Fiducian buys Melbourne advice business

In a statement to the ASX, Fiducian said it executed an agreement to acquire the Melbourne-based client base, which brings $17 million in funds under advice.

The clients will be managed by existing salaried advisers who work in the respective areas.

Fiducian did not name the business it bought from as a matter of policy, the statement said. 

The latest acquisition continues Fiducian’s strategy to expand its financial planning network. 

“This acquisition adds further scale to our existing salaried presence in Melbourne and also provided ongoing new client opportunity, due to an existing quality referral source within the business being acquired,” said Jai Singh, manager for investment projects.

“The vendor is retiring and sought a credible acquirer who could continue to deliver holistic financial planning advice.”