Barrett’s AZ NGA signs up seventh planning group

Italian-backed financial planning dealer group play being headed by Paul Barrett, AZ NGA, has added another financial practice bringing the total number of firms now operating under its auspices to seven.

Barrett announced today that the group had signed a binding sale and purchase agreement to acquire 51 per cent of the capital of another former Retire Invest business — this time RI Toowoomba.

The announcement said the agreement included a share swap of 49 per cent of RI Toowoomba's equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.

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The transaction means that AZ NGA now has a presence in Sydney, Brisbane, Adelaide, Melbourne and regional areas of Victoria and Queensland.

The companies to join the group include Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services, Financial Lifestyle Partners, Wise Planners, Harvest Wealth and RI Toowoomba.

Commenting on the latest transaction, Barrett said the company's offer had been well accepted due to its long-term nature, flexibility in approach, and mix of solving succession planning and growth.

AZ NGA was established in November last year as part of Italian independent asset manager, Azimut Group.

Barrett said the firm had spent the first quarter of this year fine tuning its offer to quality financial planning firms with the first agreement closed in May and that, since then, seven deals had been announced across Australia taking AZNGA's combined funds under advice to $1.8 billion in eight months.

The RI Towoomba transaction is expected to be completed in January, next year.




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