Fiducian acquires credit union’s $1.1bn financial planning business

Fiducian Financial Services (FFS) was revealed as the successful bidder to the PCCU’s $1.1 billion business – which provides advice to over 390,000 members - on Wednesday (3 November).

The acquisition sees Fiducian’s funds under advice in FFS by $1.1 billion to $5 billion, with total funds under management, administration and advice expected to increase from $11.2 billion to $12.3 billion post-acquisition.

Fiducian will make the purchase through $12.6 million from internal cash resources, with 70 per cent to be paid upfront and the rest after 12 months.

Fiducian Group executive chairman Indy Singh said the group is delighted to be selected by the PCCU.

“Our vision as an organisation is to make positive changes to the lives of our clients and our staff,” Mr Singh said.

“This is a very exciting step for our group and we have the expertise and experience to ensure it will be a success for everyone involved.”

More than 50 People’s Choice financial advisers and support staff will join the Fiducian team, bringing its national adviser network to 92.

PCCU chief executive Steve Laidlaw added: “With financial planning becoming increasingly complex and specialised, we recognise that over the long term our financial planning members will be best served by Fiducian’s dedicated resources and focus on meeting members’ evolving financial advice needs.”

The news comes after FFS assisted one of its financial planners with an established franchised office in regional NSW with the acquisition of clients totalling $38 million in funds under advice.

FFS executive chairman Robby Southall said the new acquisition will significantly increase the group’s footprint in South Australia and the Northern Territory and that the company looks forward to support its new staff to enable them to provide quality advice.

“We look forward to working with those selected as Fiducian authorised financial planners and staff and are confident of a seamless transition into the Fiducian family culture where client needs come first,” he said.

The full transfer is expected to be completed in February 2022.

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.