Viridian secures boutique firm to leverage video SOA capabilities

Viridian Financial Group has announced the acquisition of Queensland-based boutique financial planning firm Enlightened Financial Solutions (EFS).

EFS, which works with pre-retirees and retirees with complex finances, has notably adopted a video statement of advice (SOA) model, which Viridian said it plans on leveraging across its group.

Raamy Shahien, Viridian joint chief executive, said its acquisition of EFS aligns with its strategy to join forces with the “industry’s best advisers and advice firms”.

He also reiterated that EFS would continue to operate under its own brand.

“EFS is a fast-growing financial planning business with an innovative advice model and a culture that is closely aligned with Viridian’s,” Mr Shahien explained.

“We are particularly impressed by the innovations the EFS team has made with their digital SOAs and believe this closely aligns with our own aspirations.”

Viridian, Mr Shahien added, has long believed in the important role technology plays in making the advice process more efficient and affordable.

“Viridian’s commitment to ongoing investment in technology, specialist capabilities, and a focus on championing advice, will be highly attractive to many Australian advice firms looking for a partner to help grow their business and improve efficiency for clients.”

In addition to EFS being one of the first businesses in Australia to implement the use of video SOAs, the boutique firm also moved to a fee-for-service model over 10 years ago.

Commenting on the acquisition, EFS founder and chief executive, James Wortley, said the firm is thrilled to be joining the Viridian Financial Group “family”.

Mr Wortley added that the acquisition would allow EFS to continue to pursue its business growth strategy and access cyber security technology to build on its digital advice engagement with clients.

“As a firm, we are known for providing clear and trusted advice and I am extremely proud of the role our firm has played in supporting the financial needs of our clients,” Mr Wortley said.

According to Wealth Data, Viridian was among 22 licensee owners that lost an adviser in the week ending 2 March.

However, the year-to-date growth is still in the positive, with a net growth of 41 advisers, indicating that the adviser market has stabilised for the first time in many years.