Fiducian expands Perth planning presence
Publicly-listed and vertically-integrated financial services business, Fiducian Group Limited has expanded its financial planning footprint — this time in Western Australia.
The company announced to the Australian Securities Exchange (ASX) that it had executed three separate agreements to acquire financial planning businesses in the Perth catchment area.
The announcement said the transaction involved a total consideration of $1.2 million which was being funded by cash.
The company said the acquisitions continued Fiducian's strategy to expand its financial planning network and had lifted funds under advice in Fiducian Financial Services by an additional $46 million to $1.8 billion.
Consistent with usual Fiducian practice, the company did not name the financial planning practices it had acquired.
Commenting on the transaction, Fiducian's maanger, business development and distribution, Jai Singh, said he believed what differentiated the Fiducian offering was greater certainty for both the vendor and Fiducian as the settlement was either in cash or listed company shares.
He said the acquired businesses would work with Fiducian's existing Perth salaried financial planning operations to optimise both targeted costs and potential revenue-synergy benefits.
"Strategically, we envisage these acquisitions as an opportunity to lift both scale and the number of quality financial planners within Fiducian's Perth salaried operations," Singh said.
The announcement follows on from Fiducian's announcement earlier this week that it will be targeting the self-managed accounts (SMA) market utilising its proprietary IT systems including its FASTrack administration platform and Fiducian Online.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
