Priority Advisory Group and Wise Planners, both backed by AZ Next Generation Advisory (AZ NGA), will merge to form a large multidisciplinary professional services firm on Sydney’s north shore.
According to AZ NGA, the merged entity will specialise in wealth management, retirement planning, aged care, life risk insurance, and workplace financial advice.
It will also continue to operate under the Priority Advisory Group brand and is set to employ a dozen additional advisers.
Commenting on the merger, Zvi Teichtahl, Priority Advisory Group chief executive, said the deal will create a business of significant size and scale with the capacity to serve more clients.
“This strategic partnership is a key step towards our joint vision to create a thriving professional financial services hub on the north shore of Sydney,” Mr Teichtahl said.
“We have clients all over Sydney and Australia, but most of our clients and referral partners are based on the north shore, where there is a lot of residential property development, retirement villages, and aged care facilities.”
“Aged care advice is one of the fastest growing areas of our business and there is also a strong demand for life risk insurance advice, given the large number of professionals and young families buying apartments in the area. The group’s core personal and family wealth business will also be strengthened by this merger,” he added.
According to a statement issued by AZ NGA, the merged Priority Advisory Group will have four divisions – personal and family wealth, aged care, life risk insurance, and workplace financial advice.
Gareth Hall, founder and chief executive of Wise Planners, will take up the position of head of workplace financial advice following the merger.
“This transaction will deliver immediate scale benefits and increase our capability and capacity to serve our clients by expanding the breadth and depth of our advice and service proposition,” Mr Hall commented.
Paul Barrett, AZ NGA chief executive, added that the strategic partnership will build a compelling proposition for employees, clients, and shareholders, in line with AZ NGA’s “future firm” philosophy and strategy.
“There is an increasing realisation that running a highly efficient, profitable advice firm requires meaningful scale because scale enables businesses to drive cost savings, spread fixed and variable costs over a larger number of clients, and increase profit margins,” Mr Barrett explained.
“For the firms inside AZ NGA that are keen to pursue a future firm strategy, we are supporting them to strengthen their businesses for the future and provide opportunities for their staff, advisers, and clients.”
