Centrepoint acquires Financial Advice Matters
Publicly-listed financial planning licensee Centrepoint Alliance has acquired Brisbane-based financial planning firm, Financial Advice Matters (FAM).
Centrepoint announced to the Australian Securities Exchange (ASX) that it had entered into a binding agreement to acquire 100% of Financial Advice Matters which has approximately 1,450 client and funds under advice (FUA) in excess of $1 billion.
It said FAM operates eight offices throughout Queensland and generated revenue of $6.1 million in the 2023 financial year.
The announcement said that FAM is already a corporate authorised representative of Centrepoint.
The transaction is valued at $10 million which will be funded from Centrepoint’s existing cash reserves and a newly established $10 million debt facility with National Australia Bank.