AZ NGA-backed financial advice firms, Priority Advisory Group and Wise Planners will merge to form a large multi-disciplinary professional services firm on Sydney’s north shore that specialises in wealth management, retirement planning, aged care, life risk insurance, and workplace financial advice.
The merged entity will operate under the Priority Advisory Group brand and employ a dozen financial advisers.
According to Zvi Teichtahl, Chief Executive Officer of Priority Advisory Group, the deal will create a business of significant size and scale with the capability and capacity to serve more clients.
“This strategic partnership is a key step towards our joint vision to create a thriving professional financial services hub on the north shore of Sydney” he said.
“We have clients all over Sydney and Australia, but most of our clients and referral partners are based on the north shore, where there is a lot of residential property development, retirement villages and aged care facilities.”
“Aged care advice is one of the fastest growing areas of our business and there is also strong demand for life risk insurance advice, given the large number of professionals and young families buying apartments in the area. The group’s core Personal and Family Wealth business will also be strengthened with this merger.”
The merged Priority Advisory Group will have four divisions: Personal and Family Wealth, Aged Care, Life Risk Insurance and Workplace Financial Advice.
Gareth Hall, founder and Chief Executive of Wise Planners, which includes Lifestyle Financial Services, will take up the position of Head of Workplace Financial Advice, reflecting the group’s reputation as one of Australia’s leading providers of workplace financial advice.
Several major industry superannuation funds currently refer members seeking personal financial advice to Lifestyle Financial Services.
“This transaction will deliver immediate scale benefits and increase our capability and capacity to serve our clients by expanding the breadth and depth of our advice and service proposition,” Hall said.
Paul Barrett, Chief Executive Officer of AZ NGA said the strategic partnership bought together two complementary, high quality businesses to build a compelling proposition for employees, clients and shareholders, in line with AZ NGA’s Future Firm philosophy and strategy.
“There is an increasing realisation that running a highly efficient, profitable advice firm requires meaningful scale because scale enables businesses to drive cost savings, spread fixed and variable costs over a larger number of clients, and increase profit margins,” Barrett said.
“For the firms inside AZ NGA that are keen to pursue a Future Firm strategy, we are supporting them to strengthen their businesses for the future and provide opportunities for their staff, advisers and clients.”
For more information, please contact:
Chief Executive Officer, AZ NGA
M: 0419 402 319