Australian financial services firm Fiducian Group has agreed to acquire a New South Wales-based financial planning business for A$1.15m.

The acquisition is expected to increase Fiducian’s funds under advice by an additional A$37m. Total funds under management, administration & advice currently stands at A$5.2bn.

Fiducian added that the advisor funding will be provided to financial planners experienced in the Fiducian advice process to establish a larger presence and deliver Fiducian’s processes and systems for the benefit of their clients.

As part of the acquisition, Fiducian will acquire customers from a vendor who seeks to retire.

The company did not reveal the name of financial planners who join or sell their businesses, and the name of the dealer group from which the customer base has been purchased.

Fiducian manager of distribution and business development Jai Singh said: “We have supported three of our quality trusted financial planners to acquire the clients. One of our financial planners will operate from a new and larger office which provides Fiducian with a scalable presence on the Central Coast of NSW, a geographic area highly contested for financial planning business.

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“The other financial planners are obtaining clients who reside geographically closer to them. This brings the total of acquisitions since the commencement of the 2015-16 financial year to $267 million which shows a clear intent to acquire small- to mid-size quality financial planning businesses.”

The acquisitions are part of the company’s strategy to expand its financial planning network.

In December last year, Fiducian Group acquired two financial planning practices with A$44m in funds under advice for cash consideration of A$720,000.