platform for further expansion of this important segment of the market,” Mr Shuttleworth said.

FAM, which became a corporate authorised representative of CAF subsidiary Alliance Wealth in 2015, reported revenue of approximately $6.1 million in FY2023.

The completion of the acquisition is expected by 1 December 2023.

Back in 2021, Centrepoint acquired ClearView Advice, a move that, it said last month, has continued to display its benefits throughout the past financial year.

In a listing with the ASX at the time, Centrepoint said it will continue to “solidify” its position as one of the leading destinations for advisers.

As at 30 June 2023, Centrepoint had 511 authorised representatives operating under the company’s licenses, with 196 self-licensed practices supported by an estimated 797 advisers.