Rabo Financial Advisors boosts its mass
The financial planning arm of Rabobank, Rabo Financial Advisors (RFA), has acquired boutique advisory business Mondo Financial, a move that will see its level of funds under advice rise to $500 million.
The transaction will see Mondo Financial now conduct its business under RFA’s Australian Financial Services Licence, having previously operated as an authorised representative of the Lonsdale Financial Group.
In addition, Mondo Financial will be re-branded to trade under the RFA name, however, no change will be made to the services or products previously on offer to its clients.
Rabobank Australia and New Zealand chief executive Bruce Dick said: “This acquisition will help develop the RFA business further in Sydney through additional resources and by leveraging this expanded business off the Rabobank network, which now includes the new online banking and investment service RaboPlus.”
A shared strong service culture and a common focus on servicing high net worth clients were the main drivers of the deal according to Dick.
The purchase continues the recent significant expansion RFA has experienced, including a growth rate of 30 per cent to the business arm in 2005 and 2006.
“Alongside opening a branch in WA with two experienced advisers and adding to the resources of a successful NSW team, we are well on our way to achieving our initial [expansion] goals,” RFA general manager Colin Williams said.
He revealed that RFA intends to maintain its growth momentum through further acquisitions and is currently in discussion with other boutique financial planning practices across Australia as well as in New Zealand.
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