AZ NGA-backed professional advisory firm, Wealthwise, has ramped up expansion plans with the acquisition of boutique financial advice practice, Complete Financial Solutions.
A statement from Wealthwise says the transaction, which is its 10th deal in as many years, “…follows a period of consolidation and transformation, and reflects the group’s ambitions to be a leading provider of financial and lifestyle services to Western Australia’s retiree and pre-retiree population.”
Jamie Luxton, Founder and Financial Adviser at Wealthwise, says the acquisition of Complete Financial Solutions will deliver capability, synergies and scale, and see the group expand to 11 financial advisers across four locations: Osborne Park, Mandurah, Rockingham and Cockburn Central.
He says there are a lot of synergies between both businesses, in terms of client demographics and platforms, noting that both businesses have also been going through a re-pricing project “…that will add considerable value to the joint entity.”
Luxton says that in recent years, it has become clear that businesses need scale to succeed and that the deal will deliver cost savings and other scale benefits while increasing the group’s capacity to help new and existing clients.
“In light of current demand and supply dynamics, this is critically important. Already the impact of falling adviser numbers can be seen here, which is unfortunate but creates opportunities for strong, well-resourced businesses…”
Perth-based Complete Financial Solutions, established in 1987 by Mark Giles, provides holistic financial advice including lending and mortgage broking services.
…the group has no immediate plans to acquire additional businesses although it would consider deals on an opportunistic basis…
Luxton says the group has no immediate plans to acquire additional businesses although it would consider deals on an opportunistic basis, “…particularly those that could provide greater exposure to the millennial market.”
Backed by professional services utility AZ NGA, Luxton says Wealthwise has the capital and resources of a strong, experienced business partner on hand, “…putting it in a unique position at a time when many advisers were preparing to exit the industry.”
AZ NGA CEO Paul Barrett says a key part of AZ NGA’s offer included debt and equity funding to support businesses to grow and achieve their objectives.
“Many advisers are looking to get out right now but many of the businesses in our network are looking for ways to get deeper in,” he says.
