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Consilium has bought a shareholding in financial advisory firm Cambridge Partners to support its succession plan and future growth, Consilium managing director Scott Alman says.
Succession planning is a challenge facing many business owners in Aotearoa New Zealand and one that financial advice professionals also contend with.
"The relationship between Consilium and Cambridge Partners (previously Bradley Nuttall and iQ2 Wealth) spans many years, and we see this as an opportunity for us to support Cambridge Partners’ succession plan for foundation shareholders and create a pathway for a new generation of shareholders,” he says.
Cambridge Partners chief executive James Howard says the firm is “delighted" to have Consilium as a shareholder in its business.
"We have worked closely with Consilium over the last 10 years and believe they are uniquely positioned to understand and support our future growth plans as an independent financial advice and wealth management firm.”
The shareholding change is part of the evolution of Cambridge Partners which has reviewed its leadership and governance structure in light of the recent and planned retirements of foundation shareholders. There is no impact to the day-to-day operations or management of Cambridge Partners which will continue to operate independently within its management structure.
The purchase is the second of its kind for Consilium. In 2022 Consilium gained a shareholding in independent advisory firm The Private Office.
“Involvement from Consilium can be an effective conduit for firms considering their succession planning,” Alman says. “Stability and continuity are important for our independent adviser community to ensure investors can continue to access independent financial advice and the industry is not dominated by only big institutions,” he says.
“As our population ages, the baby-boomer independent financial planners are nearing retirement and looking to sell their successful businesses that they have built up over time with loyal clients and highly qualified staff. “For the next generation, the investment required to purchase shareholdings outright in some cases can be challenging, but a specialist intermediary such as Consilium can foster the aspirations of these future shareholders as they look to build their shareholding over time,” Alman says.
“Providing innovative solutions for independent adviser businesses is our core business – enabling them to improve the financial security and wellbeing of their customers,” Alman says.
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