Several acquisitions have seen Australian Unity's dealer group, Personal Financial Services, record a huge jump in funds under advice to $5.9 billion.
Announcing its financial results for the year ending 30 June 2015 – which saw the company post a $34.6 million profit, an increase of 16.6 per cent on the previous year – Australian Unity said its dealer group's FUA grew by 70.2 per cent for the year, up from $3.5 billion in the previous corresponding period.
"This has been a year of strong growth and activity for the Personal Financial Services business," Australian Unity group managing director Rohan Mead said.
"The acquisitions of Premium Wealth Management, Waratah Insurance Brokers and Flinders Australia Limited have bolstered the business in a number of strategic operational areas," he said.
Australian Unity also reported that the acquisition of Premium Wealth Management has seen Personal Financial Services' advice network grow to 183 financial advisers from 125 and the number of practices grow to 102 from 77.
"The Premium Wealth Management acquisition – completed in December 2014 – increases Personal Financial Services' financial advice capability and enhances its relationships with both accountants and their clients," a statement from Australian Unity said.
The acquisition of estate planning and administration specialist business Flinders Australia Limited – which was completed on 1 July 2015 – also provides the company with a "broader platform of in-demand services" for clients of Personal Financial Services' financial advisers and accountants.
"This acquisition strongly reflects one of Personal Financial Services' principal business objectives: driving growth in complementary businesses that help improve financial wellbeing," Mr Mead said.
"As Australia's population ages, estate planning and trustee administration services are increasingly in demand as the number of Australians and their families requiring protection, support and certainty grows," he said.
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
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