ipac securities-owned financial planning practice TFS Financial Planning, which has operated in Cairns since 1992, has acquired practices in Atherton and Townsville in northern Queensland.
The acquisitions add three financial advisers and $122 million in funds under management (FUM) to the TFS Financial Planning business, bringing its totals to eight advisers (and total of 23 staff) and $390 million in FUM.
Townsville business Financially Yours had two financial advisers and $86 million in FUM, and Atherton business Magnitude Financial Planning brought $36 million in FUM and principal Don Sheppard.
TFS Financial Planning's financial planning team manager, Sean Ryan, said the growth provided new opportunities for staff and enabled the business to help more people by having a greater presence in North Queensland.
"In today's tough business climate our financial strength is an advantage," he said.
The new businesses have experienced financial advisers and dedicated support staff and will continue to be managed locally from their respective offices with the same team delivering to clients, Ryan said.
"With a large-scale backer we are well placed to enhance our services to clients and take advantage of opportunities to grow the business as they emerge," he said.
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