bank financial planning arm Rabo Financial Advisors (RFA) has acquired Queensland-based financial advisory business Dayas Financial Services.
Under the transaction, Rabobank has purchased the client portfolio of Dayas Financial Services, with staff also moving under the RFA umbrella.
"Dayas Financial Services' dedicated and experienced staff, led by Perry Dayas, will be an invaluable asset to RFA, as will the excellent reputation they have built in the Queensland market," Rabobank Australia and New Zealand chief executive Bruce Dick said.
The Dayas acquisition was part of a wider expansion strategy for RFA in Queensland and internationally, with plans to boost its presence in New South Wales and Western Australia, in addition to pursuing opportunities in other states and New Zealand, RFA head Colin Williams said.
"We believe a combination of purchasing businesses and organic adviser growth is our best strategy for achieving our goals and we aim to secure similar businesses over the coming 12 months," Williams said.
"We will continue to hire advisers along with developing our own staff internally as we continue to grow RFA."
The Dayas Financial Services business would be rebranded and operate as Rabo Financial Advisors from June 23, Dayas Financial Services principal Perry Dayas said.
"For our clients, it's business as usual," Dayas said.
"We will continue to provide the same personalised advice, through the same people, and can now offer a broader range of products and an even higher level of service through RFA's network."
He said as a subsidiary of a AAA-rated bank, RFA brought great security to clients.