Professional Investment Holdings (Canada) Inc. yesterday announced the completion of its acquisition of Generation Financial Corp., a privately held mutual fund distribution company with a network of experienced financial advisors across Western Canada.

Established in 1998, Generation Financial provides administrative, regulatory oversight and professional development support to a network of successful financial advisors serving clients in Manitoba, Saskatchewan, Alberta, British Columbia and the North West Territories.

Based in Calgary, Generation Financial employs seven people and services 105 advisors who manage assets of close to $900 million for 16,000 clients. Generation Financial was one of the fastest growing independent mutual fund dealers in Canada.

Generation Financial has a solid base of experienced financial advisors in Western Canada that will allow Professional Investment Holdings to enter the Canadian marketplace with a solid foundation. Going forward, they plan to invest in staffing and technology infrastructure in order to support future growth.

“I am excited about our new association with Professional Investment Services,” said Ken Parker, President of Generation Financial, in a news release. “We will benefit from their experience and international strength, and I am looking forward to bringing their innovative business model to Canada.”

Professional Investment Holdings Group was founded in 1996 with its Australian based flagship company, Professional Investment Services – a financial services company based in the Gold Coast Australia.

The company has grown since its inception 10 years ago to become the largest financial planning company in Australia. It currently has offices in Australia, Hong Kong, Singapore, Malaysia and New Zealand and is associated with over 1,500 advisors and 1,000 accounting practices while employing 200 staff and serving over 600,000 clients.

“Professional Investment Services has been providing financial planning advice in Australia through its network of independent advisors for over 10 years. Our unique business model and commitment to advisors and their relationships with centers of influence is second to none. We have been selectively expanding into international markets and are very excited about establishing operations in Canada,” said Robbie Bennetts, CEO, Professional Investment Holdings Group.

“Professional Investment Services has developed a proprietary and proven business/distribution model that we will introduce to the Canadian marketplace. The model is focused on developing and growing advisors’ practices through strategic alliances with centers of influence. We also plan to deliver an ownership model that recognizes the advisor as a true partner in our growth plans,” said Ken Rousselle, President and CEO of Professional Investment Holdings (Canada) Inc.