Fiducian Financial Services has bought the retail financial planning arm of Victorian state owned business State Trustees, as part of plans to expand its adviser presence in Australia. 

Owned by Fiducian Portfolio Services, which is listed on the Australian Stock Exchange, Fiducian Financial Services has a network of 62 non-bank aligned advisers across the country.

The company said it is "actively seeking" quality financial planning businesses in line with its growth strategy.

"I see this acquisition as a pleasing result for all stakeholders, including Fiducian shareholders and certainly the clients of State Trustees who will greatly benefit from the expertise and quality of the Fiducian Financial Planning service offering," said the company's managing director, Indy Singh.

"We are looking forward to serving these clients and helping them achieve their financial goals through sound advice."

State Trustees is the largest administrator of deceased estates in Victoria, with other ervices including will preparation and the provision of administrative services for people with disabilities.

It also provides a financial planning service for the Victorian community, "regardless of background or personal circumstances", according to managing director, Tony Fitzgerald.

"Fiducian was selected after a comprehensive selection process because its products, values and high service standards are aligned with those of State Trustees", said State Trustees general manager, sales & marketing, Vicki Hood.

The two firms are currently in the middle of a handover which will be complete by tomorrow.

A spokesperson for Fiducian also said discussions are ongoing on the transitioning arrangements of State Trustee advisers.