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Finsure buys stake in wealth business

Nick Bendel 2 minute read

Finsure has announced its second major deal in less than a year after acquiring a “major stake” in financial planning company Spectrum Wealth Advisers.

The size of the stake and the value of the deal were not disclosed. It follows the acquisition of LoanKit from Mortgage Choice in August 2013.

Spectrum claims to have more than 200 authorised representatives who offer financial and retirement planning services, self-managed superannuation, risk insurances and estate planning.

Finsure managing director John Kolenda said Finsure has partnered with Spectrum because it is the right size, has a similar culture and is one of the few independents left in the market.

“They have some of the highest producing risk writers in the industry. They really have got a class operation with very strong management capability and training,” he told The Adviser.

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Mr Kolenda said Finsure’s network of more than 650 brokers now has the opportunity to access excellent financial advice training or to outsource directly to Spectrum.

The partnership will also ensure that Spectrum planners send referrals the other way, he added.

“This improvement in capability and overall expertise will enable us to offer better solutions for our customers,” he said.

“Being able to have more than one financial service provided by their accessible broker is simpler and more convenient, and when you take into account the financial advice is not conflicted, it all adds up to a win-win for clients.”

Mr Kolenda said the Spectrum deal was a natural progression for Finsure, with it being able to further diversify while remaining independent.

He also said Finsure had plans to acquire more aggregators and financial planning operations, and wanted to become one of the industry’s top five groups within five years.

“We will always keep an eye out for growth opportunities in addition to the success we have had growing the company organically,” he said.

[Related: Is industry consolidation good for brokers]

Finsure buys stake in wealth business
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