Perks, A Southern Australia based accounting and wealth advisory services provider revealed the acquisition of rival firm in its latest announcement. As per statement released by the firm, it has acquired Wotherspoon wealth – a rival financial advisory services provider for undisclosed amount in its bid to expand its private wealth unit – Perks Private Wealth. This acquisition deal cements the firm’s status as one of the region’s largest privately owned wealth management services provider. Wotherspoon Wealth was established in 2010 by the father son duo – Simon Wotherspoon & John Wotherspoon and at that point of time, it was the first truly independent financial advisory service provider located in Adelaide – Southern Australia. It had since grown to become one of the highly respected brands in the sector and received its first prestigious award in 2018 from Financial Planning Association of Australia – Professional Practise of the Year Award.
Commenting on this merger deal, Mark Roderick – Managing Director at Perks said “Despite the current extraordinary conditions, at Perks we are optimistic about the future for South Australia. We are focused on building a strongly resourced business with highly skilled people to advise our growing client based in what is a challenging business and investment environment. Our acquisition of Wotherspoon Wealth is a great example of this”. Speaking on same note, Simon Hele – Director of Perks Private Wealth stated that this move to join hands with a like-minded people from Wotherspoon Wealth will help ensure that the firm is best positioned to spearhead its way in the disrupted Australian wealth advisory industry, especially considering the post COVID-19 scenario and outlook. Simon also added “As has been well documented, the changing regulatory environment around wealth advice in Australia has caused significant industry disruption, as larger financial institutions increasingly move away from providing in-house advisory services. The need for truly client-centric, tailored advice is further amplified by the significant economic disruptions due to COVID-19. This highlights the benefits of sound wealth creation guidance that can withstand market fluctuations, such as those we are witnessing now, while managing individual longer-term objectives. We feel there’s a key opportunity to fill a significant gap in the market that Perks Private Wealth is now ideally positioned to meet with the enhanced capability that the team from Wotherspoon Wealth brings, while also strengthening the service to existing clients”.
Speaking on this deal, Simon Wotherspoon – Co-Founder of Wotherspoon Wealth said “Perks is self-licensed with a client-centric spirit, backed by expertise in direct equities and unlisted investment opportunities. Both teams have a collegiate style based on an individually tailored, rather than volume, approach to wealth management. There’s a shared practice of openness and transparency in actively safeguarding client interests. Culturally, it is a natural fit and strategically it also makes sense with access to a significantly bigger pool of expertise, for an even more comprehensive approach in our client’s wealth management”. Moving forward, Simon will serve in the role of Director of Perks Private Wealth and believes that the next chapter of the merged entity will be highly exciting and built on strong legacies created by the combined team aspiring for accomplishing tailored client benefits.
