TFS Financial Planning, the North-Queensland based advisory subsidiary of ipac Securities, has expanded its local network with the acquisition of two financial planning firms.

Financially Yours and Magnitude Financial Planning have A$86 million ($91.7 million) and A$36 million ($38.4 million) in funds under advice, respectively, and are located in Townsville and Atherton. There will be no change to the firms' staff line-up and both will still be managed from their respective offices. The acquisition effectively adds three advisors to the TFS team, bringing its total advisor count to eight and staff to 23. 

TFS Financial Planning has A$390 million in funds under advice and is 100 per cent owned by national financial planner ipac Securities, a wholly-owned subsidiary of the AMP Group. Late last year, former ipac parent AXA, the French insurer, announced plans to exit its ipac Hong Kong and Singapore businesses in the first half of 2012, leaving Australia and Taiwan open. AXA turned over the ownership of ipac to AMP in 2011.