AZ NGA acquires sixth practice, will invest in partner firms
On the back of yesterday's acquisition announcement, AZ Next Generation Advisory (AZ NGA) will start to make capital available to its partner practices to enable them to make acquisitions of their own.
AZ NGA chief executive Paul Barrett told ifa that its latest acquisition of the CBA-aligned Harvest Wealth was part of its intent to build up an "investment portfolio of firms", which it now planned to help grow.
"Next year we are going to start investing in the firms, so that firms will be able to make their own acquisitions if they choose," he said.
"We'll make some capital available to them so they can continue to grow. They're actually planning acquisitions and they were planning acquisitions before we came along. So now we can just help them to fulfil that if they want to."
Yesterday AZ NGA announced that it had bought its fourth CBA-aligned Financial Wisdom Harvest Wealth practice, bringing its total acquisition number this year to six.
The other deals, all already announced, were with CBA-aligned Eureka Whittaker Macnaught, ANZ-aligned Pride Advice, CBA-aligned Lifestyle Financial Planning Services, Securitor-aligned Financial Lifestyle Partners and CBA-aligned Wise Planners.
Mr Barrett said that there was the potential for "one or two" more deals before Christmas.
"We're making good headway; the offer seems to have a struck a real chord with these planning practices, so we know we have something meaningful to them, which is great," he said.
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