New advice venture, Next Generation Advisory (NGA), has announced its first advice business acquisition.
Ex-Financial Wisdom practice, Eureka Whittaker Macnaught, has confirmed it has entered an agreement with NGA, which will see a share swap of 49% of the practice’s equity for NGA shares, and a progressive buy back of those shares over the next ten years.
NGA was established in November 2014, with the backing of Italian asset manager Azimut, to conslidate Australian financial planning businesses who provide asset allocation and advisory services to local retail, high net worth and institutional clients. NGA is headed up by former ANZ Wealth Managing Director, Global Advice and Distribution, Paul Barrett.
Eureka Whittaker Macnaught is an East Coast-based advice practice, with 11 advisers and more than $520 million of assets under advice. It was formed in 2013, when Eureka Financial Group merged with Whittaker Macnaught, following the CBA’s decision to remove the Whittaker Macnaught license from the market.
Eureka Whittaker Macnaught CEO, Greg Cook, said the transaction heralded a new era of growth for the firm. “Together with NGA we are going to grow our business for the benefit of our clients and the career path of our team members. And this is a great opportunity for me to thank Chris Wrightson from Centurion – he helped us structure a deal that will work well for everybody over the long term,” he said.
Mr Cook will be appointed a board member of NGA, and fellow leadership team member, Andrew Jones, will become the first adviser representative on NGA’s research committee.
Together they have assembled a team of skilled professional planners
“We are delighted to have secured a partnership with such a high calibre firm,” said Mr Barrett. “Greg, Andrew, and Sally [Bell] have built a highly successful firm over many years. The 2013 acquisition of Whittaker Macnaught by Eureka demonstrated the strong leadership qualities of the team. Together they have assembled a team of skilled professional planners who represent the next generation of professionals in our industry.
“I am excited about the contribution that Greg and Andrew will make to the broader NGA Group. Greg has been a big contributor to our industry through his involvement in a variety of industry bodies, and board committees, and Andrew has a deep expertise in the planning process and portfolio construction which we are looking to leverage.”
