The ASX-listed wealth and advice business is acquiring a Perth-based financial planning business that advises about $73 million of client money.
Fiducian Group is spending $1.66 million on the acquisition component of the deal, funded from cash.
Once completed, the new unnamed planning firm will take Fiducian's total funds under management, administration and advice to $6.46 billion.
Fiducian had funding set aside to acquire five planning businesses across Western Australia, New South Wales and Victoria to raise $83 million in FUA, it said in a September address to shareholders.
The group is planning to split the $73 million under advice of its latest acquisition. About $64 million will be absorbed in the Fiducian office in South Perth run by Edward Rihari, who formerly worked with Financial Pathfinders.
The remaining $27 million will be advised from a franchisee office in a new WA location.
Fiducian head of business development and distribution Jai Singh said: "We are excited to have this financial planner and their team join the Fiducian network. Our proven compliance process and systems for financial planning will support the financial planners involved in this project to grow our WA footprint."
The company had 61 aligned planners and associates across Australia, as at September. It acquired $83 million of funds under advice in FY18.
It turned $46 million in revenues and $9 million in NPAT in FY18, up from $7.5 million in NPAT the previous financial year. Founder Indy Singh holds about 28% of the company.
The stock has risen 177% since it started trading in February 2015 to Friday's close of $4.20 per share.