Australian advisory firm Bridges Financial Services has agreed to acquire the financial planning business of Heritage Bank for an undisclosed amount.

Under the deal, Heritage financial planning clients will transfer to Bridges, with current advice and investments remaining unaffected.

Also some of the financial planning staff members of Heritage will move to Bridges.

Heritage said that it will continue to offer financial planning services to its clients via a referral model to Bridges.

Bridges CEO Nathan Stanton said: “Our long term referral partnership with Heritage will continue to ensure financial planning remains a key component of the suite of services they provide to their customers. We are confident these changes will result in a more comprehensive customer service experience for people seeking financial planning advice through Heritage.

“Our focus will be on seamlessly transitioning Heritage Bank’s financial planning customers to their new arrangement as quickly as possible."

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Heritage Bank CEO Peter Lock said that the deal will provide customers with a wide range of financial planning options.

He added: “We’re thrilled to partner with a company of Bridges’ stature to provide our customers with access to such high-quality services. Our customers will actually get a better overall service through us aligning with Bridges.”