Barrett’s AZ NGA makes another acquisition
The Paul Barrett-led AZ Next Generation Advisory (AZ NGA) has further broadened its planning distribution footprint — this time via the acquisition of Brisbane-based business, Logiro Unchartered Pty Ltd.
The Italian-backed AZ NGA announced on Friday that it had signed a binding sale and purchase agreement to acquire the entire capital of Logiro with the transaction including a share swap of 49 per cent of Logiro's equity for AZ NGA shares and a progressive buy back of these shares over the next 10 years.
The announcement said the remaining 51 per cent would be paid to the founding partners in cash.
Confirming the transaction, Barrett noted that it had followed on from deals reached with Eureka Whittaker Macnaught, Pride Advice, Lifestyle Financial Planning Services, Financial Lifestyle Partners, Harvest Wealth, Wise Planners, RI Toowoomba, Empowered Financial Partners, Wealthwise, Priority Advisory Group, Sterling Planners and James Smith Financial Services.
He said it represented 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 are a natural fit for AZ NGA as the team is led by a highly experienced financial planner in Chris Shiels and has a next-generation approach to serving clients and an appetite for growth," Barrett said.
Logiro is responsible for around $130 million in client funds and offers a full suite of advisory services including wealth accumulation, retirement planning, insurance and strategic financial advice.
Recommended for you
Sequoia Financial Group has announced it is selling off its Informed Investor subsidiary which it acquired in April 2022.
Wealth Data has examined which advice business model has seen the most growth since the start of the year including those that offer holistic advice.
Research conducted by Elixir Consulting and Lonsec has quantified the efficiency gains of using managed accounts in financial advice practices in hours per week saved.
With only one-quarter of advice practices actively seeking feedback from clients, the Financial Advice Association Australia has emphasised why this is a critical tool for client retention.
