Paul Barrett

AZ Next Generation Advisory yesterday signed a binding sale and purchase agreement to acquire the entire capital of Menico Tuck Parrish Financial Services Pty Ltd (“Menico Tuck Parrish”).

The agreement includes a share swap of 49% of Menico Tuck Parrish’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years. This latest agreement represents AZ NGA’s 28th transaction in 23 months.

AZ NGA has executed 15 similar transactions utilising its proprietary succession funding model. In addition AZ NGA has been able to fund 13 transactions on behalf of its firms enabling them to achieve their growth ambitions.

Menico Tuck Parrish originates from the partnership of two businesses founded by John Menico (OAM) and Fred Parrish and has been operating in various forms in Cairns, Queensland, since 1972.

Menico Tuck Parrish is now led by Anthony Menico and Jo Tuck, and is responsible for approximately $170 million of client funds with a team of 9 including 2 financial planners. Menico Tuck Parrish offers a full suite of advisory services to clients in Australia including wealth accumulation, retirement planning, insurance, and strategic financial planning advice.

Paul Barrett, AZ NGA CEO states: “Menico Tuck Parrish are a natural fit for AZ NGA as the team is lead by highly experienced Financial Planners in Anthony Menico and Jo Tuck and has an exciting growth plan which we will be able to assist with.

We have been working together on this deal for over two years and we are delighted to now be in a position to build our North Queensland strategy together.”

Anthony Menico said, “We’re very happy to be the newest members of the AZNGA group and we look forward to sharing experiences, learning and growing alongside the rest of the AZNGA community.

With AZ NGA as our partner we can continue to deliver exceptional outcomes to our staff, clients and stakeholders. We have strong growth aspirations in the region and are looking forward to taking advantage of the unique capital funding solution provided by AZ NGA.”

Jo Tuck added, “Its great to be able to secure our futures using this long term succession solution and “derisk” our succession in a volatile, competitive market. This, combined with being part of a group of planners whom we respect and admire, make us every excited about the future of MTP. ”

AZ NGA announced its first acquisition on May 8th, 2015, when it acquired EWM. This was followed by the acquisition of the Pride Group on May 27th 2015, LFPS on July 15th 2015, FLP on September 24th 2015, Wise Planners on October 19th 2015, Harvest Wealth on December 17th 2015, RIT on January 29th 2016, EFP on March 1st 2016, Wealthwise on March 30th 2016, and Priority Advisory Group on April 12 2016, Sterling Planners on 29th April 2016 and Menico Tuck Parrish on 28th July 2016.

AZ NGA has shortlisted a number of financial planning firms for further potential consolidation.

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