Fiducian picks up SA’s PCCU advice business

Vertically integrated and publicly-listed financial services group Fiducian has expanded its financial planning footprint by acquiring the People’s Choice Credit Union financial planning business.
Fiducian announced to the Australian Securities Exchange (ASX) that it had been successful bidder for the PCCU business with the acquisition being a continuation of its strategy to expands its quality financial planning network throughout South Australia.
It said the transaction would lift Fiducian’s funds under advice (FUA) BY $1.1 BILLION TO $5 billion with total FUMAA currently standing at $11.2 billion.
Fiducian said it would be paying $12.6 million from internal cash resources with 70% being upfront and the rest after 12 months for a recurring revenue of $7.6 million. Another one off payment of up to $600,000 would be made subject to an additional $2 million being received in the first year as up front and/or ad hoc advice revenue.
Commenting on the transaction, Fiducian Group executive chairman, Indy Singh said it was an exciting step for the group which had the expertise and experience to ensure it would be a success for everyone involved.
So in other words, almost 80% of the surveyed clients have no thoughts of replacing their adviser. This is a…
Deliberate adviser blocking tactics by union super funds. Some are OK, such as ART and and Aware. But Australian Super…
Of course the SMC supports ASIC’s IDR naming and shaming proposal—this is entirely in line with its broader strategic playbook.…
Has anyone noticed that most platforms try to classify complaints as feedback instead of complaints nowadays? Even when you stipulate…
No this would be analogous with Industry Funds being named and shamed for individual breaches and incidents in IDRs and…