Hillross Financial Services has acquired Iris Financial Group and will provide the firm's 12 practices and 37 advisers with licensee services.
The acquisition had pushed up funds under advice by $2.2 billion to $12.2 billion, Hillross managing director Hugh Humphrey said.
All 37 financial advisers across Victoria, Tasmania and New South Wales are expected to become authorised representatives of Hillross from August.
"Iris offers Hillross a strong professional and cultural fit with an aligned target market and advice process that will significantly grow the Hillross business," Humphrey said.
"This represented one of the few opportunities to acquire a high-quality, non-institutionally-aligned licensee of reasonable scale to join our business."
As part of the transaction, the 12 Iris practices will join the Hillross licensee, retaining their self-employed business model.
The new practices have started to move to a fee-for-service model, which is due to be completed by the end of the year.
As part of the agreement, Iris customers will have additional access to the Hillross suite of products and services.
