A member of the CountPlus network has acquired a boutique financial planning practice.
Kidmans Partners has acquired Latitude Advisory Services in a move designed to broaden its offering.
Latitude managing principal Rod Geilman is set to become a principal and shareholder of Kidmans upon the deal's expected completion on November 6, with all Latitude clients set to transition to Kidmans clients.
Kidmans managing principal Ross Hedrick said Latitude's strong values ensured the suitability of the acquisition.
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"Our due diligence revealed Latitude Advisory Services as a quality strategic fit, with strong cultural values that place the client's interests foremost as its fundamental business purpose," Hedrick said.
CountPlus chief executive Matthew Rowe said the acquisition was an example of the company's expansion principles.
"The CountPlus model works on identifying and investing in quality people and businesses, and this acquisition by Kidmans reflects that model," Rowe said.
In 2015, CountPlus - then Commonwealth Bank-owned - sold its 30% stake in Kidmans to partners, employees and principals, having first purchased 25% of the firm in 2010.
At the time, CountPlus' then chief executive Phil Aris said shared-equity models held greater incentives for to grow businesses.
"Under a shared-equity model, our member firms stay independent, retain branding and keep entrepreneurial control, while ensuring their ability to grow," Aris said at the time.
"It is our view that principals and senior employees have a greater incentive to grow their business when there is close alignment between the success of the business and their personal success, and this is what a shared-equity model achieves."