PSK Financial Services has snapped up Socius Wealth Management, a financial advisory firm headquartered in Sydney.

Socius founder and partner John D’Alessandri said that the takeover was challenging amid the Covid-19 pandemic.

D’Alessandri noted: “What became obvious in the time we were spending with PSK during the process, was that our two businesses were actually very much alike, we hold similar beliefs in many things, and this helped us overcome the obstacles that came up.”

The deal is said to be part of PSK’s growth plan to tie-up with firms that require support during the pandemic.

PSK managing director Paul Aspros said: “By joining PSK, we help take away the day-to-day complexity of running a business, we solve the advisers’ succession issues, and with the help of our in-house support services, business development, marketing, paraplanning and investment team, we find advisers and their business’ flourish.”

The Australian financial services sector has seen many M&A deals in recent times.

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Last month, fintech startup PictureWealth acquired Perth-based financial services licensee NEO Financial Solutions (NFS).

Further, wealth tech firm Iress recently entered into a scheme implementation agreement to buy 100% of the shares of managed fund provider OneVue.

This May, Australian wealth advisory and accounting firm Perks bought financial consultant Wotherspoon Wealth.

Earlier this year, Apt Wealth Partners snapped up Semaphore Private, and Focus Financial Partners acquired wealth manager MEDIQ Financial Services.