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Bridges Financial Services Group has secured a $3 million partnership deal with Bendigo Bank in acquiring servicing rights to Bendigo’s financial planning clients.

The referral arrangement will have Bridges providing advice to present and future Bendigo financial planning clients.

Additionally, Bendigo financial planning advisers have added roughly $1 billion of funds to the division.

Bridges Financial Services CEO Nathan Santon says partnering with client-focused organisations can make positive impacts on communities.

“Bridges’ history of partnering with client-focused financial institutions for more than 30 years, means clients can be confident they will continue to receive quality financial advice from a trusted partner,” he said.

Bridges parent company, IOOF Financial Holdings, rose 2 per cent in the ASX today.

IOOF CEO Renato Mota says the deal shows the company’s performance continuing appeal to advise groups seeking advice-led wealth managers.

“It is testament to our focus on our long-term vision and making advice more accessible to all Australians and we are pleased to deepen our partnership with an iconic community-centric organisation” he said.

The deal transaction will be completed by July 31 this year, pending customer satisfaction precedents.

Please see the announcement attached

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