Professional services advisory company, AZ Next Generation Advisory (AZ NGA) has acquired a stake in diversified wealth management, financial planning, accounting, and finance business, SCM Financial Group (SCM) (formerly Scholten Collins McKissock)), after a competitive tender process.
The deal sees one of Australia’s most respected, multi-disciplinary advice businesses join AZ NGA’s growing network of accounting and financial advisory firms. SCM’s strategic partnership with AZ NGA will enable it to fulfil key priorities including to enhance the group’s service offering, accelerate organic growth and pursue a potential east coast expansion through mergers and acquisitions.
Paul Barrett, AZ NGA Chief Executive Officer, said the deal demonstrated AZ NGA’s ability and willingness to listen, innovate and tailor a deal to meet the needs of business owners. It also provided an opportunity for AZ NGA to partner with SCM on the group’s exciting growth journey.
“SCM is a very impressive, diversified business that has ambitious plans to be a leading firm of the future,” Mr Barrett said. “SCM and AZ NGA are culturally and philosophically aligned in our values, thinking and objectives, and I am excited about building something great together.”
According to Aubrey Roga, SCM Financial Group Managing Partner and Chief Executive Officer, the group went to tender looking for a business partner that could help it deliver improved client outcomes, drive sustainable growth, and support the leadership team to build a strong, national professional advisory brand.
“In order to succeed in the future, advice businesses need to evolve. They need capacity, capability and scale. We wanted a specialist capital partner to help us achieve our strategic objectives and realise our vision,” he said.
SCM Financial Group also recognised that the business’ 12 partners were at various stages in their professional careers, with differing goals and timeframes. The deal with AZ NGA provides greater flexibility in managing succession and promoting new partners.
“This partnership increases our ability to attract and retain the next generation of financial advisers and business leaders. This is increasingly important given the current global skills shortage and war for talent,” Mr Roga said.
“Importantly, the deal is structured in a way that minimises the dilution of ownership of existing shareholders but maximises value for all parties.”
SCM Executive Chairman Matthew Scholten added: “This arrangement is part of the continued evolution of SCM, as we strive to provide the very best services for our clients and opportunities for our people. It is an exciting time.”
For more information, please contact:
Chief Executive Officer, AZ NGA
M: 0419 402 319