Global insurance platform takes majority stake in Aussie advice group
Financial advice group Wealth Architects has seen a global insurance platform acquire a majority shareholding, the latest in overseas interest in Australian financial advice.
The firm, which is led by managing director Callum Mitchener, will use the new shareholder to accelerate its national expansion.
Envest Group, part of global independent insurance distribution group Ardonagh Group, has acquired a majority shareholding in the Queensland-based firm. Envest is the largest privately owned insurance distribution group in Australia.
The transaction will give Wealth Architects access to Envest’s broader financial services distribution network, expand the company’s specialist risk advisory division, and provide future growth capital for M&A.
Mitchener said: “This deal also gives us significant runway to expand the Wealth Architect business to meet rising consumer demand for trusted financial advice, grow our footprint to serve clients nationally, and enhance our specialist risk capabilities. Growth capital also provides us the opportunity to welcome other like-minded firms and advisers into the Wealth Architects Group, to share in our success.
“As part of the transaction, we purchased PSC Life from Envest, and will merge this highly complementary business into Wealth Architects.”
Wealth Architects has been very active on the financial advice M&A front, with 14 acquisitions since 2018, including several in regional Australia. It expects to integrate PSC Life into the Wealth Architects business by the end of the year.
Leigh Quade, former principal of PSC Life, said: “After a challenging period in recent years, the financial advice sector is now benefiting from a number of tailwinds including positive regulatory sentiment and greater demand for quality advice.
“In this context, greater scale brings strength, efficiency and more rapid growth opportunity. Joining Wealth Architects brings these benefits for our staff and, ultimately, our clients.”
The expanding team at Wealth Architects will continue to be led by Mitchener, while principals Kim Siauw, Luke Considine, Quade, and Jay Brown will join the executive team.
AUTHOR
Laura Dew
Recommended for you
As advisers risk losing two-thirds of FUA during the $3.5 trillion wealth transfer, two co-founders underscore why fostering trust with the next generation is vital to retaining intergenerational wealth.
As advisers seek greater insights into FSCP determinations, what are the various options considered by the panel and can a decision be appealed?
Amid the current financial adviser shortage, advice firm Link Wealth is looking to expand its financial literacy program for high school students across the country.
TAL Risk Academy has updated its range of ethics courses to help financial advisers meet their CPD requirements following adviser feedback, including interpreting FSCP determinations.
