Under the terms of the merger, RIAA will become structurally part of the Beacon group of companies but will retain its AFSL and branding.
“The merger is a very positive move for our business and its advisers,” said RIAA managing director Grant Scalmer.
“What it will mean is that our advisers will be part of a much larger network with access to greater resources and an improved range of services.”
Beacon managing director Peter Daly said he welcomes the addition of RIAA, which will bring Beacon’s total adviser numbers to over 200.
“This merger improves the scale of the business and brings with it a depth of industry experience and expertise,” Mr Daly said.
The two licensees have an existing relationship as active members of the Association of Independently Owned Financial Professionals (AIOFP), a lobby group which Mr Daly chairs.
Beacon Financial Group has a range of business interests beyond financial planning including investment consulting, corporate advisory and ventures in the real estate, agriculture and mining and natural resources markets.
