Bridges Financial Services, part of the IOOF group, has acquired the financial planning business of Credit Union Australia (CUA) for an undisclosed sum.
As part of the acquisition, the majority of CUA financial planning customers and staff will move to Bridges Financial Services with current advice and investments remaining unchanged.
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The deal will enable financial planners, paraplanners and client service officers to expand their portfolios and develop specialist career paths. It will also enhance and enrich CUA ‘s financial services offering.
Additionally, CUA staff will continue to use CUA branch premises for customer interviews and meetings.
"Chris Whitehead, CUA CEO said: "Following a comprehensive review of the market, Bridges was chosen for the right commercial terms, their ability to transition customers and staff and, of course, their commitment to the customer-owned banking sector.
"We wanted to grow and maximise the value of the business and work with the right organisation for the ongoing provision of quality financial planning services. CUA will continue to work closely with Bridges to ensure financial planning remains a key component of our suite of services to customers delivered through Bridges.
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By GlobalData"Freeing up the ongoing investment required to continue to grow CUA Financial Planning, enables us to focus on the growth of our core business and commitment to enriching the lives of our customers by delivering innovative and consistently better value products and services." Whitehead added.
Bridges offers financial planning services to approximately 80% of the mutual industry.
