Companies team up 'to grow Australia's leading provider of advice solutions'

By Neil Griffiths ·
August 18 2022

Companies team up 'to grow Australia's leading provider of advice solutions'

The deal was officially announced this week.

Professional services company AZ Next Generation Advisory (AZ NGA) and financial advisory business Invest Blue have joined forces to co-invest in Australian-owned-Philippines-based company, Virtual Business Partners (VBP).

The deal sees AZ NGA and Invest Blue acquire a 40 per cent interest in VBP, while the group's management team have increased their share to 20 per cent and VBP founding shareholders, David Carney and David Deegan, retain a 40 per cent stake.

In a joint statement released this week, the companies said the deal will continue AZ NGA's foray into the advice supply chain and reinforces Invest Blue's mission to become Australia's largest integrated financial advice brand.

“VBP is not an outsourcing company but a human resources partner for advisory businesses looking to increase efficiencies, reduce their cost to serve and improve their net profit margin,” AZ NGA CEO Paul Barrett said.

“Culturally, there is a lot of alignment between VBP, AZ NGA and Invest Blue, and together our focus is on helping more advisory businesses and extending VBP’s market position.”

Invest Blue CEO David Stephen added: “As one of VBP’s largest, longest-standing clients, we know the people who lead this organisation and the talented people they attract. We have every confidence in their ability to grow and continue providing excellent service.

“We’re also keen to attract and acquire other like-minded advice businesses, and we have the right structures and processes in place to enable advisers to deliver their client service proposition. VBP is a key part of that framework.”

The deal also ends VBP's search for an experienced long-term capital partner. Mr Carney said that the transaction will ensure VBP can continue to grow and add value for its clients.

“It has allowed David Deegan and myself to realise some capital value, created a pathway for key staff to buy into the business and, in doing so, strengthened our employee value proposition, which will help us attract and retain the best talent," he said.

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About the author

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily. Neil is also the host of the ifa show podcast.

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Companies team up 'to grow Australia's leading provider of advice solutions'

Companies team up 'to grow Australia's leading provider of advice solutions'

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