PictureWealth CEO on its burgeoning M&A appetite
Financial advice and fintech firm PictureWealth remains committed to partnering with like-minded businesses amid its recent M&A activity.
Last week, Money Management reported that the PictureWealth Group had acquired Superannuation Advice Australia (formerly licensed to AAN Wealth Management) and Financial Advice Australia (formerly licensed to KNR Investments).
The financial advice and fintech firm has offices located in NSW, Western Australia and South Australia.
According to Wealth Data, the double acquisition led PictureWealth Advisory’s licence to rise by 32 advisers over one week – with the Australian financial services licensee (AFSL) now having 43 advisers in total.
Allan Maitland, PictureWealth CEO, confirmed the announcement with Money Management and elaborated on the firm’s appetite for M&A.
“We are delighted to have finalised the acquisition of Superannuation Advice Australia and Financial Advice Australia. Both firms bring a highly skilled team of advisers, strong leadership, and dedicated client support staff, all focused on delivering exceptional advice and service to a growing client base across Australia,” Maitland said.
“PictureWealth remains committed to partnering with like-minded advice businesses that share our cultural values and passion to bring back more advice to more Australians.”
The firm has also completed three additional acquisitions in the last month, the CEO shared, as it sets its sights on delivering more advice to more Australians.
“We believe we are on the right path, through our technology development and acquisitions, to create this for Australians who want and need advice and the industry stakeholders looking to partner for a solution,” he continued.
Moreover, PictureWealth made two acquisitions last year as it purchased AFSLs Futuro Financial Services and Insight Investment Services. It also acquired Neo Financial Services in 2020.
Maitland joined PictureWealth as its chief executive in February 2022 and has overseen its array of M&A deals in the past two years. Prior to this, he held several senior positions at BT and Westpac, including as Westpac’s head of consumer bank for Western Australia and BT’s state general manager for Western Australia.
PictureWealth’s inorganic growth reflects the broader trend occurring in the advice profession. Earlier this month, AZ NGA chief executive Paul Barrett reflected on the transformative M&A period that the industry is undergoing at the moment.
“We’ll look back on this opportunity happening right now in the Australian financial planning market as that moment where the whole landscape changed and the emergence of the next generation of financial institutions – where SME businesses went from being small cottage shops to super firms and big corporate companies. That’s happening now and it’s a fascinating chapter, but it’s one that won’t last forever,” he told Money Management.
“What we’ll see in the next three to four years is a lot of M&A and capital investment. I predict that we’ll look back on it as a particular purple patch that changed things forever.”
AUTHOR
Jasmine Siljic
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