Australian Unity has entered into an agreement to acquire the business of Bridgeport Financial Services, a subsidiary of Netwealth Group Limited.
Established in 1999, Bridgeport currently has nine advisers and circa $550 million in funds under advice.
In September last year Netwealth said it would sell its financial advice subsidiaries to focus on its platform and managed account solutions.
Australian Unity’s Chief Executive Officer - Wealth & Capital Markets, David Bryant, said the first priority is to continue to work with the team at Netwealth to ensure a smooth transition for clients and staff to Australian Unity. “Building our advice capability and footprint remains a key objective for Australian Unity and is directly in line with our ambition to deliver more for our customers.
“Growing our advice network will make it easier for people to access quality and trusted advice and is a tangible way we can help our clients and members thrive.
“Demand for quality and trusted financial advice is only going to increase in Australia and we are augmenting our advice business in response to growing demand.
“Netwealth is already a key partner of Australian Unity, they deliver a great service to our clients, have worked with us to establish our own managed accounts and this transaction will further enhance our working relationship with them,” Mr Bryant said.
Joint Managing Director of Netwealth, Michael Heine, said: “While we want to sharpen the focus of our business on delivering exceptional platform, managed account and other fin-tech services, it was fundamental to any transaction that our clients and staff in Bridgeport would be well cared for.
“It was important that the eventual buyer had the right focus on caring for clients and a strong and trusted position in the market, and we believe we have found such a partner with Australian Unity.”
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About Australian Unity’s Wealth & Capital Markets business
Australian Unity’s Wealth & Capital Markets business provides customer-centred wealth solutions that support peace of mind, financial security and help people navigate confidently through life’s stages. It includes Australian Unity’s financial planning, investments, life & superannuation, trustee services and property capabilities.
About Australian Unity
Australian Unity is a national health, wealth and living mutual company providing services to almost one million Australians, including around 280,000 members. Australian Unity’s history as a trusted mutual organisation dates back to 1840. It has grown organically—by continually evolving to provide the services and products needed by the communities it serves—as well as through successful strategic mergers and diversification in to new business activities.
Netwealth was created with an entrepreneurial spirit to challenge the conventions of Australia’s financial services. Netwealth is a technology company, a superannuation fund, an administration business and exists to inspire people to see wealth differently and discover a brighter future.
Founded in 1999, Netwealth is one of the fastest growing wealth management businesses in Australia, rated No.1 by customers for providing exceptional customer service and analysts continually rate its technology as best in class.