Jane Watts

Viridian Financial Group Ltd (Viridian), a self-licensed, national advice business offering wealth and retirement planning, investment management and other solutions, has entered into an agreement to acquire part of Westpac’s BT Financial Advice business.

As part of the transaction, Viridian will also offer BT Group Licensees practices, currently operating under the Securitor and Magnitude brands, the opportunity to join a Viridian owned licensee advice model operating under an Australian Financial Services Licence (AFSL) being established. Viridian also intends to acquire the Securitor and Magnitude brands under its new model, subject to finalising terms with Westpac.

The purchase agreement results in the transfer to Viridian of part of the BT Financial Advice business and some of BT Financial Group’s financial advisers and support staff. The transaction enables Viridian to expand its existing national strategy. Viridian will have national adviser presence through both an employee adviser channel and a licensing model for separately run advisory firms.

The BT Financial Advice advisers, support staff and clients who agree to the transition are expected to transfer to Viridian on the anticipated completion date 30 June 2019. BTGL practices that accept the Viridian licensing model will also be able to commence transferring to the newly established AFSL at a later date.

Viridian Chief Executive Officer and Co-Founder, Glenn Calder, said, “This is an exciting acquisition for Viridian staff, clients and shareholders, setting the firm up for strong growth where industry focus is on fee for service, professionalism and quality advice.”

Since its foundation, Viridian has prided itself on being at the forefront of financial services in Australia. The organisation invests heavily in technology and IT relating to its investment, research and compliance capabilities.

Viridian is a public unlisted company and wholly owned by staff and clients.

Calder said, “This acquisition gives us the opportunity to be a dynamic part of the industry, continuing to invest heavily in IT infrastructure in the long term.”

Under the agreement, after the anticipated completion date of 30 June 2019, Viridian will be a referral partner for new Westpac clients seeking financial advice services.

“I look forward to a strong and co-operative relationship with Viridian Advisory,” said Jane Watts, General Manager, BT Advice.

Calder said that Viridian is fully aware of the magnitude of the task of transitioning staff and clients from Westpac to Viridian. “Every effort will be made to ensure the integration is as seamless as possible. We understand people will be apprehensive, and we are committed to undertaking this process with care and understanding.”

Viridian Chairman Neil McMullin said, “The acquisition has the potential to add value for our shareholders. Having only staff and clients as shareholders means they share our vision for the financial services industry, and especially how that relates to serving our clients.

“We firmly believe the culture we have nurtured at Viridian, with its focus on cutting-edge technology, being client centric and having a strong ethical foundation, will underpin the transition.”

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Jane Watts

SSE Australia & BT kicked off their first joint incubator program to transform Australia’s next group of change-making social enterprises.

The program, also supported by the Westpac Foundation and ideated earlier this year, has recruited 23 entrepreneurs who have an idea for or an existing socially conscious start-up with a high propensity for lasting positive community change.

From encouraging impact investing, gourmet popsicles with a social conscious, addressing gender inequalities through mentoring to providing access for disadvantaged youth to sporting facilities, the 2014 cohort is set to drive social change across Australia.

One of the 23 students, Kate Row, is the founder of DiffAbilities Education – a venture aimed at empowering the understanding of disabilities in school-aged children across Queensland.

“This exclusion too often happens, not because people intend to offend, but due to a lack of understanding of people’s differing abilities. There’s a need for people to interact without invisibility or awkwardness” said Row.

Another student of the 2014 Program, Sheree Rubenstein was inspired step away from her career at one of Australia’s top tier commercial law firms to start a community-based movement for Gen Y women called Think BIG and has joined the Incubator Program to help drive her venture forward.

“Think BIG creates a space where like-minded women can establish meaningfulconnections and inspire one another. It encourages women to own their careers, lovewhat they do and get involved in projects that drive social change” said Rubenstein.

At the program launch last night Celia Hodson CEO, School for Social Entrepreneurs Australia outlined that the unique value the program brings to participants such as Kate and Sheree is the learning experience coupled with the collective networks of BT Financial Group, the Westpac Foundation, and SSE Australia.

“We’re delighted to be working with BT Financial and the Westpac Foundation on this exciting program. The key to creative innovation is bringing together people and processes that are traditionally perceived to be on opposite sides of the spectrum – such as social enterprise education and financial services. I’m excited to showcase through our Program that we have achieved this to foster and mentor this amazing group of social entrepreneurs,” said Ms Hodson.

Jane Watts General Manager Private Wealth, BT Financial Group said BT’s fundamental purpose is to help to prepare people for their best possible financial future – and the SSE & BT incubator initiative is a great example of working in partnership to help a group of social entrepreneurs to prepare for and create an exciting future.

“BT is committed to forging an enduring and productive partnership with SSE where we help the next generation of talented social entrepreneurs in this country to survive and thrive,” Ms Watts said.

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