TAL has entered into an agreement to sell its financial advice licensee to CountPlus, an integrated accounting and wealth advisory firm.

The life insurer says the decision to sell Affinia Financial Advisers was in the “best interests” of its practices, advisers and their clients.

“Australians need and deserve greater access to affordable financial advice,” TAL said in a statement. “CountPlus is best placed to continue to enable Affinia’s strategy, grow and support Affinia advisers and their clients.”

CountPlus CEO Hugh Humphrey says the acquisition “clearly cements” the business as the leading advisory firm and positions it as a major player in the future of wealth management in Australia.

“The acquisition is terrific news for CountPlus investors and continues to evidence the disciplined execution of our growth strategy. It brings the scale that we have been pursuing in Wealth, and builds on our already stable base,” he said.

“Affinia advisers have a reputation for delivering quality financial advice which makes them a natural fit for our community. They have particular strength in delivering risk advice to clients, an area of growth opportunity for CountPlus.”

Publicly-listed Countplus says in an investor update the $3.373 million deal, when completed, will add more than 100 advisers to its business.

Affinia has 75 practices including financial advisory firms and risk specialists, and on completion CountPlus will have around 400 advisers and $16.835 billion in funds under advice, the update says.

Affinia generated net revenues of $3.029 million in the financial year ending March 31 2022.