AZ Next Generation Advisory has acquired a regional financial advice firm with $250 million in funds under management.
AZ NGA is expanding to the New South Wales Hunter Region by acquiring RI Newcastle and Lower Hunter for an undisclosed amount.
RI Newcastle and Lower Hunter, a representative of RI Advice Group, was founded by Gil Gordon in 2001 and currently has 14 staff members, which include five advisers.
The firm has offices in Kotara, Maitland, and Lambton, and specialises in retirement planning, estate planning, and aged care.
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AZ NGA chief executive Paul Barrett said this transaction marks the group's foray into the NSW Hunter Region, signalling its serious intention to build a strong regional presence.
"Our strategy is to partner with small-to-medium-sized accounting and financial advisory businesses in major capital cities and regional corridors of growth to provide high quality professional services," he said.
Gordon said the decision to partner with AZ NGA was driven by a need to create a succession plan and secure the business' long-term future.
"We have been successful in the retiree and pre-retiree segment and our client base is also creating strong opportunities for us to reach younger generations. We convert around 25% of our age care clients' children into direct clients," he said.
RI Newcastle and Lower Hunter partners Chris Neal, Ryan Muir and Paul Guttridge will be able to increase their equity stake in the business.
This year, AZ NGA acquired Blue Harbour Financial Partners (formerly Bridges Brisbane Bayside) and Henderson Matusch Group, and took a stake in Cranage Financial Group.