PIS to acquire Bongiorno Financial Advisers
The nation’s largest financial planning dealer group, Professional Investment Services (PIS), has entered an agreement to purchase the external advisory business of Bongiorno Financial Advisers.
PIS is currently undertaking the due diligence process in order to finalise the deal, which is expected to add around $900 million to the dealer group’s total funds under administration.
The acquisition will also see approximately 50 additional financial advisers located in New South Wales, Victoria, Queensland and South Australia, operating under the PIS banner.
“We are very excited about the prospect. Synergies exist between the two organisations which we believe will have a significant impact and add further value to the Professional Investment Services group of companies,” PIS managing director Grahame Evans said.
The acquisition process began around November last year and was initiated by the principals of Bongiorno.
“People knew they were on the lookout [for a purchaser] but when the guys put this forward we were surprised,” Evans revealed.
According to him, Bongiorno principals Tony and Joe Bongiorno wanted to find a good home for the advisory business that would allow them to concentrate on servicing their existing high-net-worth clients.
Bongiorno Financial Advisers managing director Tony Bongiorno said: “Our relationship with Professional Investment Services has been long standing and the future direction of PIS is strongly aligned with our external advisers.
“To maintain a level of superior service to external advisers it is obvious that it requires economies of scale and this is an excellent and exciting opportunity for our external advisers to be part of a major growth story in the Australian financial services market,” he added.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
