AZ NGA practice acquires client book

21-Feb-2017

By Sarah Kendell

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AZ Next Generation Advisory (AZ NGA) subsidiary firm Wise Planners has made its second acquisition since joining the network, purchasing the corporate superannuation clients of Sydney practice Principal Edge Financial Services.

The acquisition would increase Wise Planners’ funds under advice to over $1 billion and allow the group to tap into a sector of the advice market that had become undervalued, Wise Planners chief executive Gareth Hall said.

“We feel that the corporate superannuation market continues to present great opportunities, despite the impact of regulatory reform on the sector,” Hall said.

“We get to have an impact on so many people’s lives; we love working with employees to achieve better financial outcomes for their employees.”

He said his adviser team at Wise Planners, which trades as Lifestyle Financial Services, had already developed a strong offering around the corporate super space, including education and goals-based financial planning for fund members.

“Lifestyle is very pleased to be able to grow this side of our business by acquisition and we’re always looking for further opportunities for growth,” he said.

“Our partnership with AZ NGA has allowed us access to capital and to the know-how to get acquisitions done quickly.”

The announcement follows the firm’s acquisition of Charter-aligned group Domane Financial Advisors in August last year, with Wise Planners taking on an additional 3000 new clients, many of which were also in the corporate super space.

At the time, AZ NGA chief executive Paul Barrett said the acquisition highlighted Wise Planners’ ambitious plans for expansion, a key reason why the group had joined the AZ NGA network.

“When proprietors enter into arrangements with AZ NGA, it is not only to solve their long-term succession, but to enable growth,” Barrett said.

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