AZ Next Generation Advisory today signed a binding sale and purchase agreement to acquire On-Track Financial Solutions. The agreement includes a share swap of 49% of On-Track’s 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. This latest agreement is the eighteenth transaction for AZ NGA in its first 18 months of operations 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 completed its first transaction in May 2015. AZ NGA’s capital partner, the Azimut Group, is Italy’s leading private wealth manager, established in 1989 and today operating in 14 countries with more than $50 billion in Assets under management.
On-Track originates from the partnership of two businesses founded by Odelia D’Silva and Bruce Nicholson and has been operating in various forms in Perth since 1989. On-Track are responsible for approximately $170 million of client funds and comprises a team of 9, including 3 financial planners.
On-Track offers a full suite of advisory services to clients in Australia including wealth accumulation, retirement planning, insurance, and strategic financial planning advice.
Paul Barrett, AZ NGA CEO states: “On-Track are a natural fit for AZ NGA as the team is lead by highly experienced Financial Planners in Odelia D’Silva and Bruce Nicholson and has an exciting growth plan which we will be able to assist with. We are delighted to make our second significant investment in Perth and we have plans to continue this expansion.”
Odelia D’Silva said, “Bruce and I along with our staff are delighted to be the newest members of the AZ NGA Group. We are confident that this partnership will substantially broaden and enhance our business opportunities going forward and allow our advice based business to expand and grow. Our clients and staff will also be provided with greater opportunities through our association with such a professional business partner. We could not be happier, as we believe it now provides even more certainty and confidence in the future success of our business”.
Whilst AZ NGA continues to expand its network efforts are now being made to establish a “Next Generation Eco-system” for its financial planning firms. According to Paul Barrett “AZ NGA has now developed significant scale and our planners are working with us to identify what the ‘financial planning firm of the future’ will look like. We need to identify what a technology-savvy, professional advisory firm will look like over the next 3 – 5 years and begin to embrace that. Financial planning firms need to move away from legacy retail structures and inefficient systems, embrace open architecture, and utilise technology to remain successful and relevant. We are working with all of our firms to achieve this in the long run.”
