Fiducian picks up 3 Perth advice firms
Fiducian has announced it made three separate acquisitions of Perth-based financial planning businesses, bringing the group's total funds under advice to $1.8 billion.
The company said these acquisitions continue Fiducian's strategy to expand its "quality financial planning network". Total funds under management, administration and advice is currently $4.5 billion, Fiducian said in a statement.
The businesses, which were not named, will work with Fiducian's existing Perth financial planning operations.
"What differentiates the Fiducian offering is [that] there's greater certainty for the vendor and for Fiducian as the settlement is in cash and/or listed company shares, so the immediate and long-term benefits are transparent," Fiducian manager for business development and distribution, Jai Singh, said.
"Fiducian wants to grow with like-minded financial planners who adopt its compliance processes. This is important to ensure client best interest.
"Strategically, we envisage these acquisitions as an opportunity to lift both scale and the number of quality financial planners within Fiducian's Perth salaried operations."
Fiducian also announced it is continuing to grow its IT systems.
For 2016-17, the group's IT team will target the self-managed accounts (SMA) market, Fiducian chief information officer, Alan Dunne, said.
"We continually enhance our FASTrack administration platform and Fiducian Online and FORCe financial planning system and our focus now turns to ensuring capability to service the SMA market and facilitate faster turnaround of SMSF accounting engagements," Mr Dunne said.
"There is a big market out there for SMAs being set up by IFAs and the FASTrack system backed by Fiducian Online is tailor-made to serve this sector."
Mr Singh said the time is right for Fiducian to expand into the IFA and SMA market.
"We've already made contact with a number of recognised planning groups and the discussions so far have been very positive."
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