There is “no intention” to make any changes at CBA-aligned Lifestyle Financial Planning Services after its acquisition by AZ Next Generation Advisory (NGA), according to LFPS’ principal.
Speaking to ifa, Financial Planning Services principal David Lannen said there is "no intention" to make any changes to the business after the acquisition by NGA.
"We have found Financial Wisdom to be a very good partner and the alliance with financial wisdom provides us with some very good resources and support," Mr Lannen said.
This morning AZ NGA chief executive Paul Barrett confirmed, saying there will be "no changes to license, brand, location, operations etc."
This morning it was announced that AZ Next Generation Advisory (NGA) had signed an agreement to acquire, Lifestyle Financial Planning Services (LFPS), marking the third deal struck by the wealth management firm this year.
According to the announcement the total value of the transaction, including cash and share swap, is around 2.8 million euros.
There will be a share swap of [49 per cent] of LFPS' equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years and the remaining 51 per cent stake will be paid to the founding partners in cash over two years.
Lifestyle Financial Planning Services is a rural Victorian practice and is an authorised representative of CBA's Financial Wisdom. It was the Financial Wisdom Practice of the Year for Victoria and Tasmania in 2006, 2011, and 2014.
Established in 2004 by David Lannen, it has more than $180 million in assets under management. It has 2500 clients a nine staff in its Geelong, Shepparton and Echuca offices.
The closing of this transaction is expected to occur in August 2015.
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