Australian Unity yesterday confirmed it will purchase Bridgeport Financial Services, which will add an additional nine financial advisers to its network and $550 million in funds under advice.
In a statement to the ASX, Netwealth – which listed in November 2017 – said it anticipates the deal will be worth a total of $12.5 million following its completion.
InvestorDaily first reported in September 2017 that Netwealth was preparing to sell its last remaining financial advice business following a strategic review.
The sale follows the departure of Bridgeport general manager Cameron Cogle to take up a management consulting role at Centrepoint Alliance.
It also follows Netwealth’s sale of licensee Financial Planning Services Australia and its compliance, and Australian financial services licence application business, Pathway, in 2016.
The company has been undergoing a strategic pivot in recent years, focusing on producing technology and managed accounts solutions and servicing the adviser market.