Barrett’s AZ NGA backs another acquisition
The Paul Barrett-led, Italian-backed AZ Next Generation Advisory (AZ NGA) has expanded its footprint, this time via a transaction undertaken by its subsidiary firm, Wise Planners, to acquire the corporate superannuation clients of Principal Edge Financial Services.
The transaction, confirmed this week, follows on from Wise Planners’ purchase of Domane Financial Advisers in August last year and will result in the business reaching $1 billion in funds under advice (FUA).
Wise Planners trades as Lifestyle Financial Services and its chief executive, Gareth Hall said the company believed the corporate superannuation market continued to present great opportunities, despite the impact of regulatory reform on the sector. “Lifestyle is very pleased to be able to grow this side of our business by acquisition and we’re always looking for further opportunities for growth,” he said.
“Our partnership with AZ NGA has allowed us access to capital, and to the know-how to get acquisitions done, quickly,” Hall said.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
