Publicly-listed vertically integrated financial services group, Fiducian Group Limited has further expanded its planning footprint with another acquisition.
The company announced to the Australian Securities Exchange (ASX) this week that it had entered into an agreement to acquire a further financial planning client base for a total consideration of around $700,000.
The company said the transaction, involving a Melbourne-based business, would be funded by excess cash and would be managed by existing salaried financial planners who currently service the respective areas.
The ASX announcement said the acquisition continued Fiducian’s strategy of expanding its planning network to build scale.
“This acquisition adds further scale to our existing salaried presence in Melbourne and provides ongoing new client opportunity,” Fiducian manager, Investment Projects, Jai Singh said.
He said the vendor of the client base was retiring and had sought a credible acquirer which could continue to deliver holistic financial planning advice.
