Mr Steve Davis, chief executive officer of Australian Unity Personal Financial Services, said the acquisition strengthens Australian Unity’s commitment to its members, advisers and accountants.
"Yesterday’s acquisition strongly reflects one of our principal business objectives: driving growth in complementary businesses that help improve people’s financial wellbeing," Mr Davis said.
"Estate planning and trustee-type services are increasingly in demand as the population ages. Individuals and their families need protection, support and certainty through what can be an extremely difficult time," he said.
"Our desire is to retain the Flinders operating model and client proposition, but extend the service offering by becoming a licensed traditional trustee company (subject to regulatory approval).
"We acknowledge that the role of a fiduciary can be challenging. However we believe that, as a 175 year old mutual organisation with a mandate to reinvest profits into the development and provision of services that improve the wellbeing of our members, customers and clients, we have an appropriate corporate structure and the requisite experience to operate as a fiduciary and act in our clients’ best interests.
"It is this structure and philosophy that led us to offer a fee-for-service financial advice proposition ten years before the introduction of the FoFA reforms.
"The addition of estate planning and possibly trustee services will make it easier for our advisers and accountants to fully address a complex area that has often been placed in the too hard basket by our industry.
"These services will not only help protect the financial wellbeing of our clients, it will also help advisers protect their relationship with their current clients and increase the opportunity to develop a relationship with the next generation of clients.
"Importantly, true to our values and structure as a mutual organisation, we believe we can make a significant difference to the lives of all Australians and not just high net wealth individuals," Mr Davis explained.