Paul Barrett

Professional services group, AZ NGA, and advice business services group, Entireti (formerly Fortnum Private Wealth), have entered a strategic partnership with AMP Limited (AMP) that will transform the advice industry landscape and create a compelling offer for AMP’s financial advisers.

Under the deal, AZ NGA will acquire AMP’s minority equity stakes in 16 leading AMP-aligned firms and provide ongoing support to drive efficiencies and grow their business. Entireti will acquire AMP’s financial advice businesses including AMP Financial Planning, Hillross, and Charter Financial Planning. It will also acquire licensee services provider, Jigsaw Advice Solutions. AMP will have a 30% shareholding through a new joint venture entity.

The joint venture entity will be formed between Entireti and AMP, and through this entity, Entireti will provide comprehensive licensing and business services to AMP’s self-employed and self-licensed practices. The new entity will sit under the Entireti umbrella, which includes Fortnum Private Wealth and Personal Financial Services (formerly Australian Unity Personal Financial Services).

Paul Barrett, AZ NGA Chief Executive Officer, said the transaction highlighted AZ NGA’s increasing focus on larger transactions and its ability to innovate to satisfy the needs of different stakeholders.

“This is our biggest transaction to date and we are excited to welcome 16 quality businesses that are focused on growth to our community,” he said. “This deal expands our national footprint, materially increases our exposure to the growing value of the advice margin and takes us a step closer to achieving our goal to be Australia’s leading professional services company.”

Neil Younger, Entireti Chief Executive Officer, said the transaction significantly expanded Entireti’s national network of professional advisers and strengthened its ability to enhance its value proposition to financial advisers, employees, and clients by adding material scale, resources, and expertise. Entireti will ensure a seamless transition by providing continuity of AMP management, which will also ensure the long-term success of the new entity and the broader Entireti team. A number of AMP team members will also join AZ NGA.

“We are excited to partner with AMP and applaud their commitment to a sustainable standalone advice business that can support and lead their advisers into the future,” Younger said. “We have the infrastructure, experience, and capability to help advisers efficiently deliver quality advice, increase their productivity, and grow their business. Importantly, they will be welcomed into our vibrant, collaborative advice community, which has many advantages including the sharing of ideas, experiences, and connections. We look forward to learning from each other.”

Alexis George, Chief Executive Officer, AMP Limited, said the coming together of AMP, Entireti, and AZ NGA created a strong alliance to take the AMP advice network into the future.

“AMP has been dedicated to creating a new model for our advice business to provide certainty for AMP advisers and our people. We believe this partnership achieves our goals and is the right strategic fit. Entireti and AZ NGA really understand advice businesses and what they need to succeed, and together we are aligned on the goal to support advisers to build strong healthy businesses and to help deliver financial advice to more Australians. Each of us is committed to playing a key role in reimagining advice and positively contributing to the growth and advancement of a thriving advice industry.”

The transaction is expected to be completed by the end of the calendar year. On completion, Entireti will have a network of over 1,300 financial advisers. The deal will mark AZ NGA’s 158th transaction since inception, 19th deal so far this calendar year, and second deal in collaboration with Entireti. In November 2023, Entireti and AZ NGA-backed advisory firm Nestworth Financial Strategists teamed up to acquire Australian Unity’s Financial Advice businesses including the group’s employed planner business, corporate superannuation services business, and AFSL entity, Australian Unity Personal Financial Services.

The post AZ NGA, Entireti and AMP announce strategic partnership appeared first on AdviserVoice.