Australian Unity to acquire Flinders
Australian Unity Personal Financial Services is set to acquire estate planning and administration specialist Flinders Australia on 1 July.
The acquisition aims to give Australian Unity a broader platform of in-demand services for their clients and members as well as the clients of their financial advisers and accountants.
Commenting on the acquisition, Flinders' chairman, Adam Levine, said the agreement would help Flinders achieve its full potential.
"This acquisition will give Flinders the wherewithal to realise our growth vision for the business through seeking to become a licensed traditional trustee company and developing a broader service offering that will assist the clients of Australian Unity and their referral networks," he said.
Australian Unity's chief executive, Steve Davis, said their desire is to retain Flinders' operating model and client proposition, but extend the service offering by becoming a licensed traditional trustee company — this is subject to regulatory approval.
"We have been searching for a solution in the estate planning and trustee-type services space for some time because these services are increasingly in demand as the population ages. Individuals and their families need protection, support, and certainty through what can be an extremely difficult time," Davis said.
"In particular, we are focused on helping middle Australia, rather than just chasing high net worth clients."
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
