DKN looks to further spread its wings by an acquisition of the Lonsdale financial planning group.
DKN Financial Group is in talks to acquire financial planning group Lonsdale Financial Group (Lonsdale) and portfolio administration service Wrap Account Limited (WAL).
Zurich Financial Services is the majority stakeholder in Lonsdale and wholly owns WAL.
The talks, which also include the possibility of the offering of Zurich products across the DKN networks, were confirmed by spokespeople for both groups.
Both emphasised that discussions were incomplete, that no binding arrangements had been entered into and there was currently no time frame for any potential deal.
Zurich recently finalised the sale of its stakes in corporate superannuation businesses, i.super and Finium, to Australian Wealth Management.
The announcement comes only a day after DKN advised it has taken 25 per cent stake in Melbourne-based financial planning company, MW Planning.
This is the fifth equity partnership undertaken by DKN since May 2005 and it's first in Melbourne.
"It fits nicely with our strategy of looking to do two minority stake-holding deals a year, totalling 15 in a period of years," DKN chief executive Phil Butterworth said.
MW Planning has funds under advice of $150 million and in-force risk premiums of $2 million.
According to the latest IFA Dealer Group Survey, Lonsdale has 231 planners and $8.2 billion in funds under management.
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