Acquisition boosts Wealthtrac FUA
Platform provider, Wealthtrac, has boosted its funds under advice (FUA) to $1.4 billion with the acquisition of Superior Wealth Management Solution's (SWM's) service level agreement with Oasis.
Wealthtrac chief executive, Matthew Johnson, said the move significantly increased its penetration of the independent financial advice (IFA) sector, delivering economies of scale.
"SWM has a similar culture and operating model to Wealthtrac and I am very confident the business will be an excellent fit," he said.
"Both businesses have a foundation relationship with ANZ Wealth's Oasis Funds Management as a major service provider.
"There are a number of synergies in putting the two businesses together and we look forward to continuing to work with the IFA community to provide quality products and superior service solutions for their clients."
AUTHOR
Nicholas O'Donoghue
Recommended for you
ASIC has banned a former AFSL director after he failed to adequately address fees-for-no-service conduct by one of his firm’s representatives.
The Financial Advice Association Australia has appointed two new board members following two weeks of voting, as well as one re-elected member.
Advice licensee Bombora has introduced a board of six financial advisers from its national network to ensure industry voices are heard collectively on future decisions.
Technology firm Iress and investment manager Challenger have formed a strategic partnership to launch an adviser solution to better serve their retiring clients.
