Adelaide accounting and wealth advisory firm Perks has today announced the expansion of its private wealth division – Perks Private Wealth – following the acquisition of fellow financial advisory firm, Wotherspoon Wealth.
The move cements Perks Private Wealth’s position as one of South Australia’s largest privatelyowned wealth management firms.
“Despite the current extraordinary conditions, at Perks we are optimistic about the future for South Australia,” said Perks Managing Director Mark Roderick.
“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.”
Founded in 2010, by father and son Simon and John Wotherspoon, as Adelaide’s first truly independent financial advice firm, Wotherspoon Wealth has grown to be a highly respected name. In 2018, the firm received Australia’s prestigious Professional Practice of the Year Award from leading industry body, the Financial Planning Association of Australia.
Director of Perks Private Wealth, Simon Hele, said that joining forces with a like-minded organisation in Wotherspoon Wealth will ensure the firm is best positioned to lead the way through the disrupted Australian wealth advisory industry, particularly looking ahead to a post COVID-19 landscape.
“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,” he said.
“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.”
Wotherspoon Wealth’s Simon Wotherspoon - who now becomes a Director of Perks Private Wealth - said the next chapter of the merged firms story is set to be exciting, built on strong legacies forged with the combined team aspiration for accomplishing tailored client benefits.
“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”, he said.
“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.”