AZ NGA today signed a binding sale and purchase agreement to acquire 51% of the capital of Wise Planners (“WP”). The agreement includes a share swap of 49% of WP’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years. This latest agreement follows the recently announced deals reached with Eureka Whittaker Macnaught (“EWM”), Pride Advice (“Pride”),Lifestyle Financial Planning Services (“LFPS”), Financial Lifestyle Partners (“FLP”) and is a continuation of AZ NGA’s objective of consolidating high quality Australian financial practices providing wealth management services to retail, HNW and institutional clients in Australia.
AZ NGA was established in November 2014 and is part of Azimut Group, Italy’s leading independent financial planning and asset management company, established in 1989 and today operating in 14 countries with more than $53 billion in AUM.
Wise Planners was formed in November 2014 as a result of the restructuring of Lifestyle Financial Services. Gareth Hall founded Lifestyle Financial Services in 1994 and has over 25 years of experience in financial planning. Gareth will remain CEO of Wise Planners under the terms of the new arrangement. Today Wise Planners is responsible for $410 million of assets under advice and operates out of Chatswood, on Sydney’s North Shore. Wise Planners provides a comprehensive range of financial planning services including investment and asset allocation advice, retirement planning, insurance, and strategic financial planning advice to its client base. Wise Planners has developed a specialist capability in providing services to large Corporate Superannuation funds across Australia. AZ NGA has now offices in Adelaide, Brisbane, Sydney CBD, Chatswood, Melbourne, Geelong, and regional Victoria.
Gareth recently accepted the 2015 Financial Wisdom Practice of the Year award for New South Wales on behalf of the Lifestyle group. Gareth is also a co-founder and treasurer of the Workplace Super Specialist Alliance (WSSA) and plays a key role in lobbying for superannuation reform in Australia. Wise Planners has developed a proprietary operational model that enables a highly efficient and process-driven business that enables Gareth and his Senior Financial Planner Shane Foster to focus on delivering first class client service. Wise Planners were advised by Chris Wrightson of Centurion Market Makers.
Paul Barrett, AZ NGA CEO states: “We are thrilled to be able to announce our latest partnership with Wise Planners. Gareth and Shane have built a leading reputation in the Superannuation sector over nearly two decades and run a model practice in terms of operational efficiency”.
Gareth Hall said “We’ve been looking for the next step in our business journey for some time, and are delighted to partner with AZ NGA in order to continue to grow as well as ensure our succession objectives can be met. Most importantly our partnership with AZ NGA ensures that we can continue to service our clients for decades to come!”
Pietro Giuliani, Chairman and CEO of Azimut Holding, comments: “Our entrepreneurial spirit is picking up momentum among many people in Australia. A number of professionals have decided to join our Australian venture and we are all committed to create a success story for those joining today and for the many more to come in the future”.
AZ NGA announced its first acquisition on May 8th, 2015, when it acquired EWM. This was followed by the acquisition of the Pride Group on May 27th 2015, LFPS on July 15 2015, FLP on September 24 2015, and now Wise Advice. This latest deal is in line with AZ NGA long term business plan to continue to acquire high calibre businesses. AZ NGA has shortlisted a number of financial planning firms for further potential consolidation.
* Based on a AUD/EUR exchange rate of 1/0.6386
