BSB 806 015

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BSB 806 015

P&N to exit financial planning business

01 Jul2021

In an announcement made today, Police & Nurses Limited (PNL or the Bank) have agreed to sell its majority share of the operating assets of Police & Nurses Financial Planning Pty Ltd (PNFP) to WA’s Wealth Management Partners Group (WMP) with the parties executing a binding agreement on 30 June 2021 (Agreement).

Following a recent strategic review, and in an environment of increasing regulatory obligations and costs together with the specialised nature of operating and sustaining a compliant and successful financial planning business, the Bank has made the decision that PNFP clients will be better served by a dedicated WA values-based wealth management organisation both now and in the future.

PNL General Manager Strategy & Corporate Development, Kim Radalj, said that the search for a purchaser focused on finding a dedicated financial planning business that shares a similar values set and track record of building long-term client relationships to ensure the best possible outcome for PNFP’s financial planning clients.

“We’ve found an ideal purchaser in WMP.  As our PNFP Financial Advisers who are actively managing clients will be moving across to WMP, our clients will continue to receive quality financial advice and continuity of service provided by an experienced, authorised financial planning organisation, owned and operated right here in WA.”  

“Our clients will not need to do anything to move across,” he said.

“WMP began in WA in 2003 and has a strong client-centric ethos that closely aligns with ours.”

Managing Partner of WMP, Steve Beattie said, "We are excited to welcome the PNFP clients and staff into our business. We specialise in preparing and helping clients get the most from their retirement and have extensive experience across professional services including Police, Nurses and Teachers. We pride ourselves on an in-depth understanding of our clients and speaking in a language our customers understand. We are looking forward to bringing this understanding and knowledge to our new PNFP clients."


Who is WMP?

WMP, based in Burswood Perth, was established in WA in January 2003.

With 5 partners, 22 staff, and 1,100 client families, WMP is well placed to provide the same high-quality advice PNFP’s existing clients have come to expect and will provide continuity of local service.

WMP has built an enduring business on the back of plain-speaking advice, strong relationships and long experience helping people throughout the retirement journey. WMP clients belong to one of Western Australia's largest self-licensed financial advice businesses. PNFP clients will be serviced by a WMP subsidiary, under the WMP Group banner.

PNFP clients will shortly receive a personal communication and will be contacted by their financial adviser in the lead up to the sale.

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