Australian Unity Personal Financial Services has entered into an agreement to acquire estate planning and administration specialists Flinders Australia limited.
The acquisition, which is set for completion by 1 July 2015, is expected to broaden Australian Unity's platform of "in-demand services for their clients and members as well as the clients of their financial advisers and accountants", the company said in a statement today.
Flinders' chairman, Adam Levine, said his board was attracted to Australian Unity because its culture and philosophy falls in line with Flinders' and because it provided opportunity for further growth.
"Australian Unity is a well-respected, 175-year old mutual, and has always prioritised their clients' best interest, combining advisory integrity with an open architecture environment for investments and insurances," Mr Levine said.
"We have significantly grown the business over the last few years but in order to achieve our full potential, we felt it was the right time to pass the baton."
Australian Unity Personal Financial Services chief executive, Steve Davis, said the plan is to retain Flinders' operating model and client proposition but to extend the service by having Flinders become a licensed traditional trustee company, which is subject to regulatory approval.
"We have been searching for a solution in the estate planning and trustee-type services space for some time because these services are increasingly in demand as the population ages. Individuals and their families need protection, support and certainty through what can be extremely difficult time," he said.
"Acquiring Flinders strengthens our commitment to Australian Unity's members, our advisers and accountants and is aligned to our objectives of driving growth in complementary businesses that help improve people's wellbeing. In particular, we are focused on helping middle Australia, rather than just chasing high net worth clients," Mr Davis said.
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