CountPlus has announced a 51% investment in Wealth Axis, a boutique provider of paraplanning, technology and administration support services to financial planning firms across Australia.
The acquisition enhances the range of services that will be available to CountPlus and Count Financial’s national network of Member firms. This investment aligns with the CountPlus commitment to delivering service solutions that simplify and expedite the advice process.
Mikel Guyetsky will remain as Managing Director of Wealth Axis and CountPlus will make a capital investment to fund future growth and capability. The partnership with CountPlus will support Wealth Axis as it seeks to build long-term scale in delivering efficient solutions for financial planning firms and licensees. The investment in Wealth Axis will benefit existing clients through additional resources, scale and access to best practice capabilities.
Matthew Rowe, Chief Executive Officer and Managing Director of CountPlus, said the acquisition would create positive outcomes for clients, given the important role that these complementary services play in the overall advice process.
“We understand the importance of creating efficiencies in how we deliver advice so that advisers and their clients have a positive experience. Wealth Axis has a strong reputation for providing services that reduce costs and complexity for financial services businesses which provides real value. Importantly, they are also a business with shared values to CountPlus and their client-first mentality makes them a good cultural fit.”
Mr Rowe also highlighted acquisitions like this were evidence of the importance of being a financially sustainable business with the capacity for strategic growth.
“We speak openly about the need for a strong financial position to navigate the current dislocation in financial advice, and we understand our strong financial position provides certainty and stability to our member firm network and clients of Wealth Axis.”
Wealth Axis assists in reducing the cost and time burden of compliance and administration for financial advice firms by providing outsourced services in Paraplanning and Administration as well as technology systems and processes to leverage this service. Services include - implementation paperwork, applications, preparation of review reports, statements of advice, research assistance and revenue/brokerage administration. The business also provides technology support around implementing and customising advice technology solutions as well as reg-tech data solutions.
“CountPlus has shown that we are doubling down on our commitment to advice for the long-term, bucking the trend of exits across the financial advice industry,” Mr Rowe added.
Mikel Guyetsky, Managing Director at Wealth Axis, welcomed the investment by CountPlus and the benefits it will bring to clients at a time when quality advice is more important than ever.
“At Wealth Axis, we are passionate about what we do because we know the direct impact our service plays in delivering financial wellbeing to Australians. To be become part of the CountPlus community is an important milestone in our history and will enable us to build on our success and take our offer to the next level.”