CountPlus will develop a new strategic plan, team structure and new leaders for financial advice business Count Financial as it seeks to integrate the acquired company into its business.

CountPlus CEO Matthew Rowe says the merger “hinges on cultural alignment”. He says they will install new leaders who know what CountPlus expects from a high performing professional services team.

“We understand that the changes across the financial advice industry are difficult for advisers, and Count Financial firms will be part of a business that is focused on helping them achieve success through a client-centric approach to all we do.”

Mr Rowe says Count Financial will shift its focus towards small business owners, who are CountPlus’ core clients.

CountPlus expects its firms to meet community expectations around quality advice outcomes, transparency, moving to fee for service charging, and meeting the standards of the Financial Adviser Standards and Ethics Authority.

It warned earlier this year that it expected Count Financial to suffer a revenue decline of up to 60% due to the incoming ban on grandfathered commissions in January 2021. The bill was passed last month.

EGM documents for the former Commonwealth Bank advice arm reveal a significant sum is derived from legacy revenue streams, including platform rebates and investment trail commissions.

The bank sold Count Financial for $2.5 million earlier in the year. The now-completed sale includes a $200 million indemnity from the bank for advice remediation over the next four years. There are 359 advisers across the financial advice firm in 160 advice practices.