AX Next Generation Advisory today signed a binding sale and purchase agreement to acquire the entire capital of Sterling Planners (“SP”)Pty Ltd. The agreement includes a share swap of 49% of SPs equity for AZ NGA shares and a progressive buy back of these shares over the next ten years. The remaining 51% stake will be paid to the founding partners in cash over a period of two years. This latest agreement follows the deals reached with Eureka Whittaker Macnaught (“EWM”), Pride Advice (“Pride”), Lifestyle Financial Planning Services (“LFPS”), Financial Lifestyle Partners (“FLP”), Harvest Wealth (“HW’), Wise Planners (“WP”), RI Toowoomba (“RIT”), Empowered Financial Partners (“EFP”), Wealthwise (“WW”), and Priority Advisory Group (“PAG”) 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 asset manager, established in 1989 and today operating in 14 countries with more than $50 billion in AuM.
Sterling Planners originates from a business founded by Brent Hutton in 1997 in Perth, however today operates from North Sydney with a national footprint. Whilst SP offers a full suite of financial advisory services it has become well known as a market leader in facilitating UK pension transfers into the Australian superannuation system. Sterling Planners is run by Brent, his wife Julie and Nic Blakemore. Sterling Planners are responsible for approximately $210 million of client funds and comprises a team of 7 including 3 Financial Planners.
Sterling Planners is a member of the Fortnum financial advisory network and was the recipient of the 2015 Fortnum Practice of the Year and the Fortnum award for Operational Excellence. Sterling Planners continues to work with local and UK advice firms to ensure innovative superannuation solutions are available for those people moving to Australia from the UK. In addition Sterling Planners offers a full suite of advisory services to clients in Australia including active portfolio management, retirement planning, insurance, and strategic financial planning advice.
Paul Barrett, AZ NGA CEO states: “Sterling Planners are a natural fit for AZ NGA as they are specialists operating at the top of their field. Brent, Julie, Nic and the team have remained at the forefront of the pension market for many years. They have also developed a first class financial advisory business and are well positioned to continue to deliver a great experience for their clients and staff.”
Brent Hutton said, All of the team at Sterling Planners are excited by the opportunity of partnering with AZNGA .Our business will benefit from the expertise and opportunities AZNGA bring to the table, our clients will continue to receive the quality services we are recognised for ,while now having the additional comfort of a large global company as a major shareholder. A great outcome for all.
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 15th 2015, FLP on September 24th 2015, Wise Planners on October 19th 2015, Harvest Wealth on December 17th 2015, RIT on January 29th 2016, EFP on March 1st 2016, Wealthwise on March 30th 2016, and Priority Advisory Group on April 12 2016. AZ NGA has shortlisted a number of financial planning firms for further potential consolidation.
