AZ Next Generation Advisory has acquired its third CBA-aligned practice.
Wealthwise was established in 1986 by Jamie and Sheila Luxton, has $380 million in funds under advice and employs 32 staff, including 14 advisers, six paraplanners and nine client service officers.
Prior to the AZ NGA acquisition it operated under the Financial Wisdom licence, and won the Financial Wisdom Practice of the Year award in 2005, 2006, 2008, 2009 and 2015. As with previous AZ NGA acquisitions, the agreement includes a 49% share swap of Wealthwise equity for AZ NGA shares with a progressive ten-year buyback.
"We are delighted to welcome Wealthwise into the AZ NGA family of quality financial planning firms," said AZ NGA chief executive Paul Barrett.
"Jamie, Sheila and the team have always been at the forefront of the financial planning profession in Perth and set a great example to the broader industry. Wealthwise has built a strong corporate business model whilst maintaining a caring and client-centric approach."
Jamie Luxton added: "We are delighted to be partnering with such a forward looking organisation. We believe there will be substantially more opportunity to grow the business, but also to broaden the level of services we provide to our clients, and to develop the career paths and future opportunities for our very talented team."
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