AZ NGA-backed firm acquires boutique advice practice

On Thursday (4 November), Wealthwise confirmed it has acquired Perth-based Complete Financial Solutions; the firm’s 10th transaction in as many years.

The acquisition will see Wealthwise move forward as Wealthwise Cockburn Central with the team to expand to 11 advisers across locations in Osborne Park, Mandurah, Rockingham and Cockburn Central.

“There are a lot of synergies between both businesses, in terms of client demographics and platforms,” Wealthwise founder Jamie Luxton said.

“Both businesses have also been going through a re-pricing project that will add considerable value to the joint entity.”

Mr Luxton said the deal will deliver cost savings and increase capacity to assist new and existing clients.

“In light of current demand and supply dynamics, this is critically important,” he said.

“Already the impact of falling adviser numbers can be seen here, which is unfortunate but creates opportunities for strong, well- resourced businesses like ours.”

AZ NGA chief executive Paul Barrett said that a key factor in its offer included debt and equity funding to support business growth as many advisers are looking to move out of the industry.

“Even with succession planning, which is a big part of what we do, often M&A can provide a solution, if there is no obvious internal successor,” Mr Barrett said.

“Whether a business is participating in M&A for succession or growth or both, we’re here to help them execute their strategy.”

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.

Neil is also the host of the ifa show podcast.