Bridges has bought the financial planning arm of three Sydney-based credit unions for an undisclosed sum.
CU Financial Advisory Services (CUFAS) was owned by the Sydney, Encompass and Select Credit Unions and has three planners.
The practice has $130 million of funds under advice and Bridges will gain access to about 100,000 members.
Bridges chief executive officer Alex Hutchison said the dealer group has a long association with credit unions and this purchase was achieved against healthy competition from others wanting to acquire the practice.
“This once again highlights our position as the partner of choice for Australian non-bank financial institutions, particularly credit unions,” he said.
“This acquisition gives the clients of CUFAS access to not only financial planning advice and stockbroking via Bridges, but also estate planning.”
CUFAS chairman Brian Bennett said the practice was already familiar with Bridges through the dealer group’s involvement with other cedit unions.
“We know our members, like many thousands of mutual members around the country who already use Bridges, will benefit from the high level of service and increased investment opportunities,” he said.
