Fiducian acquires another planning practice
Publicly-listed, vertically integrated financial services group Fiducian Group Limited has further added to its financial planning network with the acquisition of another financial planning business.
Consistent with the firm’s usual policy, it did not name the NSW business, but confirmed it had been acquired for a total consideration of $1.15 million which was being funded by excess cash.
The announcement said the acquisition represented a continuation of Fiducian’s ongoing strategy to expand its quality financial planning network and would have the effect of lifting funds under advice (FUA) in Fiducian Financial Services by an additional $37 million, bringing total funds under management, administration and advice (FUMA) to $5.2 billion.
Commenting on the acquisition, Fiducian’s manager, distribution and business development, Jai Singh said the opportunity was unique in that adviser funding would be provided to financial planners experienced in the Fiducian advice process to establish a larger presence and deliver Fiducian’s proven processes and systems for the benefit of their clients. The clients are being acquired from a vendor who seeks to retire.
He said Fiducian had supported three of its quality trusted financial planners to acquire the clients.
“One of our financial planners will operate from a new and larger office which provides Fiducian with a scalable presence on the Central Coast of NSW, a geographic area highly contested for financial planning business,” he said. “The other financial planners are obtaining clients who reside geographically closer to them.”
Singh said the transaction brought the total number of acquisitions since the commencement of the 2015-16 financial year to $267 million, demonstrating a clear intent to acquire small to mid-size quality financial planning businesses.
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