Financial planning firm, PSK Private Wealth, has acquired Perth advice business Sage Financial Group.
Sage was founded in 1989 by Peter Tucker and John O’Neill and has 20 staff and advisers, while PSK was founded in 1969 and manages over $9 billion across 14 locations nationwide.
The deal will be its first office in Western Australia, having already set up offices in NSW, Queensland, Victoria and South Australia with over 70 financial advisers.
As part of the acquisition, the whole Sage team will join PSK and it will also assist with the retirement and succession of Tucker.
Tucker said: “We have known a number of the people at PSK for a very long time and we know we have found a very good home for our staff and our clients. We’re delighted our whole team will come across and join the PSK group – this itself will open a wide range of new opportunities for them.
“We know being able to tap into the PSK systems and structure will mean we are better placed with the management of our practice and clients.”
PSK managing director Paul Aspros said: “We feel privileged that a firm like Sage has decided to partner with PSK to assist with their (and our) growth. We’re very fortunate to have a firm like Sage as the foundation firm for our initial expansion into Perth.
“Partnering with advisers to assist them removes many of the obstacles in running a practice. To give them the best support available to deliver services to clients is a key part of our offer.”
Earlier this year, AZ Next Generation Advisory acquired a stake in Perth firm The Wealth Designers which was founded by Troy MacMillan and has $1 billion in assets under management.
In November 2022, boutique advisory and investment firm Giles Wade opened its first office in Perth which would service high-net-worth individuals in Western Australia who were previously served by its Melbourne office.
