In a statement, AZ NGA said it has signed a binding sale and purchase agreement to acquire Perth-based Wealthwise. The agreement includes a share swap of 49 per cent of Wealthwise equity for AZ NGA shares and a progressive buy-back of these shares over the next 10 years.
The remaining 51 per cent will be paid to the founding partners in cash. The latest deal follows other purchases by AZ NGA, including Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services, Financial Lifestyle Partners, Harvest Wealth, Wise Planners, RI Toowoomba and Empowered Financial Partners.
AZ NGA is on track to achieve its one-year target of 12 transactions, the statement said.
“We are able to attract high calibre firms due to the flexibility of our approach,” AZ NGA chief executive Paul Barrett said.
“We do not require firms to change their licensee arrangements or product platform offering. We are also able to handle a variety of entity structures and enter into very long-term arrangements.
“Our vision is to partner with and invest in quality firms to help them achieve their growth ambitions. To be genuine about this you have to have, capital, know-how, and patience,” Mr Barrett said.
Wealthwise is licensed by CBA dealer group Financial Wisdom. It was founded by Jamie and Sheila Luxton in 1986 and is responsible for $380 million in funds under advice, according to the statement.
“We are delighted to welcome Wealthwise into the AZ NGA family of quality financial planning firms,” Mr Barrett said.
“Jamie, Sheila and the team have always been at the forefront of the financial planning profession in Perth and set a great example to the broader industry. Wealthwise has built a strong corporate business model whilst maintaining a caring and client-centric approach.”
Jamie Luxton said: “We are delighted to be partnering with such a forward looking organisation.”
“We believe there will be substantially more opportunity to grow the business, but also to broaden the level of services we provide to our clients, and to develop the career paths and future opportunities for our very talented team.”
