Fiducian Group Limited (ASX: FID) has executed an agreement to acquire another quality financial planning client base. Total consideration is estimated at $0.7 million which is being funded by excess cash.
The client base is in Melbourne, Victoria, and will be managed by existing salaried financial planners who currently service the respective areas.
The acquisition by Fiducian continues its strategy to expand the quality financial planning network and build scale through $17 million of additional Funds under Advice in Fiducian Financial Services. Total Funds under Management, Administration & Advice are currently reported as $5.5 billion.
Jai Singh, Manager Investment Projects said: ‘This acquisition adds further scale to our existing salaried presence in Melbourne and also provides ongoing new-client opportunity, due to an existing quality referral source within the business being acquired. The vendor is retiring and sought a credible acquirer who could continue to deliver holistic financial planning advice.’
As a matter of policy, Fiducian does not disclose the names of financial planners who join or sell their businesses and nor does it disclose the name of the dealer group from which the client base was acquired.
