CountPlus, Australia-based integrated accounting and wealth advisory firm, has reached an agreement to purchase Affinia Financial Advisers from life insurer TAL in a deal valued at A$3.4m ($2.2m).

Affinia currently includes 75 practices, such as holistic financial advisory firms and risk specialists.

The firm recorded net revenues of A$3.029m for the fiscal year ended 31 March 2022.

Following the completion of the new deal, Countplus will have a team of approximately 400 advisers in addition to A$16.835bn in funds under advice.

Affinia head Marcus O’Sullivan will help in the transition, while Affinia chair Steve Helmich will join the Count Financial board after the approval of the board.

The deal allows Affinia to benefit from Count Financial’s licensee capabilities.

Through the acquisition, CountPlus expects to raise its share in the wealth market and add over 100 advisers to its national network.

CountPlus CEO Hugh Humphrey said: “This strategic acquisition clearly positions CountPlus as a major player in the future of wealth management in Australia.

“The acquisition is terrific news for CountPlus investors and continues to evidence the disciplined execution of our growth strategy.

“It delivers the scale that we have clearly stated we are pursuing in Wealth and builds on our already stable base.”

The latest deal comes after CountPlus appointed Lisa Chambers to serve as its new group chief risk officer.

TAL group CEO and managing director Brett Clark said: “We are pleased to have found in CountPlus a business which shares Affinia’s commitment to financial advisers and passion for delivering high quality financial advice to its clients.

“Financial advisers have a vital role in the community through helping Australians make financial decisions and plan with confidence for the future.”