Netwealth has offloaded its Bridgeport subsidiary to Australian Unity via an acquisition agreement announced today.
ifa exclusively revealed in September 2017 that Netwealth was preparing to sell its last remaining financial advice business following a strategic review.
At that time, a Netwealth spokesperson said negotiations for the sale was “well-progressed” but was unable to reveal the identity of the third party.
Today, Australian Unity has confirmed it will acquire the Bridgeport business, adding nine financial advisers to its ranks and $550 million in funds under advice.
The moves follow the recent departure of Bridgeport general manager Cameron Cogle to take up a management consulting role at Centrepoint Alliance.
In August 2015, Netwealth sold a 50 per cent stake in dealer group Financial Planning Services Australia to Fortnum Financial Group and the other 50 per cent to FPSA member firms.
It also sold its Pathway Licensee Services business to Catalyst Compliance in December 2016.
Resolution Life Australasia severs ties with AMP.
AMP and TAA have sought an increase in the cap on life insurance commissions for financial advisers.
The government has announced a post-implementation review of the removal of the stamping fee exemption.
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