Count acquires financial advisory firm Oracle Advisory Group in $70 million deal
Accounting and advisory firm Count is continuing its run of acquisitions with the purchase of financial advisory and wealth management firm Oracle Advisory Group in a deal worth over $70 million.
Its heritage dating back almost four decades, Oracle Advisory Group was formed in its current guise in 2017 under the leadership of original founder Peter Durbin, and today has more than a dozen outlets in the eastern states pushing towards $30 million in revenues.
Meanwhile, Count has now bumped its own revenues beyond the $140 million mark over the past few years via a string of acquisitions, including most recently McGing Advisory & Actuarial in Melbourne, with the firm now hovering behind HLB for a top-fifteen spot.
Count CEO Hugh Humphrey said the firm’s latest acquisition furthers that momentum in line with its long-term growth strategy; “This transaction strengthens our presence across the east coast and accelerates our shift toward higher-quality, recurring wealth revenues, supporting our ambition to scale our employed adviser network and build a truly differentiated national platform.”
Emerging from Morgans Financial, Oracle Advisory Group altogether has 14 offices spread across New South Wales, Queensland, and Victoria, including in each state capital, with an overall count of around 50 financial advisors and accountants. The group, which will ultimately be rebranded, has approximately $1.8 billion in funds under advice and $800 million under management.
The equivalent figures for Count currently stand at roughly $40 billion and $5 billion, supported by a nationwide community of around 550 advisers, 500 accountants, and 19 equity partner investments. In outright acquiring Oracle Advisory Group, rather than opting for its ‘owner-driver’ model used previously, Count will increase its employed adviser numbers from around 75 to almost 100.
Durbin, who serves as Oracle managing director alongside founding director Scott Jacobs, said of joining the firm; “We are excited about this transaction and the opportunity it creates to accelerate Oracle Group’s next phase of growth. Count is a strong strategic partner with the scale, capability, and shared values to support our advisers and clients well into the future.”
In turn, Humphrey told investors: “Our priorities from here are very clear, execute the Oracle integration with the same discipline that we’ve delivered on Diverger and past integrations, continue scaling our employed adviser channel and growing funds under management toward our $10 billion target, and deepen the take up of Count services right across the expanded network.”
