To expand the business in partnership with existing Rabobank branches throughout Australia

Hillross Financial Services (Hillross), a wealth management firm which is wholly owned by AMP, has agreed to acquire Rabo Financial Advisors, the financial planning arm of Rabobank Australia & New Zealand.

As part of the transaction, Hillross and Rabobank have also entered into an ongoing alliance where Hillross will be the exclusive provider of financial planning advice to Rabobank’s clients, through a referral agreement between the two companies.

Moreover, the Rabo Financial Advisors business will be incorporated into Hillross’ operations and transition to the Hillross brand in the foreseeable future.

John McMurdo, managing director of Hillross, said: “Hillross is delivering on its strategy to broaden its adviser footprint through the acquisition of Rabo Financial Advisors. Hillross will explore the opportunity to grow the Rabo Financial Advisors business throughout Australia, in partnership with existing Rabobank branches and where their clients have a need for financial planning advice.

“We look forward to the Rabo Financial Advisors team joining the Hillross network and delivering their clients wealth creation strategies, expertise and access to a greater range of products and services.”

Neil Dobbin, group executive of country banking at Rabobank Australia & New Zealand, said: “The acquisition and ongoing referral agreement will allow a seamless continuation of service to Rabo Financial Advisors clients. It will also allow Rabobank to provide additional financial planning services, expertise and a greater range of products to our clients through Hillross.”

Rabo Financial Advisors has around 2,000 clients and employs 40 staff with operations in New South Wales, Queensland and Western Australia.