The deal sees multidisciplinary advisory business SCM Financial Group (formerly Scholten Collins McKissock) join AZ Next Generation Advisory’s (AZ NGA) network of accounting and financial advisory firms.
SCM said the strategic partnership with AZ NGA would enable it to enhance the group’s service offering, accelerate growth and potentially pursue expansion through mergers and acquisitions.
AZ NGA chief executive Paul Barrett said: “SCM is a very impressive, diversified business that has ambitious plans to be a leading firm in the future.
“SCM and AZ NGA are culturally and philosophically aligned in our values, thinking and objectives, and I am excited about building something great together.”
According to Aubrey Roga, SCM Financial Group managing partner and CEO, the group went to tender looking for a business partner that could help it deliver improved client outcomes, drive sustainable growth and support the leadership team in building a national professional advisory brand.
“In order to succeed in the future, advice businesses need to evolve. They need capacity, capability and scale. We wanted a specialist capital partner to help us achieve our strategic objectives and realise our vision,” he said.
Mr Roga added that the deal with AZ NGA provides greater flexibility in managing succession and promoting new partners.
“This partnership increases our ability to attract and retain the next generation of financial advisers and business leaders. This is increasingly important given the current global skills shortage and war for talent,” Mr Roga said.
“Importantly, the deal is structured in a way that minimises the dilution of ownership of existing shareholders but maximises value for all parties.”
SCM executive chairman Matthew Scholten added: “This arrangement is part of the continued evolution of SCM, as we strive to provide the very best services for our clients and opportunities for our people. It is an exciting time.”
In August, AZ NGA and financial advisory business Invest Blue joined forces to co-invest in an Australian-owned, Philippines-based company, Virtual Business Partners.
