Paul Barrett

AZ Next Generation Advisory has signed a binding sale and purchase agreement to acquire the entire capital of Priority Advisory Group (“PAG”) via its Australian subsidiary, AZ Next Generation Advisory Pty Ltd (“AZ NGA”).

The agreement includes a share swap of 47% of PAG’s equity for AZ NGA shares and a progressive buy back of these shares over the next ten years. The remaining 53% stake will be paid to the founding partners in cash over a period of two years. This latest agreement follows the recently announced deals reached with Eureka Whittaker Macnaught (“EWM”), Pride Advice (“Pride”), Lifestyle Financial Planning Services (“LFPS”), Financial Lifestyle Partners (“FLP”), Harvest Wealth (“HW’), Wise Planners (“WP”) and RI Toowoomba (“RIT”), Empowered Financial Partners (“EFP”), and Wealthwise (“WW”) and is a continuation of AZ NGA’s objective of consolidating high quality Australian financial practices providing wealth management services to retail, HNW and institutional clients in Australia.

AZ NGA was established in November 2014 and is part of Azimut Group, Italy’s leading independent asset manager, established in 1989 and today operating in 14 countries with more than $50 bn in AuM.

PAG was initially founded in 1987 by Russel Marx and Alan Krowitz and operates out of Chastwood – on Sydney’s North Shore. Larry Fingleson took over as Managing Director in 2002 and will continue to lead the group in conjunction with his senior leadership team including David Gibson and Zvi Teichtahl. The leadership group have all agreed to long term contracts to ensure continuity of service. PAG comprises a team of 14 staff including 5 Financial Planners, and 4 Client Service Managers. provides a comprehensive range of financial advisory services including investment and asset allocation advice, retirement planning, insurance, strategic financial planning advice, aged care, and philanthropic services.

Over the past decade PAG has been acknowledged within the industry as a leading advice firm, with each of its team being acknowledged individually too for their contribution to both the advice industry and community and charitable causes too.

Paul Barrett, AZ NGA CEO states: “Priority Advisory Group have established a wonderful reputation as Trusted Advisers on Sydney’s North Shore. Russell and Alan started the business nearly 3 decades ago with a modern vision and Larry and the team have continued this on. The PAG business has established a great balance between corporatisation of the business and at the same time delivering values-based financial advice. We are thrilled with the latest addition to the AZ NGA family and look forward to assisting Larry and the team to achieve their goals.”

said, “Growth and Succession are ordinarily viewed through the Shareholder or advisors perspective. Our Board and Shareholders have chosen to partner with AZ NGA because we believe that the transaction is first and foremost in our clients best interest and it ensures that for at least the next 10 years the Priority Advisory Business is supported and secure as we build and develop solutions that are best of breed and enable and our support our clients goals and aspirations. Both Paul Brain and Paul Barrett have been a pleasure to work with through the process and the whole Priority Family looks forward to working with the AZNGA and Azimut Group.”

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 Sept 24th 2015, Wise Planners on Oct 19th 2015, Harvest Wealth of December 17th, RIT on January 29th , EFP on March 1 1016, and Wealthwise on March 30th 2016. This latest deal is in line with AZ NGA long term business plan to continue to acquire high calibre businesses. AZ NGA has shortlisted a number of financial planning firms for further potential consolidation.

The post AZ Next Generation Advisory acquires Priority Advisory Group appeared first on AdviserVoice.

Fingleson, managing director of one of Fortnum’s principal practices, Priority Advisory Group, was a founding director of Fortnum Financial Group.

Fortnum chairman Ray Miles thanked Fingleson for the instrumental role he played in the group’s ongoing development.

“Larry has made a significant and valuable contribution to the board over the past five years. His constructive outlook and approach has helped shaped Fortnum,” Miles said.

Fortnum is currently in the process of appointing an independent director, which it hopes to announce shortly.

Fingleson said his decision to resign from the board would allow him to bed down changes at Priority Advisory Group, which was in the middle of a radical business transformation project. It would also release him to focus on The Growth Project, which exists to invest in the leadership of the not-for-profit sector.

Last year Priority Advisory Group engaged consultants Peloton Partners to review the business and identify strategic opportunities with a view to boost adviser productivity and deliver improved client and stakeholder outcomes.

“We’ve been in business for 30 years and while many things have changed, there’s still enormous room for improvement which will drive greater efficiencies and deliver enhanced client outcomes,” Fingleson said.

“I’m working with Peloton Partners to implement the changes which will strongly position the business for future growth. From a personal perspective I’m passionate about The Growth Project because I want to help small non-profit organisations and charities succeed by providing mentoring and leadership development opportunities for key staff and management.”

The post Fortnum announces board changes appeared first on AdviserVoice.