The announcement of the sale of Affinia to CountPlus raised eyebrows this week…
TAL has entered an agreement to sell its financial advice licensee, Affinia Financial Advisers, to CountPlus.
The insurer says that the best interests of Affinia practices, advisers and their clients “…were considered in the decision to review the future ownership of the business and enter into this agreement with CountPlus.”
It says Australians need and deserve greater access to affordable financial advice and that “…CountPlus is best placed to continue to enable Affinia’s strategy, grow and support Affinia advisers and their clients.”
TAL Group CEO and Managing Director, Brett Clark, says TAL is pleased to have found in CountPlus “…a business which shares Affinia’s commitment to financial advisers and passion for delivering high quality financial advice to its clients.”
He adds that financial advisers have a vital role in the community through helping Australians make financial decisions and plan with confidence for the future.
…We remain committed to supporting and building lasting relationships with advisers…
“We remain committed to supporting and building lasting relationships with advisers and will continue to advocate for the value financial advisers deliver to their clients and community.”
Clark says the firm wishes Affinia, together with CountPlus “…a successful future and we look forward to an ongoing partnership with CountPlus and their advisers.”
Hugh Humphrey, Chief Executive Officer at CountPlus, says this strategic acquisition “…is terrific news for CountPlus investors and continues to evidence the disciplined execution of our growth strategy. It brings the scale that we have been pursuing in Wealth, and builds on our already stable base.”
He adds that Affinia advisers have a reputation for delivering quality financial advice and that “…they have particular strength in delivering risk advice to clients, an area of growth opportunity for CountPlus.”
I knew a few advisers at Affinia. I’m trying to be fair and reasonable in this comment but the impression I gained was that most of them were what I call “backroom operators”, who wrote the occasional life risk policy for their employers – licensed accountants and holistic advisers.
I hear they were paid around 60% of upfront commission by the employer, when it was 110% or more. Unfortunately, 60% of 60% of annual premium doesn’t cut the mustard.
Gee LIF was a great idea!
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