Having surpassed its target this week by doubling its authorised representatives, the Australian Wealth Advisors Group (AWAG) is eyeing 150 ARs by the end of the financial year.
Earlier this week, the listed group announced it had completed two strategic investments which doubled its number of ARs from 40 to 80. This was achieved with the investment in Avalon Financial Services in Sydney and SWR Chartered Accountants.
Speaking to Money Management, AWAG executive chairman Lee Iafrate, said this means the firm has already surpassed its targets. It had previously detailed how it sought to have 80 ARs on its book by June 2026 but has already reached this number.
Instead, AWAG has upped this to 150 by June 2026 as it is already understood to be in discussions with two other groups who could bring on a further 60 ARs.
He said: “There will be a lot more industry consolidation next year and the best way to do that is via quick, sharp acquisitions.
“Financial services is consolidating and AWAG is sitting at the front and centre of that rationalisation.”
Although he described them as being ‘quick and sharp’, Iafrate said there are around a dozen deals which AWAG had not progressed or which it had rejected after a period of due diligence.
“We had to kiss a lot of frogs to get those deals, there are always some which don’t come to fruition and that takes up time.”
Commenting on whether he would consider corporate interest, he said: “We are absolutely open to that, we have to consider the interests of everyone and it is on our agenda.
“If we keep growing the way we are then I can see corporate interest or a foreign investor coming to us to utilise and expand that.”
Recent corporate interest in financial advice has included TA Associates investing in Viridian Financial Group, CC Capital entering a scheme implementation deed to acquire Insignia Financial and Oaktree Capital backing AZ NGA.
Meanwhile, WT Financial entered into a 50/50 joint venture deal with Merchant Wealth Partners, this is a New York-based capital partner that provides growth capital, management resources, strategic advice, and opportunities to advice and wealth management firms globally. The firm has partnered with 101 companies in six countries and collectively manages over $290 billion in assets.
