Financial Fitness goes north
Wellington planning firm Financial Fitness has bought a business in the Wairarapa.
Wednesday, January 21st 1998, 12:00AM
Wellington planning firm Financial Fitness is expanding its horizons beyond the Wellington area and into the Wairarapa.The firm, headed by Craig Wylie and Dennis Lennan, has reached an agreement with Blyth King to buy his Masterton-based practice, Wairarapa Financial Planning.
King has a two-year window of opportunity to sell his business to Financial Fitness at a price to be set by a pre-determined formula.
Wylie says expansion has been on the business plan of Financial Fitness for a while now, however they are not rushing around looking to buy lots of firms.
The key driver for the business is to build up economies of scale, he says.
"With our master fund operation we can handle large volumes of funds without too much additional cost."
King says he had an offer from another party, but chose in the end to do a deal with Financial Fitness.
Part of his reason for this decision relates to portfolio monitoring practices within the industry.
King's view is that the industry is generally "incredibly inefficient" in this area, and needs to pick up its act.
He was attracted to Financial Fitness by the efficiency and performance of its master fund operation.
Consequently all his clients are presently being transferred to this system, which will enable the firm to offer better service and allow a seamless changeover when King retires.
King is no longer part of the AdvisorGroup network since making this arrangement with Financial Fitness.
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