AMP-owned dealer group Hillross Financial Services has agreed to acquire the financial planning arm of Rabobank Australia & New Zealand, Rabo Financial Advisors.
"Hillross will explore the opportunity to grow the Rabo Financial Advisors business throughout Australia, in partnership with existing Rabobank branches and where their clients have a need for financial planning advice," Hillross managing director John McMurdo said.
As part of the transaction, Hillross and Rabobank have also entered into a referral agreement under which Hillross will be the exclusive provider of financial planning advice to Rabobank's clients.
Rabo Financial Advisors has around 2000 clients and employs 40 staff, including 17 advisers.
It had $430 million in funds under advice as at June 2009.
Rabo Financial Advisors operates in major regional centres in New South Wales, Queensland and Western Australia.
The Rabo Financial Advisors business will be incorporated into Hillross' operations and transition to the Hillross brand in the foreseeable future.
The purchase of Rabo Financial Advisors is part of Hillross' strategy to broaden its adviser footprint and will extend Hillross' reach into regional Australia and in particular into its target market of affluent Australians, the dealer group said.
The acquisition is expected to be completed on or around the end of November 2009.
