AWAG targets 100 ARs with latest investment
The Australian Wealth Advisors Group (AWAG) has made a 20 per cent strategic investment in First Mutual Australia.
First Mutual Australia is a financial services group focused on providing AFSL and licensing services, as well as practice solutions to its authorised representatives and financial planning businesses.
AWAG will take a 20 per cent stake, funded on a cash basis, and the remainder will be held by its founding directors and shareholders.
Founded in 2021, AWAG is made up of a senior team of experienced financial planning professionals, including executive chairman Lee IaFrate, founder of Prime Financial Group and Easton Investments; and Mark Stephen, former chief executive of Lonsdale Financial Group.
AWAG currently has 40 authorised representatives across two AFSLs and is targeting growing this to 80–100 by 30 June 2026.
This is expected to come from another 3–4 boutique licensees, and the AWAG board is already conducting due diligence on other potential investments.
In an ASX statement, AWAG described how it is keen to build a platform consisting of a “house of brands” in the advice industry.
This is already on track with multiple deals having been conducted since it listed on the ASX in February 2024.
In August, AWAG entered into a joint venture to launch a new wealth management services firm, OneLedger Wealth. AWAG completed an equity partnership scheme (EPS) with OneLedger Group in May, through which AWAG acquired 20 per cent of the practice and will receive revenue royalty of up to 5 per cent of practice earnings.
However, the new venture investment is standalone from its previous dealings with OneLedger and will operate as a 50 per cent owned joint venture, subsequently participating at the profit line, with AWAG stating it considers this initiative well suited to a 50–50 JV structure.
Looking back at May, the group also announced a material investment into B2B Invest, which was subsequently rebranded as AWAG Portfolio Services (APS).
The firm specialises in delivering tailored investment to independent financial advisers to enable efficient implementation and management of direct and unlisted investment portfolios. APS also provided comprehensive measurement and reporting capabilities to meet advisers’ ongoing portfolio management needs.
AUTHOR
Laura Dew
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