Tower intends to expand its market share with a strategic stake in an advisory business.
Tower Australia has purchased a 10 per cent stake in mid-tier advisory firm AAA Financial Intelligence (AAAFI).
The life office has entered into a business support relationship with AAAFI to drive its growth plans.
"We see the AAA business as being well placed in the life insurance market and we want to help them grow their business," Tower Australia managing director Jim Minto told InvestorDaily.
"We will continue to look for select distribution opportunities where we can add value and help business and market growth."
Sydney-based AAAFI has 131 financial advisers in 80 practices and $1 billion in funds under advice, according to the latest IFA Dealer Group Survey.
"AAAFI has a strong presence in both the investment and mortgage broking sector and an interest in life insurance," Tower said in a statement.
Tower Australia has been building its adviser network, Pivotal.
The life office also has a 5 per cent stake in Western Australia-based Australian Financial Group.
AAAFI managing director Errol Rabaud said the business remained 40 per cent adviser-owned.
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