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Bridgeport acquires $100m FUA practice

Netwealth-owned licensee Bridgeport Financial Services has acquired a Canberra-based financial advice practice with approximately $100 million in funds under advice.

Empire Financial Planning has been acquired by Bridgeport, a statement from parent company Netwealth revealed.

Bridgeport currently has offices in Melbourne, Sydney, Canberra and Brisbane and will now have around $600 million in funds under advice following the completion of the acquisition.

Netwealth managing director Michael Heine said the group was pleased to purchase “such a high quality customer base”.

“We have worked with the Empire team and clients for many years and are excited to now be working even closer with them,” said Mr Heine.

The company will continue to buy established and successful financial planning businesses as part of its ongoing growth strategy, he said.

Mr Heine said the company also plans to grow organically by providing “quality advice and service to clients and leveraging the deep resources available across the broader Netwealth Group”.