Fiducian Financial Services has acquired a Geelong-based financial planning firm, gaining $160 million in funds under advice and two planners among other staff.
The transaction follows Fiducian’s recent $73 million acquisition of a Perth planning business on 3 December, which is expected to add $6.4 billion to the funds under management, administration and advice.
Although Fiducian has not identified the business it bought, it noted the new amalgamation is a continuation of an ongoing strategy to expand its financial planning network.
Fiducian said this project in particular would support further expansion of financial planning offices around Australia.
“We are excited to have two new financial planners and experienced support staff join our team,” Jai Singh, head of business development and distribution at Fiducian, said.
“The business is sizeable and respected in the geographic catchment it primarily operates in. Also, there are existing quality referral partners which should underpin future growth.”
Fiducian added the anticipated capital outlay for the acquisition component of the new buy is up to $2.4 million over time and funded from internal cash holdings.
Amendments to superannuation law introduced in October have not yet progressed through Parliament. ...
The investment platform has added 12 ESG-focused investment options to its menu in an effort to meet growing adviser and client needs. ...
An ex-bank adviser’s financial services ban has been varied by the Administrative Appeals Tribunal. ...
Get notifications in real time and stay up to date with content that matters to you.
