FMD Financial acquires two financial planning firms
Melbourne-based financial planning business FMD Financial has acquired two advisory firms - Investwell Financial Planning and Financial Lifestyle Managers.
Both firms are based in Melbourne and will add three planners along with $160 million in funds under advice to the existing FMD business.
FMD aims to position itself as a significant non-aligned financial planning business in Melbourne, according to its chief executive officer Lee Wapling.
"We continue to actively seek out quality financial planning businesses in line with our growth strategy, as an alternative to the institutional consolidation occurring around us," Wapling said.
Frank Blundell of Investwell and Louise Parker of Financial Lifestyle Managers will move their operations to FMD, and will work closely with Wapling.
"We have the same platform and similar investment philosophies, which means little change for our clients, but we get the scale and structure we require to support our service ambitions in a post-Future of Financial Advice world," Blundell said.
The FMD Group - a corporate authorised representative of Paragem - was established in 2001 and has 14 advisers.
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