Genesys Wealth Advisers member firm Aspire2 Wealth Advisers has acquired the client books of two former Bank of Queensland (BoQ) businesses, StateWest Financial Planning and Home Financial Planning.
The acquisition of the Western Australian advisory businesses will add $245 million in funds under advice, which means a doubling of Aspire2's business.
The deal was orchestrated by Genesys, which has held a minority interest in Aspire2 since early 2008.
"It's a perfect demonstration of how GEM (Genesys equity model) can assist our member firms' growth, acquisition and succession planning requirements," Genesys executive director Andrew Creaser said.
"We couldn't be happier with the ... transaction," Aspire2 managing director Malcolm Davis said. "It has allowed us to double our funds under advice, add two new advisers and restructure to provide a more streamlined service for our clients."
Genesys, which is owned by Axa Asia Pacific, is said to have invested $10 million in member firms over the past 12 months to help them grow their businesses.
BoQ inherited StateWest Financial Planning in 2007, when it acquired Home Building Society.
