A major, non-aligned financial services group has acquired a non-aligned Australian mortgage broking firm as the company looks to meet future demand for property expertise.
In a statement released on Friday, Omniwealth announced it had acquired Westminster Finance and Business Solutions to boost capacity in mortgage and finance services.
The Sydney-based broker will relocate from Balmain to Omniwealth’s Australia Square office over the next six to 12 months. Principal of Westminster, James Grima, will bring over three brokers, two support staff and an established overseas processing team.
“As part of our strategic plan we needed our mortgage and finance division to be big enough to handle our forecast growth, and there is no better way than to partner with an experienced and successful business operator," Omniwealth group managing director Matthew Kidd said.
“Like us, Westminster is non-aligned and able to be client-centric with no conflicts."
Mr Grima said the move is a good fit for Westminster, giving it the opportunity to service financial planning and accounting clients.
“Our broking team developed its own CRM system that touches clients multiple times in a year and we felt ready to outgrow [Sydney's] inner west and connect with more SMEs and professionals/executives,” he said.
Mr Kidd added: “Being able to service a client on all of their professional service needs, without them needing to go anywhere else, is paramount to our overall business plan."
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