Fiducian buys MyState’s financial planning business

Fiducian has announced the acquisition of MyState’s retail financial planning business in Tasmania for $3.5 million.

The transaction, which is expected to be completed by 30 June, would see the addition of a client book for financial planning clients with more than $340 million in funds under advice.

Fiducian, which has currently more than $2.7 billion funds under advice across 40 offices nationally, said that the announcement was a continuation of its ongoing expansion strategy.

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The group also said in the statement issued to the Australian Securities Exchange (ASX) that the transaction would see both parties entering into an ongoing referral arrangement that would involve referrals for financial planning from MyState to Fiducian and home mortgage lending and trustee services from Fiducian to MyState.

“We are excited to consolidate our presence in Tasmania with this acquisition and to work with MyState to ensure that our clients continue to have access to quality financial planning services and as well, have the benefit of trustee and home lending services from MyState,” Fiducian’s head of business and distribution, Jai Singh, said.




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