A financial planning firm recently acquired by AZ Next Generation Advisory in a private equity deal has joined Synchron's growing network.
Based in Victoria's Mornington Peninsula, Dunsford Financial Planning brings the total number of authorised representatives under the Synchron banner to 450.
The firm was established in 1983 and is led by Mark Dunsford. It was previously part of NOW Financial Group, which Dunsford also co-founded in 2011.
Synchron director Don Trapnell said the dealer group "is very passionate about financial advice, particularly risk-related financial advice" and welcomed the new addition to the team.
AZ NGA's acquisition in November involved a share swap of 49% of equity in Dunsford Financial Planning for AZ NGA shares with a 10-year progressive buy-back agreement.
Dunsford said at the time: "We've been looking for an equity partnership that would enable us to simultaneously release capital and enable growth of our firm for some time. We are glad to finally be able to achieve this with AZ NGA and are excited about the future for our staff and clients."
According to Rainmaker's Advantage report, the number of registered financial advisers increased by 13% in the 12 months to June, with institutionally-owned practices capturing 64% of the market.
Synchron, Dover, GPS Wealth, Merit and Interprac are the five largest non-institutional advice groups with 1562 advisers, up 39% year-on-year.
Non-institutionally aligned advisers grew 34% through the year, compared to the number of institutionally associated advisers at just 4%. This shows the boutique to mid-sized firms that own an AFSL, which is about one-third the market, is driving 80% of the growth, the report said.
The largest advice groups, which comprises the big four banks, AMP and IOOF, have a combined total 9317 advisers.