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Australian Mortgage Broker Acquires Wealth Manager

Bernie Lewis Home Loans has paid an undisclosed sum for another Adelaide company KFG Wealth Management, creating a diversified financial services group with 100 staff, more than A$2 billion ($1,720 million) of mortgages under management and about 700 wealth management clients. KFG's 13 staff - including four financial planners – will all join the new group. Bernie Lewis managing director Mark Lewis said the purchase created a "one-stop-shop". He said expanding into general insurance was next on the company's agenda, with acquisitions among the options being considered. KFG managing director Scott Kirkwood, who founded the business in 1988, will become a senior advisor at Bernie Lewis Wealth Management. A chief executive will be announced later. Mr Kirkwood said the wealth services included insurance, superannuation and investment advice, as well as more complex financial planning and wealth creation strategies.