AZ NGA subsidiary makes another acquisition
AZ Next Generation (AZ NGA) advisory subsidiary, Wise Planners, has acquired the client book of AFM Advisers after AFM owner, Haydon Skudder passed away earlier this year.
AFM has accumulated $284 million of assets under advice over several decades and provides financial planning services, including workplace superannuation services.
The transaction came as a result of Wise Planners chief executive, Gareth Hall, discussing succession solutions with Skudder and with AFM’s previous managing director, Terry Rhodes.
“The partnership with AZ NGA has enabled me to offer flexible succession solutions to a number of firms over the past two years,” Hall said.
“I am able to meet my growth goals while simultaneously solving succession for others and can execute quickly given the AZ NGA skillset.”
Since joining the AZ NGA network in November 2015, Wise Planners has acquired Domane Financial Advisers, the workplace super clients of Principal Edge Financial Services, Northbridge Financial Solutions, Healthy Finances, and now AFM. This acquisition brings Wise Planners total advised funds to $1.8 billion.
AZ NGA CEO, Paul Barrett, said Hall had taken his business from $400 million to $1.8 billion in just under two years.
AZ NGA would complete its 35th transaction this week and has another six planned deals before the end of the year, including two accounting firms.
AUTHOR
Malavika Santhebennur
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