Fiducian acquires $17m client book

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."

Read more: FiducianMelbourneFudicianFUMAJai SinghNew South Wales for
Editor's Choice
About three-quarters of Australian institutional investors are incorporating environmental, social and governance factors in investment decisions.
Businesses looking to integrate enhanced technological capability must consider its future impacts, or else risk creating a greater trust deficit in the financial services industry.
A comprehensive review of Praemium chief executive Michael Ohanessian's termination and subsequent reinstatement determined the previous board acted inappropriately and unreasonably.
Advisers will soon have access to Challenger's deferred lifetime annuities through Colonial First State platforms.
Brought to you by
3 MAY 2017
Diversifying risk by investing across a wide range of income sources is often a successful formula across volatile market conditions. The Aviva Investors Multi-Strategy (AIMS) Target Income Fund focuses ...
Get it Daily
Keep up to date, don't be the last to know! Get the Financial Standard Daily Newsletter.
Pocket investment guides featuring adviser case studies and a glossary.
Investing trends and strategies from the industry’s thought leaders.
Putting the spotlight on investment products that matter.
Expert Feed
Michelle Baltazar
A case for digital activism
The time is ripe for financial advisers to embrace their role as digital activists - fiduciaries who are early adopters of finance ...
Emma Rapaport
Smashed on university fees, smashed on retirement
Since Scott Morrison's pre-budget announcement that debt would be reclassified as 'good' or 'bad', the government spending spree has ...
Christopher Page
The next generation
On March 20, David Rockefeller - former Chase Manhattan chair and last of Standard Oil founder John D. Rockefeller's grandchildren ...
Michelle Baltazar
Hitting the mark
Ten years from now, every financial adviser in the country will be offering their client a managed account solution. It may happen ...
Featured Profile
Professional Subscription for $295
(inc GST) for 1 year.
FS Advice
The Australian Journal of Financial Planning.
Get the free iPad app
Download the Financial Standard iPad app for FREE.
Link to something 88Q3dVVK