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Seven up, as AZ NGA adds another practice

AZ Next Generation Advisory (AZ NGA) has added a seventh practice to its dealer group this year, with the acquisition of RI Advice Toowoomba in Queensland.

Principals Jeff and Linda English will be paid $7.5 million for the practice. 

The deal will involve a 49% share swap between AZ NGA and the principals, with the remainder paid in cash during the next two years.

AZ NGA will be able to buy back its shares during the next 10 years.

Its CEO Paul Barrett says the principals and their team run an efficient and highly profitable business.

“This is a proud and ambitious financial planning company with a great track record of serving its clients and staff very well,” he said. “We look forward to working with the RI Advice Toowoomba team to grow our southeast Queensland footprint.”

The practice was established in 1992 and offers a wide range of financial services, including life insurance.

Mr English has been heavily involved with the RI Advice Group’s proprietors’ advisory council for the past decade and is a regular member of RetireInvest’s high-performer program Platinum.

It uses a dual branding strategy, with the RetireInvest name attracting retirees and pre-retirees, while the RI Advice name appeals to a younger clientele.

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