The adviser M&A group has confirmed it has acquired RI Newcastle and Lower Hunter, which specialises in retirement planning, estate planning and aged care and has approximately $250 million in funds under management (FUM).
The transaction solidifies AZ NGA’s desire to build a regional presence, with CEO Paul Barrett saying the company’s strategy is to partner with small- to medium-sized accounting and advice businesses in capital cities and regional areas of growth.
“With offices in Kotara, Maitland and Lambton, RI Newcastle and Lower Hunter is ideally positioned to continue growing its sizeable client base of retirees, pre-retirees and aspirational families,” Mr Barrett said.
“As Australia’s largest non-metropolitan area, Newcastle and the Hunter is an attractive place to live and work. The region’s vibrant economy includes strong manufacturing, mining, tourism and education sectors plus health services and an international airport to support the local community.”
Established in 2001 by Gil Gordon, RI Newcastle and Lower Hunter currently has 14 staff which includes five advisers across three locations.
Mr Gordon said the “enormous amount of change and uncertainty” currently being experienced in the advice industry encouraged the company to team up with a “strong, experienced partner”.
“We want to be the standout, innovative advice leader in the Hunter region,” Mr Gordon said.
“We have been successful in the retiree and pre-retiree segment and our client base is also creating strong opportunities for us to reach younger generations.”
