Aust Unity completes Premium acquisition


Australian Unity has confirmed completion of its acquisition of independent dealer group, Premium Wealth Management.
The two companies confirmed that the transaction had been completed just days before Christmas, with Australian Unity acquiring around 97 per cent of the dealer group, with the remainder of the shares expected to be acquired over coming weeks.
Australian Unity declared its intention to pursue the acquisition in October last year and completion of the transaction has created a combined entity boasting 106 financial planning practices, 23 mortgage brokers, a general insurance broking capability and around $6 billion in funds under advice.
As part of the transaction, Australian Unity has agreed to retain both the Premium brand and strategy with Australian Unity Personal Financial Services chief executive, Steve Davis, saying it would be business as usual for the premium staffers.
"This acquisition should also better position Australian Unity Personal Financial Services to take advantage of opportunities arising from the significant regulatory and environmental changes impacting the profession," he said.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.