Aviva has acquired a 25 per cent claim in Queensland financial planning firm Infocus Wealth Management.
The Maroochydore-based advisory business has $1.2 billion in funds under administration and 30 offices nationwide.
"Rather than buying 100 per cent, and that's assuming that these groups would want to sell, they can see more upside in their business by (Aviva) acquiring an equity stake," Aviva chief executive Allan Griffiths said.
If the company was entirely owned by Aviva, planners would be tied to selling its products exclusively, which would be undesirable to advisers who value choice, Griffiths added.
"We see ourselves as a manufacturer and Infocus Wealth Management's experience lies in distribution. We can bring our corporate expertise to the business to help them grow more value," Griffiths said.
Welcoming the partnership, Infocus Wealth Management founding managing director Darren Steinhardt said both parties would use each other's strengths and resources to build business.
Aviva has similar stakes in Financial Technology Securities and Professional Investment Services.
Aviva Australia is comprised of Navigator and Norwich Union Life Australia. Portfolio Partners is its wealth management arm. It provides wealth services and wealth protection for more than 300,000 Australians.
