Jamie Luxton
AZ NGA-backed professional advisory firm, Wealthwise has ramped up expansion plans with the acquisition of boutique financial advice practice, Complete Financial Solutions.
The transaction, which is the tenth deal for Wealthwise in as many years, follows a period of consolidation and transformation, and reflects the group’s ambitions to be a leading provider of financial and lifestyle services to Western Australia’s booming retiree and pre-retiree population.
According to Jamie Luxton, Founder and Financial Adviser at Wealthwise, the acquisition of Complete Financial Solutions will deliver capability, synergies and scale, and see the group expand to 11 financial advisers across four locations: Osborne Park, Mandurah, Rockingham and Cockburn Central.
“There are a lot of synergies between both businesses, in terms of client demographics and platforms. Both businesses have also been going through a re-pricing project that will add considerable value to the joint entity,” he said.
“In recent years, it has become clear that businesses need scale to succeed. This deal will deliver cost savings and other scale benefits while increasing our capacity to help new and existing clients. In light of current demand and supply dynamics, this is critically important. Already the impact of falling adviser numbers can be seen here, which is unfortunate but creates opportunities for strong, well-resourced businesses like ours.”
Established in 1987 by Mark Giles, Perth-based Complete Financial Solutions provides holistic financial advice including lending and mortgage broking services. The business will rebrand Wealthwise Cockburn Central.
Mr Luxton said the group had no immediate plans to acquire additional businesses although it would consider deals on an opportunistic basis, particularly those that could provide greater exposure to the millennial market.
“We are increasingly focused on reaching young people through social media because they need quality advice too and we also recognise that many of our clients are getting older,” he said.
“Our flexible, competitive offer can cater to the needs of young people in addition to our traditional retiree and pre-retiree market.”
Backed by professional services utility AZ NGA, Mr Luxton said Wealthwise had the capital and resources of a strong, experienced business partner on hand, putting it in a unique position at a time when many advisers were preparing to exit the industry.
AZ NGA Chief Executive Officer Paul Barrett said a key part of AZ NGA’s offer included debt and equity funding to support businesses to grow and achieve their objectives.
“Many advisers are looking to get out right now but many of the businesses in our network are looking for ways to get deeper in,” Mr Barrett said.
“Even with succession planning, which is a big part of what we do, often M&A can provide a solution, if there is no obvious internal successor. Whether a business is participating in M&A for succession or growth or both, we’re here to help them execute their strategy.”
