Wednesday, April 10, 2019

LEADING Geelong business and wealth advisory firm LBW today announced it has 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.

 

For further information or comment please contact Simon Flowers 03 5249 6533.

QBO have advised that there will be a price increase in their products commencing today (4th March) along with some changes to the structure of how the files will be charged.  If you are currently using Quickbooks, please note the following:

Simple Start

Only 1 employee will be included free of charge (previously 2 employees).  Any additional employees will be charged at $4 per employee per month.

Essentials

Only 3 employees will be included free of charge (previously up to 10 employees).  Any additional employees will be charged at $4 per employee per month. 

Plus

10 employees will be included free of charge (this remains unchanged).  Any additional employees will be charged at $4 per employee per month.

The pricing increase is a $5 increase to each file across the board, therefore for a customer to purchase a new Plus file now, it will increase from $35 to $40 per month.  However, as always, there's a benefit to being an LBW client.  As preferred partners LBW can purchase it on your behalf and get the same file for just $20.00.  This is a 50% saving to your business.  Contact us to find out more.

Not many people actually know what Financial Advisors do. My friends and family often think I’m some form of accountant, or just some guy who knows about tax and is really passionate about the share market (which is partially true).

In their simplest form, Financial Advisors help people achieve their goals, whether that be having a holiday in the Maldives and sipping Mojitos in two years’ time, or helping a single mother afford to send her kids to school so they can get an education.

So, to help you get an idea of how you can achieve your goals, I have outlined how strategic financial planning can help you achieve 3 of the most common Australian dreams.

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