Listed advice group Fiducian acquired a Melbourne client book worth $17 million in funds under advice.
The client base, which will be serviced by existing salaried planners, was purchased for a total consideration of $700,000, funded by excess cash. The acquisition brings Fudician's aggregate management, administration and advice to $5.5 billion.
"This acquisition adds further scale to our existing salaried presence in Melbourne and also provides ongoing new-client opportunity, due to an existing quality referral source within the business being acquired," Fiducian manager investment projects Jai Singh said.
"The vendor is retiring and sought a credible acquirer who could continue to deliver holistic financial planning advice."
The outgoing adviser's name and practice were not disclosed as per the terms of the agreement.
Last month, Fiducian acquired another advice business in New South Wales for $1.15 million, adding a further $37 million to its FUMA.
This followed on from Fiducian making $267 million worth of acquisitions throughout 2016, demonstrating what Singh described as a "clear intent to acquire small to mid-size quality financial planning businesses."