Fiducian Financial Services has purchased a financial planning business in Geelong, Victoria, bringing in $160 million in funds under advice.
The transaction follows Fiducian’s recent $73 million acquisition of a Perth planning business on 3 December, which is expected to add $6.4 billion to the funds under management, administration and advice.
While the name of the business has not been disclosed, Fiducian noted the new amalgamation is a continuation of an ongoing strategy to expand its financial planning network.
This project, in particular, was said to support further expansion of financial planning offices around Australia.
“We are excited to have two new financial planners and experienced support staff join our team,” Jai Singh, head of business development & distribution at Fiducion said.
“The business is sizeable and respected in the geographic catchment it primarily operates in. Also, there are existing quality referral partners which should underpin future growth.”
The firm added the anticipated capital outlay for the acquisition component of the project is up to $2.4 million over time and funded from internal cash holdings.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].
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