Fiducian completes acquisition of $1.1bn financial planning business

In an ASX listing on Monday (31 January), Fiducian confirmed the completion of the acquisition of the financial planning business of People’s Choice Credit Union (PCCU), as announced on 3 November 2021.

Late last year, Fiducian’s subsidiary Fiducian Financial Services (FFS) was revealed as the successful bidder to the PCCU’s $1.1 billion business – which provides advice to over 390,000 members.

The acquisition is considered a continuation of Fiducian’s strategy to expand its financial planning network throughout South Australia and is expected to lift its funds under advice by $1.1 billion to $4.8 billion.

“The acquisition significantly increases Fiducian’s distribution footprint across South Australia, and we look forward to welcoming People’s Choice financial advisers and support staff into the Fiducian family and are confident of a seamless transition into the Fiducian Family culture where client needs come first,” said Robby Southall, executive chairman of Fiducian Financial Services.

Fiducian confirmed in November that the acquisition would see more than 50 People’s Choice financial advisers and support staff join the Fiducian team, bringing its national adviser network to 92.