Viridian Financial Group has acquired boutique wealth advisor Enlightened Financial Solutions as part of an expansion into the emerging video Statements of Advice segment.
Announced on Wednesday morning, Viridian cited the Queensland-based firm’s innovation and implementation of video SOAs which aligns with its own tech aspirations as the driver for its takeover.
The deal will also help EFS better support its existing clients by accessing cybersecurity technology and building on its digital advice engagement with clients.
Viridian joint CEO Raamy Shahien tells Professional Planner the video advice work EFS had conducted was the motivation for the acquisition.
“Some of our executives have had a close relationship with EFS, particularly [EFS founder and CEO] James Wortley, for some time which has helped the initial connection and getting to know each other and making that clear that we do have a cultural alignment piece,” Shahien says.
“James and his team have been working on some exciting things, particularly around video advice model and that’s intrigued us for how we can reach more Australians.”
EFS was recently featured in Professional Planner for the work the practice has conducted in the video SOA space.
“It never made sense to me to provide an SOA that needed to be holistic in nature, but that clients found too complex and unnecessarily long-winded,” Wortley told this publication in March.
“An SOA should be an easily read document that every client can understand. However, it has somehow become a document of protection for the licensee and the financial adviser.”
EFS invested significant time and effort to perfecting the user experience.