Investment Planning Counsel Inc. announced August 20 that it has entered into an agreement to acquire Independent Planning Group.
The transaction, subject to regulatory approvals, is expected to close later this year. As part of this transaction, IPC will acquire: Independent Planning Group Inc., an MFDA dealership; Virtuco Technologies Inc.; and IPG Insurance Inc., an MGA.
IPC Portfolio Services Inc. (IPCPSI) has also entered into an agreement to purchase Brigata Capital Management Inc., an investment fund manager. Brigata Capital is a subsidiary of IPG.
Sam Febbraro, executive vice president of Investment Planning Counsel, says IPC’s acquisition strategy is aimed at becoming “the company of choice” for independent wealth management professionals in Canada. The purchase of Independent Planning Group will further this goal.“IPG’s strong position and history in Eastern Ontario will increase our presence and visibility in that region. We believe that the successful completion of this transaction will provide new opportunities and allow us to achieve additional economies of scale in various aspects of our business.”
He adds that the acquisition of IPG will bring Investment Planning Counsel’s assets under administration to $19 billion. The company will have more than 1000 advisors operating in 460 independently operated branches and will serve 300,000 Canadians.
Plans for IPG Insurance include amalgamating it into IPC Estate Services. In addition, IPC expects to merge all existing insurance carrier agreements currently held by IPG Insurance into IPC’s strategic alliance with PPI Solutions. “IPG Insurance formed an alliance with PPI Solutions several years ago. IPC has also formed a strategic alliance with PPI Solutions and PPI Advisory,” he adds.