AZ Next Generation Advisory (AZ NGA) continues buying up CBA-aligned practices, with its latest acquisition bringing the total to four.
AS part of the deal AZ NGA has signed a binding sale and purchase agreement to acquire 51% of the capital of Harvest Wealth . The agreement includes a share swap of 49% of HW's equity for AZ NGA shares and a progressive buy back of these shares over the next ten years.
This is the sixth acquisition the group has made this year, having already announced deals with CBA- aligned Eureka Whittaker Macnaught, ANZ –aligned Pride Advice, CBA-aligned Lifestyle Financial Planning Services and Securitor-aligned Financial Lifestyle Partners and CBA-aligned Wise Planners.
Harvest Wealth is part of the CBA-aligned Financial Wisdom group and was created via a merger of three financial planning firms in 2006, and is led by its principals Lyn Heaysman and Matt Tuohey. It is responsible for $166 million of funds under advice and operates out of Victoria.
For the past seven years Harvest Wealth has been the recipient of Financial Wisdom's "Practice of the Year" award for South Australia, and won the National award in 2012. In October this year adviser Kylie George won the AFA Rising Star of the Year Award.
Commenting on the deal AZ NGA chief executive Paul Barrett said: "Lyn and Matt run a modern, client-centric financial planning practice. They are committed to educating their clients, and their staff and provide an outstanding example of how a professional firm should be run."
AZ NGA was established in November 2014 and is part of Azimut Group, Italy's leading independent financial planning and asset management company, established in 1989 and today operating in 14 countries with more than $52 billion in AuM.
ASIC has banned a former adviser based in Sydney from providing financial servic...
The FPA has urged the repeal of the best interests duty safe harbour provisions ...
An industry body has called for immediate action to amend the FASEA code of ethi...