Professional services company AZ Next Generation Advisory (AZ NGA) has acquired a stake in financial advice firm Foster Raffan iPlan, aiming to support the business in accelerating its growth and expansion ambitions.
The North Sydney-based firm, which is led by principals Daniel Molesworth and Robert Wood, specialises in wealth management and retirement planning advice.
According to AZ NGA, the business was created in mid-2021 through the merger of established advisory firms Foster Raffan and iPlan.
Commenting on the transaction, Mr Molesworth said the group’s partnership with AZ NGA will provide access to additional capability and capacity, scale benefits and connections to a community of advisers and accountants.
“Advice businesses today need more support than ever to continue growing and improving the services they offer to clients,” he said.
“We recognised that, in order to achieve our goals, we needed to get bigger and more efficient so we wanted a partner that could help us drive business improvements, negotiate sharper rates and service level agreements, and invest for the future.”
Paul Barrett, AZ NGA chief executive, added that the professional services firm had been tracking Foster Raffan iPlan’s progress since 2021.
“I have known Daniel and Robert independently for many years and I have been impressed by how they have been able to build their respective businesses and then link up to form Foster Raffan iPlan and really take that business forward,” Mr Barrett explained.
“We are attracted to businesses and entrepreneurs who are passionate about their clients and have a clear vision for the future.
“Importantly, Daniel and Robert understand AZ NGA’s mission and purpose to become Australia’s leading professional advisory group and want to be part of it.”
The announcement comes shortly after AZ NGA entered into a partnership with Melbourne-based accounting and advisory firm Rose Partners in May.
These represent a series of strategic moves by the company this calendar year to date, having also acquired a stake in Victorian mid-tier accounting and advisory firm McLean Delmo Bentleys in February.
