Tower buys 25% of Aussie financial services company

FSP has an Australian network of over 300 financial planners with more than A$2 billion under advice and over A$300 million in property assets under management.

The Australian company says its major strength is its dealers' independence. FSP only purchases up to 50% of financial planning organizations or individuals, which maintains client contact, independence and entrepreneurship within the network.

Tower Australia MD Ken Boag says FSP is a valuable financial services group with a strong distribution platform built on a principle of dealer independence.

"Tower's shareholding in FSP is an important element in Tower's repositioning of its distribution in response to the new Financial Services Reform Act. We view the new environment as a major opportunity to expand distribution in the coming years."

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