Australian Unity Personal Financial Services (Australian Unity) is in talks to acquire all the shares in Premium Wealth Management.

The acquisition of Premium will boost Australian Unity’s financial advice capability and its exposure in the accountants’ space.

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As part of the deal, Australian Unity will retain the Premium brand strategy, operating model and client proposition.

The transaction is subject to approval by Premium shareholders, the Australian Unity board as well as due diligence by Australian Unity Personal Financial Services.

The deal is expected to come into effect in October 2014.

The companies said that they have executes a non-binding indicative offer under which , the board of Premium Wealth has recommended to shareholders that they consider the terms of the deal with Australian Unity.

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Additionally, the deal will increase the scale and strength of Australian Unity Personal Financial Services.

Steve Davis CEO of Australian Unity Personal Financial Services said: "It should also better position Australian Unity Personal Financial Services to take advantage of opportunities arising from the significant regulatory and environmental changes impacting the profession.

Simon Wu chairman and founder Premium Wealth Management said: "His board is attracted to Australian Unity for many reasons, including their long term involvement in the accountants’ market and that they clearly see the value of Premium and recognize the quality of their practices."

Paul Harding-Davis, CEO of Premium, said FoFA was a catalyst for Premium to explore other options.