LEADING Geelong business and wealth advisory firm LBW recently announced it had acquired the Geelong West SMSF arm of the Bendigo and Adelaide Bank.
The acquisition of the Geelong West-based business will see LBW cement its place as one of Australia’s largest regional providers of business and wealth advisory services.
LBW Business & Wealth Advisors Principal Simon Flowers said he was thrilled to announce that they had been successful in the tender process.
Mr Flowers described the purchase as a good news story for Geelong and an exciting new era for the locally owned firm, its staff and clients.
While LBW has a long-established financial planning division, he said growing this side of the business was a strategic focus for the LBW Principals following a rebrand two years ago.
“The acquisition gives us increased capacity through more planners, increased skills and a ready-made client base which complements what we already have,” he explained.
“It allows LBW to better service new and existing clients in regard to their superannuation and financial planning needs.
“It also helps to accelerate the growth of our business in the financial planning space.”
Mr Flowers, who heads up the Wealth division at LBW, said LBW will look to provide some opportunities to Bendigo people and will undertake a selection process over the coming weeks.
LBW has a long association with the original Wheelers business that was acquired in 2013 by Bendigo and Adelaide Bank. LBW actually modelled its Financial Planning business on the Wheelers operating model.
“We believe the Geelong West business will fit in perfectly with LBW and the Bank’s clients will see a seamless transition and an ability to call on the diverse range of skills and services our firm provides.”
Last year LBW was ranked at 67 in the Australian Financial Review’s top 100 accounting firms which placed it at number 10 regionally across the country.
Mr Flowers said the acquisition was likely to see LBW significantly climb those rankings further.
“LBW is already a major employer here in Geelong,” he said.
“In the last three months alone, LBW has employed four Deakin University graduates.
“Our ability to provide opportunities for people to live and work in Geelong will only be strengthened by this acquisition.”
Mr Flowers said that the primary focus of the transition was delivering the best outcomes for clients.
“Superannuation is the second largest asset people are likely to have,” he said.
“One of our key drivers at LBW is to help people build that nest egg so that they can retire comfortably.”
LBW will now undertake the final steps in the process of transition prior to settlement on July 1.