US insurance brokerage firm swoops up WA advisory

While the terms of the transaction have not been disclosed, insurance brokerage, risk management and consulting services firm Arthur J. Gallagher & Co. announced on Monday that it had acquired Perth financial advice firm Wealth Management Partners (WMP).

According to Gallagher, managing partner Steve Beattie, along with senior partners Troy Hartley, Janusz Mazurek, Adrian Whitaker and the WMP team will “remain in their current location” under the direction of Gallagher’s head of employee benefits and HR consulting operations in Australia, Graham Campbell.

"WMP's client-focused approach and expertise in retirement planning will enhance our financial wellbeing consulting capabilities in Australia," said J. Patrick Gallagher jnr, chairman and CEO.

"I am very pleased to welcome Steve, Troy, Janusz, Adrian and their associates to our growing, global team."

WMP specialises in retirement plan risk management for individuals and corporate clients in Western Australia, and noted that it’s “services remain unchanged”

“As part of the Gallagher family we will be able to offer our community more resources, more talent, and more experience to help Australians create their sustainable path to financial success,” the advice firm said on its website.

Arthur J. Gallagher & Co. is headquartered in Illinois and works across about 130 countries worldwide through its owned operations and a network of correspondent brokers and consultants.

In Australia, Gallagher's Benefits & HR Consulting operation works across “financial wellbeing, corporate superannuation, employee benefits and workplace culture”.

“Their nationwide holistic wealth management and financial planning team are dedicated to helping their clients face their future with confidence,” WMP said.

The acquisition follows a ramp up in offshore firms taking an interest in Australia’s wealth management and financial services industry, with multiple private equity players attempting to takeover Insignia Financial over the last month.

In December, global investment management firm Oaktree Capital finalised its $240 million investment in AZ Next Generation Advisory’s, taking over from Azimut as its largest shareholder.

Meanwhile, AZ NGA earlier announced it had acquired stakes in 16 advice practices from AMP for $82.2 million, with the intention of helping those practices with their M&A goals.

“We are just so thrilled to be able to invest in such quality organisations, and brick by brick create a substantial financial services company,” Barrett said.

“Ultimately, these 16 firms in the portfolio have all the same problems and ambitions that our core firms in the AZ NGA portfolio have. We are very accustomed to working with them and solving those problems around succession and growth.”