Wealthwise acquires Complete Financial Solutions
AZ NGA-backed Wealthwise has ramped up its expansion with the acquisition of Complete Financial Solutions, a boutique financial advice practice.
The acquisition is the 10th deal for Wealthwise in as many years and followed a period of consolidation and transformation for the Western Australian advisory firm.
Wealthwise founder and financial adviser, Jamie Luxton, said the acquisition of Complete Financial Solutions would deliver capability and scale, and would see the group expand to 11 financial advisers across four locations in Western Australia.
Luxton said: “There are a lot of synergies between both businesses, in terms of client demographics and platforms. Both businesses have also been going through a re-pricing project that will add considerable value to the joint entity”.
“This deal will deliver cost savings and other scale benefits while increasing our capacity to help new and existing clients. In light of current demand and supply dynamics, this is critically important. Already the impact of falling adviser numbers can be seen here, which is unfortunate but creates opportunities for strong, well-resourced businesses like ours.”
Luxton said the group had no immediate plans to acquire additional businesses although it would consider deals on an opportunistic basis, particularly those that could provide greater exposure to the millennial market.
“We are increasingly focused on reaching young people through social media because they need quality advice too and we also recognise that many of our clients are getting older,” he said.
Backed by professional services utility AZ NGA, Luxton said Wealthwise had the capital and resources of a strong, experienced business partner on hand, putting it in a unique position at a time when many advisers were preparing to exit the industry.
AZ NGA chief executive Paul Barrett said a key part of AZ NGA’s offer included debt and equity funding to support businesses to grow and achieve their objectives.
“Many advisers are looking to get out right now but many of the businesses in our network are looking for ways to get deeper in,” Barrett said.
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