Australian financial planning/dealer group, Professional Investment Services, has $100 million to spend on an acquisition in the US, chief executive of the group told WealthBriefing. The group, with $14 billion in funds under advice and more than 1,300 advice representatives in Australia, has a broker scouting opportunities in the US, Mr Bennetts confirmed. With an annual revenue of around $200 million the group would be placed 14th in size among independent US broker dealers. Part-owned by insurance group Aviva, PIS is among the top two financial planning groups in Australia in terms of size. “We want a foothold in the US market and we are very much in acquisition mode,” said Mr Bennetts. The PIS model in Australia is based on partnering with accountancy firms and using those relationships to generate referrals for financial planning and insurance business. The company made a foray into the US in 2000 when it registered as a broker dealer, but pulled out of the business soon after the September 11 terrorist attacks on New York in 2001, according to Mr Bennetts. Last year PIS purchased a financial planning business in Calgary, Canada, called Generation Financial Planning. Mr Bennetts said he preferred to acquire an existing group rather than start a new business. The group is planning to raise the capital to fund its expansion plans when it lists on the Australian Stock Exchange later this year.