Australian Unity Personal Financial Services has signed an agreement to acquire an estate planning and administration firm, Flinders Australia.
The deal, which is scheduled to close on 1 July 2015, will provide Australian Unity with a broader platform of in-demand services for their clients and members as well as the clients of their financial advisers and accountants.
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Australian Unity CEO Steve Davis said the company’s plan is to retain Flinders’ operating model and client proposition as well as extend the service by selecting Flinders as a licensed traditional trustee company, which is subject to regulatory approval.
Flinders offers trust administration, agency, administrator, executor, estate planning services as well as assists with the provision of services for native title trusts.
Flinders chairman Adam Levine said: "This acquisition will give Flinders the wherewithal to realise our growth vision for the business through seeking to become a licensed traditional trustee company and developing a broader service offering that will assist the clients of Australian Unity and their referral networks."
Davis added: "Acquiring Flinders strengthens our commitment to Australian Unity’s members, our advisers and accountants and is aligned to our objectives of driving growth in complementary businesses that help improve people’s wellbeing. In particular, we are focused on helping middle Australia, rather than just chasing high net worth clients.
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By GlobalData"We have been searching for a solution in the estate planning and trustee-type services space for some time because these services are increasingly in demand as the population ages. Individuals and their families need protection, support and certainty through what can be an extremely difficult time.
"Flinders is a successful business that has a similar culture and client focus as ours, and will provide valuable assistance to clients and members, and increase the scale and strength of Australian Unity Personal Financial Services."
