AZ Next Generation Advisory today signed a binding sale and purchase agreement to acquire the entire capital of Logiro Unchartered Pty Ltd (“Logiro”). The agreement includes a share swap of 49% of Logiro’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 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”), Priority Advisory Group (“PAG”), Sterling Planners (“SP”) and James Smith Financial Services (“JFS”) 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.
Logiro originates from a business founded by Stephen and Lyn Bell and Chris Shiels in Brisbane in 2007. Logiro are responsible for approximately A$130 million of client funds. Efficiency and service have been Logiro’s mantra since day one and this is evidenced in their unique approach to supervision of client portfolios. Logiro makes weekly contact with its clients regarding the state of their portfolios due to its advance monitoring and supervision systems. The outcome of this approach has been extremely high client satisfaction levels alongside strong outcomes for clients. Having a defined and well-articulated approach to client service means that Logiro has been able to focus on the efficient delivery of the model. Efficiencies have been achieved through leveraging the founding partners’ technological expertise along with a team wide constant feedback model that eliminates process bottlenecks.
Logiro 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: “Logiro are a natural fit for AZ NGA as the team is lead by a highly experienced Financial Planner in Chris Shiels and has a next-generation approach to serving clients and an appetite for growth.”
Chris Shiels said, “We’re delighted to be the newest members of the AZ NGA Group and we look forward to sharing experiences and learning and growing alongside the rest of the AZ NGA community. The missing link in the Logiro puzzle has been a strong capital partner who shares our growth focus. With that partner now in place we can continue to deliver exception outcomes to our clients and stakeholders”.
Pietro Giuliani, Chairman and CEO of Azimut Holding, comments: “Being able to keep consolidating and attracting people to our Australian venture, even during these periods of uncertainty, confirms the value of our business proposition. We are particularly glad to have Chris and his team on board who have developed a different yet very interesting approach to managing and advising clients.”
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, Sterling Planners on 29th April 2016 and JFS on 9th June 2016. AZ NGA has shortlisted a number of financial planning firms for further potential consolidation.
