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.”

The post Wealthwise targets growth with Complete transaction appeared first on AdviserVoice.

Dawn Thomas

During these unpredictable times, it’s understandable that people are feeling high levels of uncertainty.

All aspects of our lives – from health, work and finances to socialising and the way we perform menial tasks – are being impacted in different ways.

Financial advisers are in a unique position to help clients realise their aspirations

As financial advisers, we play a fundamental role in empowering our clients to realise their goals and ambitions, and in the current environment we have a particularly unique opportunity to remind clients of an important aspect of their life that they can control – their finances.

Reviewing financial aspects such as budgeting, levels of insurance, superannuation investments and estate planning details, can help people feel like they are in a stronger position to navigate the challenges of 2020 and beyond.

We must adapt to meet changing client needs

Now more than ever, it is important that advisers continue to offer timely and relevant communication, clear information and practical strategies to our clients. We need to help clients navigate through the short term while not losing sight of their long-term goals. We have the ability to translate the complex into something simple and meaningful. This is a challenging time for everyone, and we have a role to play in providing additional guidance and support.

From my recent discussions with clients, I have found that regular government announcements on the COVID-19 environment have clients seeking reassurance with their current finances and immediate solutions to situations they may encounter. If we are to take anything away from this experience, it’s the importance of being flexible and adjusting our advice practices in order to guide and educate clients and help minimise stress levels.

Although the COVID-19 situation has had an impact on our working structures, we must invest in how we communicate and connect with clients. Simply picking up the phone to check in is an impactful investment of time with maximum effect for your clients.

For me personally, expanding communication methods over the past months has meant that I’ve gotten used to being immediately available for phone and video conferencing and I’ve been able to be more innovative in my client communication, for example, by replacing seminars with video series.

Now more than ever, the value of financial advice should not be underestimated

With the ongoing changes around us, it is important to remember that at the core, our business purpose has not changed, but it has adapted to suit the environment we live in. For me, being recognised for my work by TAL and the AFA Female Excellence in Advice Award helped me more clearly define my purpose, which is to help my clients feel included and empowered and for me to play a role in equalising power disparities.

The process of working closely with TAL as part of the AFA Female Excellence in Advice Award has made me further realise my worth and my value to the wider community. It has also shown me the value TAL places in supporting advisers and the contribution of women in financial advice to their clients. This has been an important influence on my career, especially during this uncertain time.

As we continue to adjust to the changing situation we can’t underestimate the value financial advisers have in helping people navigate their finances. We can help people avoid the worst case scenario and provide a sense of calm amongst the storm.

By Dawn Thomas, Senior Financial Adviser, Wealthwise – winner of the 2019 Association of Financial Advisers (AFA) Female Excellence in Advice Award, sponsored by TAL.

The post The new normal for financial advisers: a time for reinforcing empathy and meaningful client connections appeared first on AdviserVoice.