Australian financial services firm Fiducian Group has reached an agreement to buy a financial planning firm located in southeast Queensland for A$330,000 ($247,764).
The acquisition is expected to increase Fiducian’s funds under advice by an additional A$35m. Total funds under management, administration & advice currently stands at A$6.47bn.
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Fiducian Group said it will use excess cash at its disposal to fund the acquisition.
The latest acquisition is part of the company’s ongoing strategy to expand its financial planning network.
Fiducian Group head of business development and distribution Jai Singh said: “In this project, we are supporting 2 of our experienced financial planners. One of the financial planners will operate from a new office in Brisbane’s southern suburbs.
“The other financial planner currently operates on the Sunshine Coast and will be servicing some of the acquired clients that reside geographically closer to the Sunshine Coast office.”
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By GlobalDataIn April last year, Fiducian agreed to acquire a New South Wales-based financial planning business for A$1.15m.
In December 2017, Fiducian Group acquired two financial planning practices with A$44m in funds under advice for cash consideration of A$720,000.
