AZ NGA eyes stake in Perth-based firm

AZ Next Generation Advisory (AZ NGA) has announced plans to acquire a stake in Perth-based financial advice business The Wealth Designers (TWD).

According to the professional services group, this will mark its 130th transaction, with 20 of those hailing from Western Australia.

TWD was founded by Troy MacMillan in 2009 and now boasts around $1 billion in funds under advice and 47 employees, including 10 advisers, spread across locations in Perth and Sydney.

The firm – whose clients include professionals, business owners, farmers and wealthy families – specialises in values-based advice, wealth management, and UK pension transfers.

Commenting on the transaction, Mr MacMillan said the time was right to introduce a strategic partner to the business.

“We had grown to a certain size, mainly organically, but we recognised that, in order to achieve our goals, we needed additional firepower,” Mr MacMillan explained.

“AZ NGA brings that firepower. We want to have a boutique office in every Australian capital city disseminating our unique style of values-based advice and we are ready to start ramping things up.

“We have always had a different approach to financial advice and we are proud of that difference. We want to make it available to as many people as possible.”

Paul Barrett, AZ NGA chief executive officer, added that the deal will increase TWD’s capacity for a national expansion, in addition to strengthening its current presence in Western Australia.

“Troy and TWD are established and highly respected not only in Western Australia but across Australia, and we are extremely excited to attract and partner with a business of this calibre,” Mr Barrett continued.

“There is a lot of alignment between AZ NGA and TWD in terms of our thinking, values, and culture. TWD is very much focused on growth. The business has the right people, structure, and systems in place to achieve its growth ambitions and mission to help more Australians achieve their financial goals.”

“We are bolstering our presence in WA by acquiring the capability and capacity to deliver specialised advice to more people.”

The news of the planned transaction comes after TWD, last month, announced the appointment of Patrick Canion, a financial adviser and former owner and chief executive officer of ipac Western Australia, in a move that signals the firm’s expansion to multiple European countries.

“Patrick is based in Geneva and will not only represent The Wealth Designers in Switzerland, the EU, and the UK, but will be able to offer our sophisticated investors with business interests and investments here ‘on-the-ground’ expert guidance from the heart of Switzerland,” Mr Macmillan said at the time.

Mr Canion also took to his LinkedIn page to celebrate the appointment.

“Our new alliance will see me representing The Wealth Designers in Switzerland, the EU and the UK, servicing HNW [high-net-worth] clients with specialised interests here and in Australia,” Mr Canion wrote last month.