PictureWealth acquires Neo Financial Services
Wealth fintech PictureWealth Holdings has acquired financial services licensee Neo Financial Services (NFS), for an undisclosed sum.
NFS would become a wholly-owned subsidiary of PictureWealth, and Mark Edman, NFS managing director, would take on the group chief operating officer role.
Neal Cross, PictureWealth co-founder and chair, said Edman was a “world-class talent” who would digitally transform the entire industry, one financial planning business at a time.
“We have built an engine of innovation that enables us to rapidly onboard new financial advisers, optimise how they run their business and give customers a best in class digital platform while at the same time helping them reduce their product related fees,” Cross said.
David Pettit, the other co-founder and group chief executive, said they found the leadership team at NFS shared their outlook on the future of financial advice and wanted to align to take the companies forward together.
“That’s why we felt acquiring NFS with its robust compliance protocols was the way forward so that we could offer advisers and their clients a new home amidst very turbulent market conditions,” Pettit said.
Edman said the acquisition allowed a unified and streamlined approach to provide consumers an accessible personalised service.
“The use of this fintech will assist in lifting the financial barrier man consumer may experience as the industry evolves,” Edman said.
AUTHOR
Chris Dastoor
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
