Bendigo Wealth, the wealth management division of Bendigo and Adelaide Bank, has acquired Melbourne-based boutique financial planning firm AIM Financial Services for an undisclosed sum.

Under the terms of the deal, all of AIM's 1600 customers will be serviced under Bendigo Financial Planning effective immediately, with the full transition expected to be completed over the coming months. The acquisition supports the current expansion drive of Bendigo, which has 1.4 million retail customers across Australia. 

Bendigo Wealth is the umbrella division for Bendigo and Adelaide Bank's cash, margin lending, managed funds and superannuation businesses: Adelaide Bank, Leveraged Equities, Sandhurst Trustees and Trinity3. The unit was created in April this year as part of a realignment effort for its wealth management offerings.