AZ Next Generation Advisory (AZ NGA) has announced the acquisition of RI Newcastle and Lower Hunter in the New South Wales Hunter Region, a move in line with the company’s regional expansion ambitions.
AZ NGA’s chief executive, Paul Barrett, said that the company’s strategy was focused on partnering with small-to-medium-sized accounting and financial advisory businesses in major capital cities and regional corridors.
“With offices in Kotara, Maitland and Lambton, RI Newcastle and Lower Hunter is ideally positioned to continue growing its sizeable client base of retirees, pre-retirees and aspirational families,” he said.
RI Newcastle and Lower Hunter was established in 2001 by Gil Gordon and currently employs 14 staff including five advisers across three locations, with the key speciality areas being retirement planning, estate planning and aged care. The business had approximately $250 million in funds under management (FUM).
According to Gordon, the decision to engage in the partnership was driven by a need to create a succession plan and secure the business’ future.
“Our business has experienced record growth over the past few years. We have a clear value proposition, we know our target client and how to reach them, but the advice industry is experiencing an enormous amount of change and uncertainty so we need a strong, experienced partner to help us drive efficiencies and continue expanding,” he said.