Australian Financial Services Group (AFS Group) has reiterated its commitment to independence, saying it is not for sale.
The group says that it has resolved to remain adviser owned and adviser driven.
“Whilst acquisition overtures were flattering, those discussions have permanently ceased and AFS Group will return to the path of an IPO,” said Peter Daly, Group CEO and Managing Director.
“AFS Group is experiencing record profits and has a strong financial position from which to present a serious alternative to institutions that are endeavouring to corner the independent adviser market sector.”
The AFS Group is believed to have been in talks with two institutional firms over the past six months, but details of the negotiations have been kept under wraps.
Mr Daly said that being adviser owned was one of the key points of differentiation for the group.
“Being highly profitable means AFS Group can afford to remain adviser owned and beholden to no one but our advisers,” he added.
