AZ NGA subsidiary makes fifth acquisition

Wise Planners has made its fifth acquisition since joining the AZNGA network

02-Nov-2017

By Sarah Kendell

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AZ Next Generation Advisory (AZ NGA) subsidiary firm Wise Planners has made its fifth acquisition since joining the AZ NGA network, purchasing the client book of Sydney practice AFM Advisers.

Under the purchase, which came about under unfortunate circumstances with practice owner Haydon Skudder passing away in June, Wise Planners will take over $284 million of assets under advice from AFM, which provides a full suite of financial planning services to clients in Sydney’s eastern suburbs.

Commenting on the deal, Wise Planners chief executive Gareth Hall paid tribute to Skudder and his devotion to the financial planning industry over several decades.

“Haydon was passionate about his business, so passionate he worked until he was almost 93 years old,” Hall said.

“It is an honour for me to continue his legacy by working with the AFM team and their clients.”

He added the purchase had been on the cards for some time following succession discussions between him and Skudder with the backing of AZ NGA.

“The partnership with AZ NGA has enabled me to offer flexible succession solutions to a number of firms over the past two years,” he said.

“I am able to meet my growth goals while simultaneously solving succession for others and can execute quickly given the AZ NGA skill set.”

AZ NGA chief executive Paul Barrett added the firm provided a first-class mergers and acquisitions capability in-house that practices in the network could access.

“When firms are dealing with us they know that we have the capital and the execution capability to get deals done,” Barrett said.

“Gareth has taken his business from $400 million to $1.8 billion in just under two years.”

Since being acquired by AZ NGA in 2015, Wise Planners has acquired client books from a number of businesses, including Domane Financial Advisers, Northbridge Financial Solutions and Healthy Finances.

AZ NGA said it would also complete the acquisition of a new firm later this week and had another six deals in the pipeline before the end of the year.

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