Equity Story to buy advisory firm Baker Young

Stock market trading advice group Equity Story will acquire Adelaide-based advisory firm Baker Young for $4.2 million in cash, as it looks to expand its wealth management footprint.

The transaction is expected to be earnings-accretive and "meaningfully contribute" to Equity Story's revenue and recurring income. It will also include a profit-share model for Baker Young advisers and staff, a model which is aimed at attracting more advisors as the group expands.

The transaction will see Equity Story absorb Baker Young's 6000 client accounts and $700 million in funds under management, including $180 million in managed discretionary accounts.

The Baker Young brand will be retained as a division within Equity Story, with co-founders and joint managing directors Alan Young and David Baker set to remain with the business key roles to support of smooth transition.

Equity Story said it's pursuing a strategy of selective M&A opportunities that align with its commitment to deliver accessible, high-quality wealth services to retail and high-net-worth investors across Australia.

This acquisition expands Equity Story's wealth management division, giving it access to full-service retail and high-net-worth investment advice and stronger corporate advisory capabilities, it said in an ASX announcement.

"Executing a strategic acquisition like Baker Young so early in my tenure as chief executive signals a new phase of growth, ambition, and capability for Equity Story. This opportunity expands our wealth advisory platform, strengthens our corporate advisory reach, and delivers national scale - all while remaining deeply aligned with our mission to improve investment outcomes for Australians," Equity Story chief executive Shane White said.

Equity Story executive chair Brendan Gow, meanwhile, said Baker Young is an ideal strategic fit.

"This acquisition exemplifies our thesis of consolidating high-quality advisory practices under a forward-thinking brand. As the advisory sector faces generational change and regulatory pressures, we see a clear opportunity to partner with legacy firms ready for scalable, tech-enabled growth," Gow said.