Australian Unity enters transaction with Fortnum and AZ NGA-owned Nestworth to transfer Advice business

13 November 2023

Tags: Media

Member-owned wellbeing company Australian Unity has entered into a transaction and tripartite alliance with Australian Financial Services Licensee, Fortnum Private Wealth (Fortnum), and AZ NGA-owned professional advisory firm, Nestworth Financial Strategists (Nestworth) for the sale of its financial advice (Advice) business.

With a combined focus and increased investment capability, the transaction will support more Australians to receive access to relevant and quality advice that benefits them.

Under the transaction agreement, AZNGA through Nestworth, will acquire Australian Unity’s employed adviser and corporate superannuation services business, and Fortnum will purchase Australian Unity’s Advice AFSL holder, Australian Unity Personal Financial Services Ltd (PFS) and, through this entity, will continue to provide licensing and business support to PFS’ 155 self-employed advisers (ie its authorised representatives).

The parties have also entered into a strategic alliance whereby Nestworth will be a preferred provider of financial advice to Australian Unity’s members and staff giving them ongoing access to high quality financial advice. This alliance will act to preserve social value in a manner consistent with Australian Unity’s Community and Social Value (CSV) framework1.

When combined, the augmented advice group will support the financial wellbeing of nearly 60,000 Australians, with more than $40 billion in funds under advice, $200 million life insurance premiums in-force, and an advice network spanning some 400 employed and self-employed financial advisers operating in every Australian state and territory.

Esther Kerr, CEO Wealth & Capital Markets, Australian Unity, said the transaction will enable its advice business to increase scale and reach more Australians under AZNGA’s Nestworth and associated Fortnum, while providing a greater level of access for Australian Unity members and staff.

“This is about the next phase of growth for a business we’ve built over 20 years. It will help ensure more Australians in future to access high quality, affordable advice that benefits them”, said Ms Kerr.

“Unwavering evidence tells us that accessible financial advice makes a tangible difference to the wellbeing of Australians. With the majority of the Quality of Advice Review reforms still to be implemented, we recognise change and investment is needed to give advice businesses the necessary support to achieve scale and deliver financially sustainable advice to more Australians.

Nestworth and Fortnum are the right partners and home for Australian Unity’s dedicated advisers and support teams in their next phase of growth. Their collective model, dedicated focus and scale will be crucial to supporting more Australians to access advice that makes a tangible difference to their financial wellbeing.

We are also delighted that Australian Unity members and staff will continue to enjoy access to this growing advice network.”

 

1 Australian Unity’s Community & Social Value Framework was developed in 2021 in partnership with social impact specialists, Social Ventures Australia and measures the social impact achieved through its portfolio of health, wealth and care products and services.

-ENDS-

Media contact:
T: 1300 408 776
E: media@australianunity.com.au

About AZ NGA
AZ NGA was established in 2014 and has the support of Azimut Group, one of Europe’s largest independent financial services companies. AZNGA is a collective of high-quality SME financial advice, accounting, and professional business services firms.

About Nestworth Private Wealth
Nestworth (formerly Henderson Matusch) was established in 2004 specializing in holistic goals-based advice and is a wholly owned subsidiary of AZNGA. The group provides advice on a broad range of matters including superannuation and investing, life insurance, lending, Centrelink and estate planning.

About Fortnum Private Wealth
Fortnum, is an established Australian Financial Services Licensee (AFSL) dedicated to providing financial planning and support to planners, including practice engagement, investment research, technology, professional advice frameworks and risk management services.

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