AZ NGA makes Sydney advice firm acquisition

AZ NGA M&A financial advice Sydney

1 August 2023
| By Laura Dew |
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AZ NGA has made its latest acquisition with a stake in Sydney-based financial advice firm Foster Raffan iPlan.

The firm is based in North Sydney and led by Daniel Molesworth and Robert Wood, specialising in retirement planning advice and wealth management.

It came together back in 2021 through the merger of two advisory firms Foster Raffan, led by Wood, and iPlan, led by Molesworth.

Molesworth, who previously worked at Commonwealth Financial Planning before joining iPlan 12 years ago, said the acquisition will “provide access to additional capability and capacity, scale benefits and the opportunity to be part of a large, dynamic community of advisers, accountants and business leaders”. 

He said: “Advice businesses today need more support than ever to continue growing and improving the services they offer to clients. We recognised that, in order to achieve our goals, we needed to get bigger and more efficient so we wanted a partner that could help us drive business improvements, negotiate sharper rates and service level agreements, and invest for the future.”

Paul Barrett, chief executive of AZ NGA, said: “I have known Daniel and Robert independently for many years, and I have been impressed by how they have been able to build their respective businesses and then link up to form Foster Raffan iPlan and really take that business forward.

“We are attracted to businesses and entrepreneurs who are passionate about their clients and have a clear vision for the future. Importantly, Daniel and Robert understand AZ NGA’s mission and purpose to become Australia’s leading professional advisory group and want to be part of it.”

In May, AZ NGA made a strategic partnership with Rose Partners, a Melbourne-based accounting and advisory business with a high-net-worth and healthcare professional client base. 

It also made two deals in February when it acquired a strategic stake in the accounting and advisory firm McLean Delmo Bentleys and SCM Financial Group in Victoria.

Last August 2022, it partnered with national financial advisory group Invest Blue to invest in Philippines-based paraplanning business Virtual Business Partners.

Under the deal, AZ NGA and Invest Blue would acquire a 40 per cent interest in VBP, with the group’s management team increasing their holding to 20 per cent and VBP’s founding shareholders, David Carney and David Deegan, retaining a 40 per cent stake.

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