In a move further separating product from advice providers, life insurer TAL has agreed to sell AFSL Affinia Financial Advisers to CountPlus, a financial advice and accounting firm.
On completion of the acquisition, CountPlus will represent around 400 advisers and $16.8 billion in client funds under administration.
Affinia has practices across Australia, including risk specialists and holistic financial advisory firms. This capability is advantageous for CountPlus, which is currently aiming to grow its risk advice capability and revenues.
CountPlus CEO Hugh Humphrey said the move will position Count as a major player in the future of wealth management in Australia.
“Affinia Advisers have a reputation for delivering quality financial advice which makes them a natural fit for our community,” he said in a media release on Friday.
“It brings the scale that we have clearly stated we have been pursuing in wealth, and builds on our already stable base.”
TAL managing director Brett Clark said the insurer will continue to maintain an ongoing partnership with the advice network.
“Financial advisers have a vital role in the community through helping Australians make financial decisions and plan with confidence for the future,” Clark said.
TAL boosted its life insurance footprint last year, acquiring the last of the available risk businesses from the big four banks.
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