Big Sky Financial Solutions (BSFS), which is 51 per cent owned by Big Sky Credit Union and 49 per cent owned by Snowball subsidiary Outlook Financial Solutions, has acquired Perth-based financial planning firm Westwide Financial Services.
Westwide has more than $50 million in funds under advice and specialises in self-managed super funds (SMSFs), financial advice and risk insurance, according to Snowball.
Westwide’s corporate super business is not being acquired by BSFS but will continue to operate under the Outlook Australian Financial Services Licence.
Snowball’s share of the acquisition was funded through existing debt facilities and is not expected to have a significant impact on Snowball’s earning’s in the short term, the company said.
Westwide was a particularly desirable acquisition due to its location, with many of BSFS’ staff and facilities based in Western Australia, according to Snowball managing director Tony McDonald.
“We were very keen to find someone who ‘fit the family photo’ in terms of sharing our belief in servicing through a community such as Big Sky while also maintaining their focus on the high-net-worth [clients],” McDonald said.
Westwide was a good fit for the BSFS business model in terms of its size, scale and client base, McDonald said.
