SYDNEY: Fiducian Group Limited and MyState Limited have entered into a sale and purchase agreement for the acquisition of MyState’s retail financial planning business. Under the agreement, Fiducian will pay approximately $3.5 million to acquire a client book for financial planning clients with more than $340 million in funds under advice. [the_ad id=”31605″]The acquisition is expected to be EPS accretive for Fiducian and is planned to complete by 30 June 2019. Fiducian is a leading ASX listed financial services company with a national presence with more than $2.7 billion funds under advice and 40 offices nationally.

Fiducian has already completed acquisitions of financial planning clients with more than $219 million in funds under advice during this financial year. This announcement is a continuation of an ongoing strategy to expand its quality financial planning network for those who can benefit from Fiducian’s holistic financial planning process.

The transaction will also see Fiducian and MyState entering into an ongoing referral arrangement that will involve ongoing referrals for financial planning from MyState to Fiducian and Home Mortgage Lending and Trustee services from Fiducian to MyState.

Fiducian Group Head of Business Development & Distribution Jai Singh, said: “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”.

“As part of the acquisition, we are also looking forward to welcoming financial planners and support staff into the Fiducian family, so where possible, there is a continuity of service to clients.”